6 Things Every Successful Restaurant Owner Practiced

Restaurant business is one of the most competitive and it’s not just about the food anymore. Everyone is getting uber creative not just with their food and ambience but in how they present themselves to their customers and keep them engaged.

But we are here to reassure you a little bit.

Did you know the restaurant business has a lower failure rate of 17% compared to other businesses in the service industry who are 19% likely to fail in the first year??

All you’ll need is a little more than a space, a great chef, the best restaurant website builder, and some AGGRESSIVE marketing, and tadaa!!

If you’re still skeptical or worried, then here are a few guidelines on how you can go about building your restaurant.

Have a Plan That You Can Try to Follow Through:

While plans don’t always work the way we want it to, it IS crucial for any business, and especially one in the service industry where you interact with your customer directly and constantly. This will help you control how you want to be perceived by your customers. Outside of a business roadmap and budget, your plant must include contingencies for everything that could potentially go wrong, from too much salt in the food to a global pandemic.

Have a Concept That Can Be Presented Uniquely:

A great way to stand out, attract customers and keep them engaged is to have a concept for your restaurant. While the concept itself doesn’t necessarily have to be unique, the way you showcase it must be. The concept can include your cuisine, the ambiance, the furnishing, the menu, the way the food is cooked or served or both… the options are endless!

Basic Math is a Must & Tech Can Help With the Rest:

If you are anything like me, you probably dread math as much as a root canal. But to run any business, you need to understand basic math and accounting. Luckily you don't have to be an expert thanks to technology.

After investing in a good POS and payment system, it’s a good idea to invest in a good accounting and payroll softwares. Did you know there’s a 50% increase in restaurants using such technologies as it helps improve business efficiency?

You don't have to be an expert but even if you employ people to take care of all this, you need to be able to orient them, understand what they are doing, and occasionally even be able to guide them.

Learn From Your Peers and Other Professionals:

Books, audiobooks, podcasts, blogs… if it’s written or discussed by people in the restaurant business or just business in general, reading or listening to them WILL be worth your while. Remember, you don't have to make mistakes to learn from them, you can learn from other’s mistakes too!

Market Effectively and Efficiently:

According to experts, your marketing budget should be 3-6% of your sales. 

Your marketing strategy and plan must include both online and offline tools that you can use to spread the word about your business. It’s not enough that people know about your business, they must understand why you are different from other restaurants in the neighborhood. But remember,  your marketing budget and the marketing itself must be sustainable and do not think twice about getting help! You cannot do everything!

Stay Updated on the Current Trends:

Staying updated on current trends will ensure your business stays current. For example, the current trend of contactless service can be executed through an online ordering system.

Some other examples of current trends could include environmentally friendly practices, sourcing locally, healthier food options, etc. incorporating such ideas can keep your customers interested in the business. And when stumped, simply ask your customers what’d make them happy!

There! Even if you’ve got staff to take care of these duties for you, as a restaurant owner, it is crucial that you be involved in performing these duties diligently to stay on top of the industry trends and the business! If you do all this consistently and effectively, your restaurant is bound to grow with you.

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