It’s a well-known fact that the majority of companies that open on the market fail in the first year. There are a few reasons for this and some estimates suggest that as many as 90% of businesses will fail in the first 12 months. This average could be even greater for something like the restaurant industry where this is far more competition. So, if you are thinking about opening your restaurant, it’s important to make sure that you are taking the right steps to guarantee that your business is more likely to succeed. Here are some of our suggestions.
Complete The Right Research
First, you need to make sure that you are completing the right amount of research. You must understand what type of businesses are more likely to succeed in this sector as well as the trends that are currently shaping this market. You can gain insights like this by reading hospitality industry reports. These will provide all the details that you need and ensure that you do know where you stand.
Choose The Right Location
Next, you do need to make sure that you are choosing the right location for your restaurant. If you don’t get the location right, then you are always going to struggle to gain the right level of foot traffic that you will need for your restaurant to be a hit. Again, this is going to mean extensive research and it also means that you need to find the right building. A building for a restaurant doesn’t need to be great straight out of the box, but you do need to be able to see the potential of a location like this.
Find Your USP
Regardless of what location you choose, you won’t be the only option on the market. Customers are always going to have other places that they can think about dining. So, you need to make sure that your business does stand out from the rest. There are a few ways to do this, however, ideally, you need to find your unique selling point. The right unique selling point or proposition will give audiences a hook that they can sink their teeth into. One example of this would be a unique theme.
Open Big
Finally, you need to make sure that your restaurant does open with a bang. There’s an age-old saying that restaurants either open big or they don’t open and we think that this is absolutely true. You need to make sure that you plan an opening with the right marketing strategy. Ideally, you should work with a marketing agency to plan this and avoid any of the more common pitfalls. It will typically include a comprehensive online marketing campaign.
We hope this helps you understand some of the key steps that you will need to take to ensure that you do survive the tumultuous world of the restaurant industry. By putting the right strategy in place, you can guarantee that your restaurant opens big and gets the interest from customers that you both need and deserve.
