You may be hesitant to get into the restaurant industry because you have seen countless business come and go over the years. If this resonates with you, as a successful restaurant owner myself that has seen the failings of many cafes and restaurants here in Singapore, I have come up with a comprehensive list of things that will ensure the sustainability of any venture!
1. Choose A Good Location
Don’t settle for less when it comes to choosing a good location for your restaurant. If your restaurant is located in a secluded area and there is a lack of foot traffic, it is very hard for your restaurant to survive in the first place.
2. Get Involved
As a restaurant owner yourself, it is vital that you get involved with the operation of your business. Don’t just leave the front end of your business to your manager and the back end to your chef. Be actively engaged with the processing of orders, step in during peak hour and even learn [restrict] a thing or two in the kitchen.
While being on the home ground, you will know what weaknesses you need to tackle and what changes need to be implemented. This will certainly keep your business [restrict] running for the long-run.
3. Know Who You Hire
No one is as invested as you are in your business venture. Make sure that your staff, especially your general manager, shares the same vision and passion as you. This makes sure that your standards are maintained even when you are not around.
The general manager has sufficient influence to determine the sustainability of your restaurant – so do not let this one slip. Up the vigour of your interviewing process and constantly engage with your staff.
4. Treat Your Customers Well
Bad customer service can well end your restaurants reputation with one bad review. So remind your staff to be patient with your customers even if they are being difficult.
Also make sure that you get feedback from your customers so that you can work with your chefs to improve your food.
This retains customers and makes sure that they will come back wanting more of your hospital treatment and delicious food. After all, what’s a restaurant without its customers?
5. Watch Your Cash
Practise cost-effective methods by being conscious of your payroll as well as staff shifts. Spending too much of your personal loan may land your business in debt.
Understand food costs as well by employing the golden rule of 30% food cost to determine prices on your menu.
Remember: It is exciting starting on a new venture but it is also important to be conscious of your spending.
Get your restaurant out there by creating a digital presence. You can save on so much costs by uploading promotions onto your restaurant’s Facebook page and reach an even larger target audience.
Do not be afraid to start your own business venture, it is really about putting constant effort into keeping yourself and your staff in check and striving towards a common vision.