How to Become a Successful Restaurant Owner

The success of a restaurant is dependent on the efforts you are willing to put into it. Many restaurants go out of business in a short period of time simply because restaurateurs have not done their homework or put in the necessary efforts. No restaurant is guaranteed to succeed, but the chances that it will be fruitful and that you will become a successful restaurant owner increase when you take into account some very important steps.

Steps

You are not gaining knowledge in the art of cooking so you can interfere with your chef's business, but rather so you understand the needs of a chef. If you can put yourself in your chef's shoes, you can better recognize his strengths and weaknesses, as well as ensure you give him everything he needs to be successful.
Again, this is so you can understand and appreciate the responsibilities of your staff, but also so you can motivate and guide others effectively. Dish washing, waiting tables, and bartending are some of the positions you should undertake. You need to know how to perform every position in your restaurant so you can both train new staff members if necessary and know when a staff member is misinforming you.
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Take wine pairing classes if you plan on serving wines with your menus or specialty cooking tips with recognized chefs. Include some of your staff for training purposes.
Successful restaurant ownership is not just good food alone. It's about making smart business decisions and understanding what elements are working for your restaurant and what needs to be scrapped. You don't want to underestimate your start-up costs, so plan to save more than you expect to spend.
This would mean researching the area and getting an understanding of what local patrons are missing and asking yourself if you can fill that void successfully. The restaurant should be in a busy location with a lot of parking. Try to avoid areas packed with other restaurants, as this competition can often steal money and customers from your business.
This will allow you enough time to find quality staff. Employ your staff from people you have already worked with who you trust because you are familiar with their work habits. Offer salaries and benefits that are fair because good staff is hard to find and keep, especially a talented chef. Once you have found your chef, sit down with him to create a menu, but allow him to take the lead. Your chef is the head of the kitchen and if you trust him, you should trust his judgment. Give him the benefit of any doubt, until he proves he is incapable.
A successful restaurant needs to be inviting and relaxing to your patrons and functional for your staff, especially the kitchen. It should be easy to clean and spacious for your customers, although not too spacious so that you are not utilizing your space lucratively.
Hang a banner on the front of the window with the name and opening date professionally imprinted on it. Send out press releases and invite local patrons to an opening night to sample free food and wine. Continue to promote your restaurant on a regular basis after it is open for business.Get good workers and make sure they got experience and know what they're doing.
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What subjects do I need to study to become a restaurateur?
Community Answer
Work experience is arguably more important than study. It's good to have some experience working all of the positions at a restaurant so you know every part of the business. As for subjects of study, hospitality, business management, and accounting are good choices but there is no substitute for life experience.
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How do I get funding for a restaurant?
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You can take out a loan, start a fundraiser, or save up your own money.
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How do I know if I'm ready?
Community Answer
It's impossible to know for sure -- it is a leap of faith. That being said, you need to know everything there is to know about running a restaurant. Simple is best when first starting. You need to keep your cost low and sell high to begin with in order to turn a profit. Pay attention to details and always watch your finances. Remember the everyday working people are the ones you want to cook for. It's your locals who come in every day that make you the money you need, so find out what type of restaurant there is a need for in you area.
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Tips

Make sure your menu includes good vegetarian and vegan items. A family or group with one vegetarian in it will often decide where the whole family or group eats based on where the vegetarian among them can get a delicious meal.
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