Starting a Profitable Restaurant

Restaurant industry sales are expected to reach $783 billion in 2016. Although this will represent the seventh consecutive year of real growth in restaurant sales, the rate of growth remains moderate. The restaurant industry will remain the nation’s second-largest private sector employer with a workforce of 14.4 million.

Opening a restaurant is a challenging and expensive process, and the reality is that many restaurants fail in their first year of business. However, there are certainly ways to reduce the risk of becoming another statistic. 

At Global Resources LLC, our team of experts includes restaurant professionals who know how to grow restaurant concepts.  We will assist you in maintaining positive cash flow, controlling costs and accelerating profitable growth for your restaurant. 

If you are beginning to plan your newest restaurant endeavor, we have five critical tips for you: 

1. Know Your Target Market - Understanding your target market before you begin planning will help you solidify your menu, determine location, décor and the overall atmosphere of your restaurant. 
2. Select a Service Style and Food Concept - What type of restaurant do you see yourself owning? One of the first things you must decide is what specific service style you are interested in. Typically, your service style will either be fast-food, which offers food types that range from burgers, fries, hot dogs and sandwiches; midscale, which has full course meals at value prices; or upscale, offering full service meals with high-class ambiance and, in turn, higher prices. After narrowing your establishment to one of these three options, you can narrow your style of food choices. Is there a particular type of cuisine that you see yourself serving? 
3. Create a Business Plan - Your restaurant will need a strategic business plan, which includes the overall concept and goal of your restaurant, financial information and projection, description of your target market, menu and pricing, equipment and employee details, advertising and marketing plan, and a potential exit strategy.
4. Choose a Location and Layout - It is important to find a location that has a continuous stream of traffic, convenient parking and is in proximity to other businesses. Once you find your location, the layout and design of the interior should be taken into account. You should already have a concept for your restaurant in your business plan.  Now it’s time to bring this concept into the design of the dining room. 
5. Create a Menu - The menu can make or break a restaurant, and should be in accordance with the overall concept of the restaurant. Revisit your business plan to make sure the menu is attractive to your target market, is affordable within your budget, and complements your restaurant's design concept.

To learn more and / or to schedule your complimentary appointment with the business experts at Global Resources LLC, call us at 855-338-0266.