Opening a restaurant requires a lot of conceptualization and pre-planning. Having a one-size-fit-all restaurant is actually a downside because checking all the boxes required for that goal can be exhausting and ultimately reduces the quality of your food and service.
Therefore, giving your restaurant an identity jumpstarts the planning process. In order to do so, you need to fully establish the idea or concept of your restaurant, specify your target audience, know your competition, and calculate your budget. Ask yourself these questions: Which type of restaurant do I think would be very successful in my area? Do I want a franchise or a home-style diner? Do I want an upscale experience and have the funds to achieve that?
Here are a few tips to keep in mind as you formulate your answer and decide on the perfect restaurant type for you:
Pick Your Audience
Your targeted audience is one of the deciding factors for establishing your restaurant’s concept. The most important component to a successful restaurant is customers’ satisfaction. But the audience’s expectations change depending on the restaurant’s type.
For instance, some people would enjoy a casual dining experience with affordable food and a relaxed atmosphere, while others might seek out fine dining restaurants for an exceptional and unique experience. Some customers want a quick service and fast food options on the go. It is up to you to focus your attention on a certain group and tailor your restaurant according to what they look for.
Study Your Competition
You have decided on the type of customers you want for your restaurant. Now, it is time to scout the competition.
The restaurant industry has been on the rise for a while now and people have options like never before from dine-ins to delivery. That is why it is important to set yourself and your business apart from its counterparts. It is not an easy task but the best way to begin is by researching all of the potential competitors, local and international. You can study their strategies and improve on them for your restaurant, compare price ranges to know on which to settle for maximum profit, review the loyalty programs and rewards offered, and so on.
Keep in mind that competition is not at all an obstacle. In fact, having different options for a customer to choose from only entices restaurants to be at their best and most innovative at all times.
Pick Your Location
Deciding on a location can directly influence the type of restaurant you want to open. A fine dining restaurant, for example, would not thrive in a rushed environment (around universities or offices). The restaurant would then be tailored to that environment; a small casual diner heavily focused on speedy service will attract most of the residents.
Set Your Budget
Naturally, each restaurant type requires a different amount of money as a starting point. The vision in your mind, while breath-taking, can in reality be expensive. Therefore, you should divide your spendings on the essentials at first such as decor, good quality food, an affordable POS system, rent, and so on.
You can also look for outside investments or capital funds to help kickstart your plans. For instance, Foodics has launched its own Capital funding for aspiring restaurant owners. We grant easy and flexible funds depending on the type of restaurant.
Ultimately, the above tips are there to guide your decision and not make it for you. The type of restaurant will eventually reflect your personality and identity and customers can feel that.