Man y young people dream of having their own restaurant one day but it is a very few young people that actually go through with making this dream a reality. The truth is that starting a restaurant is not an easy task but if you target your business well and if you identify your target market and the different trends in the market today, you should be able to make your business a success.
Location and costing
Statistics show that most new restaurants close down in their first year of business because they are unable to sustain he restaurant but the main reason for this is the location of the business. If you are looking at selling a slightly expensive product, you need to have a restaurant in the main city where there are central offices and companies because these will be the people who will be willing to invest a little money in luxury food. If you decide to have a restaurant business in the midst of a middle class residential town, you might not be able to get the amount of money that you need because you might find that these people are not willing to pay the prices that you are asking and if this is the only location that you can find, then you will need to change your menu and your prices. The type of food that would work in a place like this would be inexpensive fast food type food.
Of course, at the same time, office leasing central will be a lot more than it would be to rent out a place out of town and therefore you will need to plan it all out very strategically. You need to make sure that you are within walking distance of the correct target market and that they will buy enough food from you in order for you to pay off your staff, your rent as well as make a profit at the end of the month.
It is also important for you to study the market and analyze the current trends in the market. You need to look at the other restaurants in the area and find a way of standing out in a crowd and making yourself different. One example is that more and more young people are switching to a vegan, plant based diet in this day and age but the market is yet to get on board and cater to this trend. This is where you could come in.