According to The Statistics Portal, Statista, food and drinks sales in the US in 2017 amounted to almost $800 billion, up from $379 billion in 2000. These statistics are proof that the restaurant and food service industry is growing and thus a restaurant would be a good business invest in. But how easy is it to open a restaurant in 2019? Consider the following:
Skills and Experience
To run a successful restaurant you have to be an experienced chef, or at least someone who knows their way around a restaurant’s kitchen. Without that experience, it will be hard not only to choose your ingredients but also to plan your business. If you are not an experienced chef, you have two options. One, you can invest in training. Two, you can hire an experienced chef. A chef will cost around $20 to $40 per hour.
Start Up Cost
When opening a restaurant, you will require money to buy furniture and kitchen essentials such as refrigerators, dishwashing machines, cooking pots, ovens and tableware. Additionally, you will require permits and licenses, and these too cost money. A small restaurant will cost roughly $250,000 and the cost can go up to $1 million or more if you are looking for something hi-tech. However, according to an article on Forbes, one investor opened his restaurant for $13,000.
How large an investment you make depends on your target customers and how creative you can get. If you don’t have a big budget, you could start small and then look into restaurant financing to expand your operations. The Lending Express company’s resource on loans for restaurants highlights instances when you may require a loan for your restaurant. This is a company that offers help to business owners by linking them up with potential lenders.
Marketing
Marketing a business in 2019 is pretty easy especially if you know your way around the internet. Many people these days are using search engines and social media to find places to eat as well as food delivery services. To market your business on social media, you simply have to create a page or profile, get people to like and follow your pages and keep them engaged by sharing interesting food related content. You can also use your page to share information on discounts and new items on the menu. To appear on search engines, create a website for your restaurant and don’t forget to indicate your address. Then, make a point of publishing restaurant and food related content often. YouTube videos and social media giveaways can also help in marketing your business. Finally, update your business information on Google My Business, Yelp, TripAdvisor and Yahoo Local Listings. However, don’t focus on online marketing only. Some offline advertising can help too.
Location
The best location for your restaurant will depend on your target audience. You can build your own restaurant, buy an existing one, rent a space in a building, or even buy and operate from a food truck.
While everything else can be easy, remember it is your menu that will keep your customers coming back. Therefore, if you choose to open a restaurant, have something unique to offer.
