Another year has passed us by. It’s time to reflect and make even greater improvements in your restaurant, bar, cafe, or hospitality business. Whether you believe in developing resolutions or not, your mindset for the upcoming year needs to be about “determination”.
Festive Season. These two words signal colder weather (in most areas), delicious comfort food, creative drinks, memorable parties, laughter with friends & family, and of course - gift giving.
These are also two words that nearly everyone seems to look forward to throughout the year, including that of restaurant owners. The reason is quite simple; consumers are often in a generous mood which equals longer stays and more spending dollars.
The development of a restaurant can be extremely daunting with its many moving parts and it’s easy to miss crucial start-up strategies within the mix of it all.
One you don’t want to overlook is your intended media launch strategy. Today, the word ‘media’ means so much more than your local newspaper outlet.
The worst thing you can do is start your marketing and promotional campaigns one week before opening or simply expect a Field of Dreams “if you build it, they will come” type of scenario to work.
Hint: it doesn’t!
Sometimes, in order to reach our dreams, we need a little help. Starting (or growing) a scalable and sustainable restaurant or hospitality business is not cheap. Many aspiring restaurateurs need a business partner or investment group to help reach their financial targets.
Here’s what we know: The average start-up restaurant, (in US dollars) can range from $295,000 to $660,000+ depending on a variety of factors, including of course the size of establishment, whether it’s a ‘from-scratch’ project, and the choice of overall concept.
No matter how you look at it, that’s a lot of money.
Growing a restaurant on a tight budget in a tough economy is a challenging business. Margins are tight; plain and simple.
There's a good chance you may be left scratching your head wondering how you can grow your restaurant without making a significant dent to your bank account. It can be done, it just starts with a smart mindset.