The news of COVID-19 became clear to me when I was planning for my Dubai trip last January 2020. It was both a business and pleasure trip for me as I had to meet up with potential OFW clients. OFW means Overseas Filipino Worker, and I was selling real estate properties to them. I have earned my certificate for Real Estate Salesperson just this 2019, and with that, I have connected myself with a prestigious real estate company.
The 2019 Chef Conference stood by its theme “The Key To Culinary Success” by going through the ultimate checklist in opening a food business. Therefore, if you are a restaurant owner aspirant, make sure to go through the list thoroughly and keep in mind the following tips.
Finalize Your Business Plan
The essential first step in establishing your food business is coming up with a feasible business plan. This step is necessary since this will dictate what your next steps will be. When constructing your business plan, make sure to include the following:
- Business Entity: Is it going to be a sole proprietorship, general partnership, or a Limited Liability Company (LLC).
- Nature Of Business: Are you going to be a full-service restaurant and bar (FSRB), quick-service restaurant (QSR), or a food truck.
- Target Market: Who are you planning to serve? Do you think these people will be a fitting group of customers?
- Business Location: Make sure to look for a place where your business will be sustainable. At the same time, ensure its accessibility as well.
- Business Name and Logo: Your marketing strategy is a vital factor for your business success. Your name and logo will create your overall brand and establish product recall.
Scout Potential Competitors
Just because you think your restaurant concept is better than the other doesn’t mean you’ll survive in the industry. Don’t underestimate them, because you’re not yet sure whether you can perform better than them. Admittedly, their business won’t still be there if they’re not doing good.
Sort Out Your Finances
One of the essential aspects of your business is your financials. A lot of owners acquire the money they need to open the restaurant. However, they mostly forget about the running capital that they need to sustain the food business.
If you have computed that your current on-hand money is not enough to fund both your start-up and working capital, then maybe it’s time to explore other sources. You may meet potential investors such as small business bureau, banks, private investors, and more. Just make sure that everything is laid out already so you’ll be able to impress them. Their first impression is vital since they will use this as their basis on whether their money is safe in your hands.
Finalize Your Menu
Your menu is the heart of your food business. It is one of the most significant determining factors why your customer will come back to your restaurant. With this in mind, it is crucial to put a lot of time and to think into drafting your menu.
One of the essential factors that you should consider is the size of your kitchen. The smaller your kitchen is, the less variety you will be able to offer. But some restaurants make do with what they have. Even if they have tiny kitchens, they maximize what they have through cross-utilizing.
Employ The Best Staff
Even if you have the best food, best location, and best concept, your restaurant won’t function well if you do not employ the best staff. Make sure to hire an excellent and experienced head chef who can run the kitchen on his own.
To be able to get the best employees, put effort into looking at job portals. You may also scan through social media, check the advertisements on paper, or even use word of mouth on spreading the job position.
Starting a food business is not a walk in the park. There are a lot of things that you will have to consider for your success. So, make sure to follow these checklists so it will be an easier climb for you to the top.