Most restaurants and businesses in the food industry typically fail within their first year. The reasons for this range from poor planning, lack of sufficient funding, and low profits, to mention a few. As a business venture, opening a restaurant is as competitive as it is lucrative. To support this, a recent study by Rasmussen Reports found that roughly 58% of Americans eat out at least once a week. Although a customer base exists, there is a lot of strategic planning involved that goes into making sure that your business model fits finds a customer base of its own. If you’re looking to venture into the restaurant industry and want to open your own restaurant but haven’t any idea of where to begin, keep reading as we explore four things you can do to guarantee a successful restaurant launch.
1. Invest in business insurance.
Your responsibility as a business owner is to create a safe working environment for the people under your employ to prevent workplace injuries. However, no matter how well we plan or safeguard against work injuries, accidents are inevitable. In the year 2019, the Bureau of Labor and Statistics found that 2.8 million private industry workers were injured on the job, resulting in 888,000 lost workdays. Workers’ compensation insurance is a legal requirement in most states within the U.S. as it provides financial relief to injured workers by covering their medical treatment and medical bills.
Workers’ compensation covers lost wages and the medical expenses for employees who become injured on the job. Workers’ compensation coverage also includes death benefits and medical rehabilitation. Workers’ compensation laws are state-specific, and ensure that employees are covered for the cost of work injuries and occupational hazards regardless of employee negligence. An employee can only collect their workers’ compensation benefits if their illness or injury results from them performing their duties of employment. In the restaurant industry, for instance, workers’ comp insurance could cover injuries caused by preparing food, slips and falls on a wet or oily surface, or a burn due to a fire or explosion.
If you are looking for a work injury attorney in Chicago, the professionals at the WIN Injury Network can help you. They are a diverse network of medical, legal, and financial services professionals who will work together to help you receive the workers’ compensation benefits you deserve after sustaining a work injury as a result of an accident. Backed by all the medical, legal, and financial resources you will need during your workers’ compensation claim, these personal injury lawyers will get you fair compensation. As you seek a personal injury lawsuit, remember that all court rulings are included in public records.
2. Consider your finances.
As a new small business owner, you will most likely be in the market for a small business loan. Knowing this, the growing spate of online lenders, private, and marketplace lenders can be a bit confusing to navigate. These alternative money lending groups offer finance to small businesses that banks and other conventional credit facilities may deem risky. Most of these online/alternative lenders offer diverse lending options to small businesses such as term loans, lines of credit, and receivable financing.
If you’re in the market for a financing partner but haven’t any idea where to look, Pacific Private Money Inc. has you covered. Pacific Private Money is a financial service company that allows business owners and real estate investors to access private funding at an affordable rate. Based in California, their highest investors enjoy secured profits on their savings at interest rates that beat other established secured investment companies.
3. Purchase restaurant equipment.
Using disposable tableware is a great way to save your restaurant some money and time. This is because using disposable tableware (wooden dishes, for instance) frees up time for the person whose job it is to clean up. Additionally, time-consuming tasks such as polishing, washing, and drying your dishes can now become defunct. Add to this all the electricity and water you’ll save due to not having to use the dishwasher often.
Disposable wood plates are good for the environment because they are bio-degradable. The implications of this are that they can only decompose when exposed to the elements. As a result of this, waste management for your restaurant will be more efficient because this waste is not harmful to the environment. Despite being disposable, their high quality makes it that they can be washed and reused multiple times, making them a cost-effective purchase in the long run.
Disposable plates and tableware are the future of the hotel and catering industry especially if your restaurant leans towards a more vegan/vegan-friendly philosophy. Aesthetically speaking, disposable wooden plates are an unusual and striking addition to your restaurant, presentation-wise. Not only will they seem more memorable to your restaurant patrons, but it is also a great way to stand out from the competition.
4. Consider the restaurant menu.
The restaurant menu is ideally the heart of your business. You’ll want to incorporate a menu that is inclusive without seeming too stuffy over the top. Additionally, your menu should be geared towards locally available produce, for it to make financial sense. Also, look at what food offerings your restaurant can offer, and how this stands out from the competition. Restaurant staples like the classic burger, for instance, can be offered with guacamole and jack cheese if your restaurant is Mexican-themed.
Additionally, make sure that your menu is easy to read. Further to this, make sure that your menu does not have too many meal options, to avoid overwhelming your patrons. Lastly, tenure your menu is priced fairly, to reflect the correct food cost. This is important as it will allow you to offer your patrons affordable food options while allowing you to break even in the process. Be aware of the actual amount it costs you to prepare each food option. For a seafood menu, ingredients like prawns and lobster will result in a pricey menu. Be sure to strike a balance between high and low food costs for a sensible profit margin.