Lessons
Essential information for running your restaurant!
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Opening your Restaurant – Part 2 – Creating a Projection – Budget
Before we move on to creating a projection, let’s start with creating a budget. First question you should be asking yourself is “Do you have a enough budget?” and this matters. Many people do not fully understand how much it would cost to open up a restaurant or maintain it. So many unknown issues can come up, for example, construction could be delayed, equipment problems, gas and electricity connection problems, permits can be time consuming, violations with different departments, and more. One of the biggest hurdles you will face is having a opening team. It is very difficult to keep opening team members, especially if for some reason your opening…
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Opening your Restaurant – Part 2 – Creating a Projection
Part 2 – Creating a projection If you have a promising product/restaurant concept, let’s create a projection! P&L Projection & Profitability Ok, so let’s say now you have the right product for the right market, is your product going to be profitable? This is probably one of the biggest questions you must ask yourself. There are many “great” products that will make people happy. But would it be profitable enough for you to make you successful? What if it causes a loss? Are you financially stable enough to bear the losses in the beginning? If so, for how long? The truth is that many newly opening restaurants do not do…
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Opening your Restaurant – Part 1
Opening your Restaurant – Are you ready to open your own Restaurant? Part 1 – Evaluating your product, market, profitability Let’s start by evaluating your product first Do you have a product that is ready to sell to customers? As I have discussed in previous blog post Product, as a restaurant you will be selling 3 things as a Product to customers – Food, Service, and Ambiance. Most of the time, Food will play the biggest part although it will vary. So let’s evaluate it! Evaluating your product Is your product so good that people will buy it? How confident are you? Have you tested it? If so to who?…
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Fundamentals – People – Manager
People Let’s start with people Lot of people forget that in the end it is people running the restaurant. No matter how good your food or system maybe, if your team does not have right mindset and perform, it will not work. As a restaurateur, you must keep in mind that your team must be on a same boat heading towards same direction. Let’s discuss one by one starting from most important position. Manager – This can be in a several different titles such as Owner, Manager, or a Chef. Sometimes owner like to manage the restaurant themselves, in that case they are effectively Manager of the restaurant even if…
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Product for Restaurants/Bar
What are we selling as a restaurant? As a Restaurateur, you will be essentially selling these 3 things: Food, Service, and Ambiance These 3 factors combined will result in a customer EXPERIENCE Food: Main product that restaurant offers to customers, Taste, Convenience, and Price matters the most and these three factors combined will determine Value inside customers’ head. Everyone has different value placed on your product. Big question is what is the Value of your product that will be accepted by customers. Service: Regardless of whether your restaurant is a Dine-In service or QSR, service matters. Dine-In restaurants, especially high-end restaurant concepts need to pay special attention to service part…
