Before You Open a New Restaurant
The first step in opening a new restaurant is doing your homework. Along with finding the perfect restaurant location, you must also decide on a name, write a menu and most importantly, find financing.
•How to choose a restaurant location - I can’t stess this one enough. It is all about location when it comes to a restaurant. Look for a space than accomadate your restaurant concept. Also look for visibility, foot traffic and/or parking issues. Read on for tips on negotiating a lease with landlords.
•How to choose a restaurant name – The most fun part of opening a new restaurant! Choose a name that reflects your restaurant theme, location or concept. Easy pronunciation and spelling are a plus. Need some inspiration? Check out these Inspiring Restaurant Names from some of the most notable restaurant owners in the country.
•How to write a restaurant menu – Next to naming a new restaurant, creating a menu is the most fun, I think. Here you can show off your culinary chops, so to speak. When writing a restaurant menu, be sure you understand food cost so that your prices will produce a profit. Read on for what to skip on your restaurant menu and how to design a stellar menu for your restaurant.
•How to write a restaurant business plan – Creating a business plan for a new restaurant is the first step toward financing (see below for that how-to guide). Think of your business plan like road map to success. It should outline your concept, your projected sales, and what you plan to do if you run into trouble.
•How to get restaurant financing – Financing is the biggest roadblock between potential owners and their restaurant. Banks aren’t usually jumping up and down to dole out money for new restaurants. But a well thought out plan can convince any banker that your restaurant idea is sure to be a success. Here is a step-by- step guide to preparing a business plan, getting ready for a bank interview and seeking out investors.
What else would you like to know about how to open a new restaurant? Ask me at the Restaurant Forum.