The hospitality industry has, to say the least, seen better days
With less people spending money, and the cost of everything from wholesale ingredients to cooking gas continuing to skyrocket, margins grow ever thinner for even chain concepts. But this does not make the endeavour impossible; instead, running a successful restaurant today requires a little more than business nous. But what does it require?
Location is key
Location is easily one of the most important factors in the overall success of any restaurant – even more so than marketing, though this will be visited upon shortly. Footfall is a crucial metric for many restaurants, and premises with low footfall are less likely to see impromptu bookings or on-the-night guests. Certain areas will also be more likely to attract certain demographics than others; placing your street food concept in the financial district might render you blind to younger demographics.
Manage your admin closely
Admin is a broad field, but there are a number of specifics within it that have major impacts on the viability – and even legality – of your business as a whole. These include health and safety documentation and insurance coverage, among other things.
In terms of the latter, restaurant insurance is a vital breakwater for any costs arising from unexpected events or emergencies, be they property destruction, loss of earnings or even civil action. The former, meanwhile, requires close liaison with executive kitchen staff to ensure compliance is maintained at all times.
Nail your USP
Businesses of any stripe succeed on account of successfully locating their niche. One strong way to do this is by settling on a USP that sets you apart from local competitors and gives your chosen demographics something to latch on to. This could be anything from the way you source your ingredients to a signature dish, or even a unique style of service.
Shout out loud
Whatever your USP, it isn’t worth much without a solid marketing campaign behind it. Again, marketing is an extremely broad church, but there are some tried and tested methods that will be much more effective at raising interest in your restaurant concept than others. Social media is a major part of the equation here, particularly visual platforms like TikTok and Instagram where you can show your food and venue at their best.
Look after your staff
This one should go without saying, but nonetheless bears repeating; a successful restaurant is managed and maintained by engaged, enthusiastic and, above all, happy staff. An equitable approach to staffing and division of labour, coupled with competitive wages and additional perks, is guaranteed to foster a team more than willing to go the extra mile.