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Welcome to the Typsy Blog

Doug Radkey

Recent Posts

How to develop a restaurant concept plan

Posted by Doug Radkey on Aug 3, 2017 8:15:00 AM

A restaurant’s concept is the lifeline of its brand and longevity in the market. It makes your venue stand apart from the competition, and it’s ultimately your restaurant’s unique selling proposition.

A concept plan is something every aspiring restaurateur should look to complete. Due to the high level of risk for independent restaurant related start-ups, it’s wise to take advantage of every planning step possible.

Here are a few things to consider when developing a concept plan.

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Categories: Operations, Tips for Owners

What is the cost of opening a restaurant?

Posted by Doug Radkey on Jun 28, 2017 9:05:00 AM

It’s no secret – starting a restaurant is not a cheap endeavour. There are a variety of cost factors to consider when developing a restaurant concept and it is imperative that an aspiring restaurateur measures the cost difference between purchasing an existing restaurant, taking over a vacant restaurant space, starting a restaurant from scratch, or buying into a franchise model.

The riskiest scenario, which will require additional planning and, in all likelihood, additional funding, involves starting a restaurant from scratch.

Using this start-up model as an example, we can break down the different cost categories that many will overlook.

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Categories: Operations, Tips for Owners

Why you should conduct a restaurant feasibility study

Posted by Doug Radkey on Jun 1, 2017 9:05:00 AM

So you have an idea for a new restaurant or bar – fantastic! But will it have long-term sustainability, or will it just become another failing statistic in 12 to 18 months? Is it a restaurant you want to open because it’s been your dream… or is it equally a restaurant your market both wants and needs?

A feasibility study is an essential component of your start-up’s success, but it’s a process many new restaurateurs skip out on, leading to wasted time and a quick loss of investment. A feasibility study must be conducted in order to determine the potential success rate of the restaurant, and to minimize the risks related to the start-up.

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Categories: Operations, Tips for Owners

How to lower labor costs in your restaurant

Posted by Doug Radkey on Apr 25, 2017 9:05:00 AM

It’s no secret; some restaurants and bars have up to 70-80% of their costs tied up in three areas (food, labor, and rent). At the end of the day, it’s who controls these core costs the best that ultimately wins ‘the game’.

Outside of delivering memorable experiences, marketing, and customer service, developing systems to monitor quality, portions, and value in your food, drink, and entertainment options will help control your food and rent costs, while also developing repeat customers – resulting in consistent revenue, operating capital, profit margins, and engaged staff.

But what about labor costs? How can you lower them? The same way – through control!

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Categories: Tips for Owners

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