Do Your Homework
Just like the way we practice due diligence before buying a car or buying a home, you have to do your homework. Did you know that the restaurant industry does over $650 billion in sales every year? That means a lot of transactions are happening with your competition that you could learn from.
Build a feasibility report by conducting research and surveys to learn about the vicinity and its residents. Find out everything you can about marketing tactics and what customers are saying about restaurants. For example, you can examine a few competitors in your area with a similar restaurant or brand.
Create a Concept
Branding of Your Restaurant
Branding your restaurant is sort of like a checklist. Think about yourself as a customer inside of your favorite place to eat. What is it that makes that restaurant so special to you? Do they have killer deals during happy hour? Or maybe they just make you feel important with excellent customer service? Every element is tied back to branding. Here’s five different elements of restaurant branding.
This is the foundation to your brand. The customer experience revolves around your mission statement. While crafting a mission statement, you should make sure it is:
Think about what you believe in and what you want to be known for. For example, Panera Bread has the following mission statement. “Food as it should be. Food should taste good. It should feel good. It should do good things for you and the world around you”. It checks off the 3 components that we provided above, making it a fantastic statement.
Your personality is about telling a story and expressing to others why you started in the first place. Give people a chance to connect with your restaurant on an emotional level. People will feel a certain type of way every time they come in.
A popular mistake restaurants make is trying to make a “one size fits all” business. Once you establish your location, start researching everything you can about your surroundings. Prioritize your ideal customer since these people will be repeat buyers rather than having a bunch of one-time customers.
While the customer is important, you can’t forget about the well-being of your employees. The restaurant industry has a 73% turnover rate for employees. If you focus on having a high employee morale, your business will be more synchronized. Long-term employees can develop lasting relationships with repeat customers. They also understand your mission statement and perform with maximum efficiency. Always encourage feedback from your employees so you can gauge how operations are going and find out what can be improved.