Tips for Starting a Restaurant
Helpful Suggestions from the Team at Nowell Insurance Agency
With so many popular television channels dedicated to food and eateries, it is no wonder many of us dream of opening up a local café. It may be especially true if you are a good cook and want to share your yummy creations with the world, or at least your town. The statistics indicate that most restaurants will fail within their first year, but that does not have to be the case when you take smart steps to increase your chances of succeeding.
Safeguarding your enterprise starts with choosing the right companies to partner with. The experienced brokers at the Nowell Agency can provide you with much-needed restaurant insurance for your Florida eatery. We understand your desire to succeed in a highly competitive market, and we are here to help.
8 Tips to Get Started in the Restaurant Industry
It doesn’t matter if you want to start a coffee shop, bakery, or luxury bistro; the steps are the same. So before you brew that first cup, bake that first loaf, or flame broil that filet mignon, gear yourself up for a better chance at succeeding with these steps:
- Get Some Experience. If you have never waited tables, washed dishes, or cooked in a kitchen, you may be in for some hard-learned lessons. Take the time to work in a restaurant, particularly in one that is similar to the type you would like to open. It is a priceless lesson in service with a smile, marketing, menu development, and other administrative duties.
- Know Who You Want to Serve. Do you know what kinds of patrons you would like to serve? Understanding your target market will help you with choosing a menu and a location, as well as the overall atmosphere.
- Choose a Service Style. Do you want to focus on breakfast and lunch crowds? Maybe you like dinners and nightcaps. Do you want to serve fast-food such as burgers and fries, or do you prefer offering full-course meals for families?
- Write a Business Plan. This written plan provides for the overall concept and goals for your restaurant. It should list specific information for finances and future revenue. Also, it describes your target market, menu and pricing, equipment, and employees. Finally, it should cover your advertising and marketing plan.
- Make Your Menu. After working through the first few steps, you are better prepared to write up your menu. Think about your business plan as you do. Does your menu match what your goals are? Are the prices affordable for your market? Do you need to include a kid’s menu?
- Find Your Location. Where you set up a business is vital to your success. It would be best if you were located where your ideal customers will find you easily. Keep in mind that your monthly rent still needs to be affordable so it doesn’t eat into your profits.
- Secure Funding. Your business plan will also help you understand how much money you need to get started and to keep the doors open until paying customers come in.
- Obtain Restaurant Insurance. If you don’t have the right insurance in place, you run the risk of losing everything. Consider the basics, such as general liability, but don’t forget worker’s compensation for your employees.
Give Yourself a Leg Up with Restaurant Insurance
Make your entrepreneurial dreams come true when you take proactive steps for your business. Enlist help from the knowledgeable brokers at The Nowell Agency. Since the 1980s, we have assisted a wide range of trailblazers like you in obtaining the right type of coverage, including restaurant insurance, at reasonable rates. Talk with us today and see how we can partner with you to help you achieve your goals.