People who love dining out and cooking are likely to have a common dream — owning a restaurant. Be that their own brainchild or a franchise, so long as they get to witness and work behind the scenes of the food biz, they would be in their element.
But though being a restaurant owner sounds exciting, it’s also highly challenging. It takes more than a love for eating and cooking to be a good restauranteur. Your personality, management skills, and ability to work under pressure will matter more. Plus, you need to make a couple of sacrifices to run your restaurant efficiently every single day.
So, if your dream is to be a renowned restauranteur, let’s see if you’ve got what it takes to be one.
Factors to Consider Before Opening a Restaurant
Your business plan has to contain everything you’ve researched about the industry, plus matters regarding taxes, licensing, and health codes.
Some first-time restauranteurs may hire their friends and family, but think twice before doing the same. Your relationship with your loved ones may be impacted if you become their boss, so you might as well consider looking for manpower outside your circle.
Funding could be your greatest obstacle. If your own savings wouldn’t suffice, loans are always an option.
Your restaurant’s location is extremely crucial. You should decide on a location before crafting your business plan, but be open to changing that decision as well, because you need to be certain first that it would drive success to your restaurant.
You can’t open a restaurant without studying what makes your competitors popular, too. Determine what your customers love about your competitors, then figure out how to apply them to your restaurant.
Your menu has to be unique unless you’re buying a franchise with its own distinct menu. Either way, the goal is to intrigue and entice customers, so it has to be something tried and true, or entirely new.
The concept has to tie in with your menu. The customer has to immediately understand what kind of experience you’re offering from the design of your restaurant.
Franchise or Own Concept?
Options on restaurant concepts are almost unlimited, but if you like a tried and true idea, a franchise could be your best bet. With a franchise, you’d start with an established business model, be guaranteed a customer base, have support from the head office, and be recognized by customers immediately. You can also have a better buying power because franchises can purchase their inventory items for a far cheaper price than local independent restaurants.
In addition, if you buy a franchise of your favorite restaurant, you’d finally learn the secrets of their amazing menu! If desserts are the apple of your eye, there could be ice cream parlors with franchise opportunities, so take advantage of the chance to extend their reach and be one of the bosses of these reputable enterprises.
A restaurant franchise is also a more practical choice for entrepreneurs who’d rather not take the risk of being unsuccessful. The pressure of owning a local independent restaurant is tremendous since you have to completely rely on your own knowledge. In a franchise, you can get support from the franchisor if you encounter problems, and if you’re interested in branching out, your franchisor can also help you with that.
So, should you be a restaurateur? If you have no problems dealing with complaints and difficult customers, are great at multitasking, thrive on stress, know how to delegate, can sacrifice your weekends, work long hours, and endure a temporary unstable income, then you’ve got what it takes to own and run a restaurant. Whether you are a franchisee or an independent entrepreneur, those essential skills and sacrifices are vital to your success.