"Four Things You Should Get Right when starting a Restaurant", new advice from Cyrus Batchan

LOS ANGELES - April 28, 2019 - PRLog -- Are you thinking of stepping into the world of entrepreneurship by opening a restaurant? Starting your own restaurant demands that you know the rules and tactics of business. From getting permits and financial management to staffing, there are so many different things to consider that it is easy for amateurs to make mistakes.  The complete article will be available on Mr. Batchan's blog at https://cyrusbatchan.blogspot.com/

To prevent you from making these mistakes, here we are highlighting some of the most important and basic things that you should do before starting your own place:

While the restaurant industry is one of the most successful fields all over the world and has a wonderful profit potential, it is also one of the most competitive industries. With numerous multi-national food chains and restaurants owned by Michelin star and other top-tier chefs, it is very hard for the new entrepreneurs to make a name for themselves. No wonder why 70% of the restaurants fail within three to five years.  While there are many factors that contribute to the failure, lack of market research is one of them.

You need understand and analyze the dynamics of the market you are going to operate in. While it is common knowledge that identifying the competition should be one of the first steps for any business, a lot of people make the mistake of only considering the big names and ignore or overlook the local restaurants.

No matter what the size of a restaurant is or how unappealing you find it, if people are going there, it must have something good to offer. So, no matter how small or big a restaurant is, it is better to consider all the running restaurants in the area you are going to operate in as your competitors. Find out what people like about them and how you can make your place better or unique from them.

Deciding to start your own restaurant means you are signing up for a huge investment. While the exact amount you will need to set up a restaurant varies according to the size and the concept, you should expect to spend at least a couple of thousand dollars at the beginning. Not to forget the cost of maintenance and of dealing with any unforeseen circumstances.

Do your homework and secure the finances to make sure that your dream restaurant doesn't fail because of the lack of money or because of your negligence. Remember that your business plan should have at least three years of detailed financial projections. Do not hesitate to take professional help if you are not good with numbers.

By now, you must have understood that opening a restaurant, or any business, isn't as simple as renting an office and hiring a few people. Fulfilling the legalities is another crucial aspect of starting your own food place. Agreement (whether you are buying or renting the place), lease, and permits or licenses for running the restaurant are some of the basic legal documents you need to take care of. Since legal issues are quite complex, it is better that your hire a reliable and experienced lawyer to avoid any problems. A lawyer with the relevant experience can also guide you about the permits you need to obtain before opening the place.

No matter how unique the menu or how wonderful the ambiance of your restaurant is, you should not expect that customers will flock to your eatery the moment you open the doors. While having self-confidence is necessary for starting your own business, don't get ahead of yourself. Understand that establishing your position in an already highly competitive industry will take time; you just need to be patient and persistent and your hard work will eventually pay off.

These are some of the most important things to know before opening a restaurant. Make sure you spend enough time on the research and planning phase to avoid problems in the later stages that could damage your business.

More information for hospitality entrepreneurs is on the Blog of Cyrus Leon Batchan at https://cyrusbatchan.blogspot.com/

*** Cyrus Leon Batchan is a business consultant in Sherman Oaks, California. He has significant "hands on" experience with hospitality businesses.

https://cyrusbatchan.us
https://cyrusbatchan.blogspot.com/