HERE'S HOW TO BECOME A SUCCESSFUL RESTAURANT OWNER
Whether you are an aspiring restaurateur or have been running your business for years, you’re always searching for ways to maximize your chances of success. Your path may not look the same as another restaurant’s journey, but some key elements are associated with all successful restaurants. Here are a few characteristics of booming establishments.
A BRAND THAT OFFERS VALUE
Successful restaurants usually have a recognizable brand. Their business also has a well-defined niche, such as "delicious seafood place" or "the best ribs in town." Through solid branding, customers can tell what the restaurant is offering and what to expect. High-quality branding integrates a great logo, theme, and design that all work together to propel the brand forward. Successful, easily recognizable restaurants typically have a memorable logo, color scheme, and font. This brand image flows not just with its exterior design, but also with smaller interior elements such as custom notebooks for the servers, and embroidered towels in the restrooms. These elements create a seamless experience that customers appreciate.
STAY IN YOUR BUDGET
No matter how great your food or how wonderful your customer service, if you are constantly in the red, your business will not survive. Find a healthy balance between spending and saving. To find this golden mean, discern what is worth investing in, and what areas you can spend less in. For example, do you really need fancy china for your customers’ tea, or can you order a more economical set of custom coffee mugs with your screen-printed brand logo? Small decisions like these can make bigger financial waves over time.
Payroll, rent, supplies, and utilities also come into play. It is important to find the best deals in the area without sacrificing quality. Make the most use of your employees by placing staff in the right shifts on the right days. Also, offer fair wages that retain employees, because a higher turnover can also strain your operations and decrease profits.
SERVICE MATTERS
In the age of instantaneous online reviews and social media, a bad experience can go online in minutes. Now more than ever, service matters. How can you protect yourself from bad reviews? The best method is to prevent negative experiences altogether. Invest in training your new hires and existing employees. Teach them how to treat your customers with respect and courtesy. Also, show them how to create great customer experience every time. Dress them in professional company uniforms so that they come to work with a mindset that they are representing your restaurant. If bad reviews do emerge online, quickly address them and offer solutions or incentives to appease the customer. How you respond as a restaurant owner can change the angry customer's mind about the experience and make the customer consider giving your business another chance, and even changing the negative review to a positive one!
OFFER GOOD PRODUCTS
Just as you would not return to a store that offers low-quality items, customers also choose to return to a restaurant that offers extraordinary food and service. Do not underestimate the power of simply doing a great job at what you do. A thriving restaurant needs to offer great food and a friendly, welcoming environment that makes customers feel at home. Pay attention to your menu and what people like, and listen to feedback about your service and establishment. Also, continue to improve on your restaurant’s environment and service any time you see fit.
LEAD WELL
To be a good owner, you have to stay on top of your business on all fronts: your reputation in person and online, your marketing, branding, staff management, budget, products, menu, and much more. This can seem like a lot, and it is. While some individuals may be able to run the rat race and do all this alone, it is so much better to recruit the help of trusted individuals such as managers to take care of your staff.
Since today's businesses need to stay on top of social media, you must invest in your online presence and digital reputation. If you are strained in time, hire a digital marketing professional to take care of your online presence. After all, part of being a great leader is knowing when and how to outsource tasks to the people who can do them well.
Are you interested in becoming and remaining a successful restaurant owner? Your journey starts here.