Plenty of people dream of owning and running their own businesses. If you are somebody who dreams of opening a new restaurant instead of a bookstore, art gallery, or retail store, you are not alone. Countless new eateries open every year, despite a high barrier to entry. Restaurant equipment and supplies, rent, labor, costs, taxes, and more can place a strain on finances from the beginning. However, it isn’t impossible with a few handy tips. Read on to learn how to open up a new restaurant the right way!
Conceptual Design for the Restaurant
You have to do a bit of homework before you start to put together a set business plan. Whether you know what kind of restaurant you wish to open or not, the first step is a bit of market analysis to see what is already available, what consumers want or need, and whether you’re able to fill a niche. Look at your area, analyze what types of foods you make the best, and then work from there. Consider the type, target, and theme while looking for a restaurant concept.
Securing Your Funds
Unless you’ve got deep pockets, you will have to take out a loan or investment for initial and capital operating expenses. You could go the traditional or alternative sourcing for funding. Small business loans and business funding alternatives like investors or capital firms are also great ideas. Make sure your restaurant budget includes hard and soft costs of getting the restaurant designed, built, and operated, as well as around ten percent of construction contingency reserve and for three months of operating expenses.
Staffing Your New Restaurant
While the design and construction team is always readying your facility, you should also nail down policies and procedures for how you wish the restaurant to run on a daily basis. Begin with some policies and procedures manual for the everyday operations of the restaurant. These will be helpful for the employees that you bring on. Make sure to teach them about the importance of customer service, restaurant cleanliness, and more. You should also be taking into consideration the type of restaurant supplies and furniture that you decide to put into the dining room or bar.
Over 5,000 Products For Your Home or Business
At H.C. Walterhoefer, we have over 5,000 products ranging from paper goods to cleaning supplies to meet your personal or business needs. If you want something that we do not offer in our store, just ask us for it, and we will do our best to get it for you. Our store has everything you need! Stop by today to get supplies for your next event, all your restaurant needs, and the best cleaning products at the best prices. We even deliver! So call us today at 410-368-5070. We are located at 2331 Washington Blvd., Baltimore, MD 21230 and we are open from Monday to Saturday from 8 a.m. to 4:30 p.m. Follow us on Twitter, Facebook, and Google+ to stay up to date with everything H.C. Walterhoefer.