Studies have shown that 60% of businesses fail within their first year. How do you stay in that 40%?
Restaurateurs are unique in the type of challenges they face that other small business owners do not. Knowing these challenges puts you in a better position to prepare, and then deal, with problems that may arise. This is especially important for new restaurateurs to help them get through that crucial first year.
Adequate capital is the most pressing problem a new restaurant faces. The high up-front cost means that it will be many months before any profit is actually turned. Restaurants should be prepared with at least a year’s worth of capital for expenses, plus a rainy day fund for dealing with unexpected expenses or cost increases that take you by surprise.
Wish you had a kit that could help you manage your restaurant’s business plan? Well, we have one for you.
Get the Guide to Effective Restaurant Marketing to find out how the best restaurants market themselves and for tips on creating your own successful marketing strategy.Download Now
A good staff is only as good as the manager in charge. Management needs to be organized and responsive and giving clear direction to the entire staff. Setting a good example, they should also be delegating where necessary and keeping a tight control on inventory. They should also design and implement a clear and consistent training program for the entire staff.
Hiring for management positions at your restaurant? We’ve got a guide that will help.
Obviously, most of your customers are visiting your restaurant to eat and if the food fails to impress then no amount of good vibes and tasty drinks will get them back. Be consistent in the quality and presentation of everything coming out of the kitchen. Pay attention to dishes that aren’t being well received, and listen to your customers if they are offering feedback. You want to be sure you’re providing them with what they’re looking for.
If you want more tools to update your menu check out this guide.
If the kitchen is your comfort zone, you may be so focused on the food that you forget about coming up with a restaurant marketing strategy. It’s worth the added expense to work with someone skilled in marketing to help you fill those seats. You need to be up on new online marketing, as well as confident in traditional marketing. Luckily for you, we put together an effective marketing guide to help make life easier. Check it out and get to work bringing more guests in the door.
Check out Upserve’s Marketing Strategies Guide!