Opening a new restaurant might seem quite fascinating, but it is not as easy as it seems to be. It is a result of thoughtful planning, a clear understanding of the market, and the target market’s needs, wants, and expectations. Moreover, almost 33% of the restaurants don’t make it past the first year in business. Starting off a restaurant business isn’t just about choosing a style of cuisine, rather it involves the development of the right concept which includes the design, analyzing competitive challenges, researching market demographics, and developing a financial strategy. Concept development is often confused with ideating. However, it employs a whole lot more than just an excellent idea to create a profitable food service facility.
Key Factors Included in Restaurant Concept:
- Market Research- Research is basically the initial step of sketching the road map towards the formulation of a business.
- Select an ideal theme- The restaurant or bar theme influences the business plan and a successful concept make the targeted customers comfortable by creating a complete experience.
- Get the necessary funds- Concept development involves major funding decisions as well as challenges.
- Menu – The theme of the restaurant usually affects the kind of menu items being offered.
- Design and Equipment – The restaurant’s interiors and the equipment are a part of the concept development.
- Management – The term management here defines operation management and is an essential element.
- Method – This includes the production method, control systems, personnel issues, etc.
Are you on the verge to start off your new restaurant business without a concept? Well, hang on! You need to have a plan in shape to turn your restaurant plans into a successful venture. Having great ideas and plans isn’t enough, as there are opening deadlines, untrained staff, inspections to pass, permits to get, and procedures to put in place. All this can be daunting for you to handle all alone. Thus, you need a partner like ERC with the recipe to have all these variables in line for that first day when the doors unlock. The professionals at ERC will work with you to understand the concept when accounting for all the tiny details. Feel free to reach out to Enterprise restaurant consulting at https://erestaurantconsulting.ca/, or ring up our professionals at 1-647-209-4153, and enter the hospitality industry with a concept that rocks.