5 Simple Steps for Restaurant Expansion
The restaurant and hospitality industry is in continuous expansion and development. Innovations are coming through every day, and the number of people eating out is increasing rapidly. If you have nailed your branding, marketing, and product, your restaurant is surely doing well!
If you have reached maximum capacity and spotted the perfect opportunity to start expanding your company, opening a new restaurant can be an exciting adventure. Nonetheless, planning for it is essential to success, so don’t underestimate the steps below!
Secure Funding
Even if your finances are stable enough for you to be able to afford such an investment, it can be hard to sustain all the expenses associated with opening and running a new restaurant. Therefore, before even heading out to look for the perfect location, make sure you have secured the right funding for your venture.
Business loans are among the best solutions for entrepreneurs who are comfortable paying back the interests of such a move. Indeed, if your current business is in good standing and your finances are stable, you might opt for this option to purchase, renovate, and launch your new restaurant in no time.
Find the Right Location
No two locations work as well for the same type of restaurant or brand. So, finding the perfect spot and property for your business plans is crucial. To do so, you might need to start analyzing what your current customer base is like and what your target demographic will be.
If you wish for them to be the same, your current restaurant can offer you a helpful blueprint to better understand the locations that work best for your future endeavor. Some demographics to consider include:
- Average salary and disposable income in the area
- Age, gender, and ethnicity of your customers
- Household composition, education level, and marital status of consumers
- Competition in the area
Find the Right Staff
The restaurant industry, just like hospitality in general, is built around a stable backbone—its staff. Indeed, your team can make your restaurant what it is, and they must align with your brand’s value and mission to build a truly successful team.
Simultaneously, staff training represents one of the major costs in the hospitality industry, a budget that increases every time a new member joins the company.
However, you can make sure that all of your new staff members are equally trained and prepared by putting your trust in the ones that have been loyal to the company so far. If willing, these star employees will become your future managers and train any new hires to the highest standards.
Purchase Equipment
A professional kitchen is the heart of any restaurant, and you will need to invest in new equipment to create a comfortable and high-performing workplace. An HVAC system, modern facilities, safe and efficient equipment, and smart design is crucial to attracting the best chefs in the area—and retaining them!
One of the features you should invest in is a high-quality commercial grill. This type of sturdy equipment will last you for many years to come and can help your new restaurant start in the best way.
While this type of device can represent a significant investment for any business owner, it is also something that you can’t avoid considering when creating a detailed budget. And opting for second-hand or lower quality items just to save a little at first can turn out to be a major mistake for many restaurants.
Use the Right Tech
As mentioned, hospitality is a dynamic sector, always in development. An impressive number of systems and technological advancements have been introduced to streamline the service industry’s procedures.
Therefore, finding the right tech for your new restaurant is essential. Investing in the right booking systems will prevent overbooking and confusion. It can help you store details about your returning customers, which can turn out useful when analyzing your client base and creating new marketing campaigns.
In the same way, a high-standard POS system can optimize the service offered to your customers and the daily operations of your staff.
It is impossible for any entrepreneur in this industry to ignore the benefits that the right tech can bring in any restaurant. Indeed, you will be able to reduce the pressure on your staff, offer a better service to your clients, and create a unique selling point that can help you get a step ahead of the competition.
