Beating the Odds When Opening a Restaurant
More than fifty percent of new restaurants fail in the first year, with eighty percent failing within three years of opening the doors. There are several reasons for this, and one is a complete lack of knowledge regarding the day-to-day operations of the business. A love of cooking, skills with seasonings, and excellent family recipes are not enough components to build a strong foundation for longevity. So, how do you beat the odds when opening a new restaurant?
The key to success is realizing there will be more elements not known than known for the future of the business. Sure, operating a restaurant may look easy, but it is overwhelming in reality. Marketing, finances, hiring staff, developing management teams, inventory management, operating expenses, and the amount of start-up capital needed are just some elements that have to fall into place in order to get started right. The basic business software package will not be adequate to see the business through the first year.
Industry-specific expert help is required from the very beginning of the venture. While that all sounds expensive, it is actually cost-effective through an innovative software and consulting service company. The combination of online software, training, expert support, and consulting services provide everything needed to beat the odds and open a successful restaurant.
Consulting services are customized for each client. Factors taken into account include any previous business experience, the type of restaurant, the location, and the plans the owner has for the future of the business. Consultants work with owners to develop specific objectives with measurable outcomes, an understanding of the financial aspects of the business, best practices, and strategic planning. Training videos inform appropriate managers about modern management techniques and the connection to retention, calculating liquor costs for the bar, branding strategies, and payroll compliance.
Ongoing support is provided in a plethora of areas. Lease negotiations, investor relations, banking strategies, brand equity, and rebranding efforts are among those topics. Having a team of supporters and consultants to back up the software program means resources are always available to deal with problems or issues as they come along.