The restaurant business can be challenging for countless reasons, but it’s worth pursuing your dream to establish an independently owned restaurant of your own vision.
According to Forbes, most restaurants don’t fail within their first year of business. That’s great news for entrepreneurs who follow their dreams to open their own business. Still, just because restaurants aren’t as likely to fail in the first year, that doesn’t mean you’re out of the woods completely.
Knowledge is power, and we want to be aware of the biggest challenges to restaurant success and sustainability. By doing so, you’re better able to plan in advance and put strategies in place to avoid common pitfalls.
- Customer service. If you have untrained staff and/or bad customer service, customers won’t want to return to your restaurant. That negative reputation will build, and in the world of modern technology, unhappy customers will use websites like Yelp.com to warn others away. People are important to your business.
- Systems. Systems are necessary for a business to run smoothly. Without systems in place, you are likely to miss important things, like paying bills on time, ordering proper supplies, and making sure you’re up-to-code. Also, without systems, staff will have a more difficult time providing top-notch customer service. Create organizational systems.
- Overspending. In a business, it comes down to money. As a restaurant entrepreneur, you love the field, but you also need to keep your business above water. Without a budget and ability to earn money, your business will inevitably go under. Plan and stick to a budget.
- Poor marketing. Marketing is key to getting your dream out to the community. Investing in a solid marketing plan early will help you build a positive reputation within the community. If you don’t make that part of your budget, it will be more difficult for new customers to find and love your restaurant. Invest in a professional marketing plan.
- Lack of originality. There are many restaurants to choose from, so your restaurant needs to stand out. Without an original vision and plan (that is also well marketed,) you will not carve a niche in the restaurant world. Be unique.
Your restaurant is destined for success! Contact us today for more information on making your restaurant successful.