5 Business Tips for Restaurant Success
Posted: Feb. 23, 2018
Owning a successful restaurant is a combination of serving great food and making smart business moves. As the owner of a restaurant, having a head for business is essential to longevity. Below are five tips for turning your dining concept into a profitable business.
Know the Basics of Dining
Some restaurateurs have the luxury of being born into the business. If a parent or family member owns restaurants, chances are high that you were brought into the industry at a young age. The discipline and organization that goes into running a restaurant are learned early on, and these lessons go on to shape how someone runs his or her own establishment as an adult.
Not everyone gets this firsthand experience, though. Fortunately, the fundamental rules of running a successful restaurant can still be learned.
In many ways, running a restaurant is like being a member of a sports team. Your responsibilities and how well you carry them out impacts the staff at large. Having the right training doesn’t just make you better at your job, it impacts the entire team.
If you didn’t have formal training in hospitality, it’s never too late to educate yourself with additional business courses and books, or by delving into new roles in your restaurant. With broad knowledge, you'll find a newfound respect for your colleagues that specialize in different areas than you, and you can hire the right people. Additionally, the right restaurant POS technology helps to organize your operations, freeing your time up to be an effective manager.
Know How to Make Money
There’s more to running a restaurant than cooking—you have to know how to make money. Many restaurant owners have a fabulous concept that falls apart within the first three years of being open because they didn’t know how to turn a profit.
The fastest way to learn is by asking experts. Make connections with other restaurateurs or successful businessmen. Even better is to build a team of experts around you. Hire people that excel in their fields. From accounting to management, having a team of experts will simplify your operations and guarantee longevity. Your duty as a leader is to allow your staff to do their jobs, and in turn, they will perform their best.
Work Hard and Work Smart
The perks of running your own restaurant are unparalleled; getting to enjoy the perks means you can’t just work hard though, you must work smart. Hiring the right people is the first step. Trust your staff to delegate tasks so you aren’t working 70- hour weeks. Oversee a well-oiled machine and focus your energy on finding new ways to improve your concept.
Fill Market Gaps
Don’t just be another restaurant—find out what’s missing from the market and fill in the gaps. You don’t have to reinvent the wheel, just offer something new that isn’t available. It can be different hours of operation, more vegetarian choices, or tech options—the possibilities are endless. By offering the community something they want that they can’t get anywhere else, you guarantee a flow of repeat customers.
Spend some time outside of work talking to friends and associates to find out what they are missing from the restaurant landscape, and add it to your menu.
Every Day is a New Opportunity to Generate Buzz
Consumers have always been concerned with quality, but none are like today’s restaurant customer. Social media has transformed the way products are presented and marketed. Every day is a new opportunity to generate buzz. Gone are the days of waiting for an influential food critic to dine at your restaurant because, in 2018, any customer can be influential on their social media platforms. Perform daily like you have a Michelin-guide inspector in attendance, and you will build your reputation.
Put these five tips into effect to stand out from the competition, and avoid making these common mistakes.
Posted: Feb. 23, 2018 | Written By: Emma Alois