Top Tips On How To Start A Restaurant Business
How to Start a Restaurant BusinessStarting a restaurant business is an alluring dream for many but a reality for only a select few. The restaurant business is like the start of the New York marathon. Thousands of people start the race but only a fraction of those people finish and an even smaller percentage actually succeed in meeting their goal for the race. Why? Well, it simply isn’t as easy as most people think and there are key skills and attributes that the entrepreneur must consider when thinking how to start a restaurant business. The National Restaurant Association (“NRA”) claims that over 42,000 new licences are issued each year in the US. These are lofty numbers and you would be forgiven for thinking this is a positive.The reality is that restaurants have the highest attrition rate of any business type. The attrition rates in the sector very wildly, ranging from 90% failing in the first year, to as low as 20% in the first year of trading. A recent academic survey conducted by researchers at Michigan State University found that 27% of start up’s failed in the first year; after three years 50% of those restaurants were no longer in business; after five years 60% had fallen away and before the end of the decade 70% of restaurants were no longer trading. While these may seem like scary statistics a subsequent study at Cornell University in 2005 revealed that 81.4% of small business failures result from factors within the owner’s control. In other words, despite these damning metrics, failure is by no means inevitable. So how can restaurateurs evade this landmine? Here are our top tips on how to start a restaurant business.Top Tips For A Successful Restaurant BusinessMost people dream of having a buzzing little establishment with perfect ambiance, a hoard of adoring, loyal customers and a cash register that is brimming with money every night. Nice dream, but it takes a special kind of person to make that a reality.Key Personal Traits that typify a successful restaurateur.1. Unwavering TenacityThe restaurant business is characterized by long hours, customer complaints and an endless list of tasks to perform, and that’s before we even get into the strategy! This is not an easy ride and to succeed you will need all the determination at your disposal to get through each week. Ask any chef, restaurant owner or hospitality worker. It is hard to succeed and only the strong survive. You need to stay the course and remain positive in the face of adversity. Most restaurateurs lament about the hard start but also revel in the “tipping point” when their business really took off. Maintaining the momentum is the trick and tenacity is pivotal in achieving this.2. Attention to detailEverything comes down to the detail in this game. You are providing an experience for your customer base and if you concentrate on getting the detail right you increase your chances of making that experience meet the customer needs. This trait is so important, not just in terms of the quality control of each dish that is served but also in terms of the kitchen cleanliness, ensuring licences are up to date, that the booking system works, the list goes on… If you have a “devil may care” attitude then you won’t last five minutes. Being meticulous about all aspects of you business from the product to the business strategy is absolutely critical.3. Managing PeopleYou can’t run the place yourself. You must recruit and recruit well. You must possess the ability to place trust in your brigade to get the job done in line with your values and strategy. Getting the right chef (assuming you are not one), the right waiting staff and front of house are critical and you have to be able to communicate effectively to motivate and delegate responsibility. When thinking about how to start a restaurant, think about starting a winning team. Managing that team is critical to your success. Teamwork and communication are pivotal skills to ensure success. Empathy and leadership qualities are outstanding traits for the restaurant business.Key Business Success Factors1. Do a Restaurant Business PlanThe best advice you can receive when thinking about how to start a restaurant business is to do a business plan. It is absolutely pivotal. The restaurant business is so customer focussed that doing your homework is the difference between success and failure. Market and customer research will enable you to plan your business model effectively to ensure you continually meet the needs of your customers. It will also help you plan your finances to ensure you run an effective operation and don’t run out of cash. It’s all about seeling an experience in the restaurant game and you need all the right information at hand to ensure you hit the mark and have a strategic plan to explain to a bank or investor to attract the funding you need to open the restaurant. Opening your doors without a business plan is suicide because planning retrospectively while running the business is almost impossible. Prevention is better than cure.2. Be flexibleMake sure your business strategy is flexible. It will need to be in order to continually meet the needs of those customers. Everything from menu construction, wine list, decor and your marketing strategy must be nimble and react instantly to changes in demand. Most businesses keep monthly financial records but in the restaurant game weekly financials help you keep your finger on the pulse and provide an opportunity to cater changing customer demands to maximise sales. This is where the business plan really becomes valuable. It should evolve with your operation. It is not just a static document used for getting funding. Restaurants with nimble business models are the ones that succeed.3. Focus On The CustomerThis flows directly from the initial research you will have done on your market and customer demographic but the focus on the customer should be first and foremost in your mind. Talk to your customers and ask questions about what they like and what they would like to see changed. Rotate your menu and keep it simple. Long convoluted menus breed confusion and make delivering the meals so much harder for the staff. Your customer will guide you in presenting the best menu and setting to maximise sales. They are the source of your success.Build a Sustainable BusinessIf you want to make it to the end of the race you have to never give up. This sounds obvious, but running a restaurant will test your patience and resilience. To get the basics right you have to rely on your research to make sure your business is providing people what they “want” rather than what you think they “need”. The most successful restaurants do simple things well and have a definite strategy to evolve and engage customers. They provide a level of service that meets the customers needs and an atmosphere that appeals to the customer’s requirements. It may seem like a difficult balance to achieve but if you are committed, creative and base your business model on solid research your chances of being one of the few who do survive will improve significantly.
Choice of Drug Rehab – The Most Crucial Factor For Better Addiction Treatment
In the present day context the substance abuse is one of the most threatening evil to the modern society. In fact the point is that these days the number of drug addiction cases has increased to such an extent that it has become much harder to control it. And the fact is that there is not other option of getting cured of it other than the drug rehab centers. The substance abuse rehab centers also known as the drug abuse rehab centers are the best means to get the perfect cure for the addiction patients. In fact the substance abuse or drug abuse is most commonly applicable to the wrong usage of the prescription or medicinal drugs without the proper guidance of the doctors. In fact the point is that these days the problem of addiction to prescription drugs has increased to such an extent that it is quite hard to control. It is often seen that people use painkillers or other prescription drugs with sedatives, anxiolytic, analgesic or stimulant properties without the consent of the doctors and with regular usage this becomes their habit which gradually becomes their addiction problem. And even it is noticed that these people are not even always aware of the threat they are in.And therefore the best answer to this problem lies in the drug rehab centers where the patient is provided with proper psychological treatment along with the proper detox program. This is very much essential for any drug detox for the reason that the proper drug detox is only possible with the help of the proper choice of the drug rehab center. In fact the choice of the rehab center is the most essential thing for the better treatment of the addiction patients. Besides that the main thing essential for the consideration of the choice of the rehab center is the treatment programs offered by the rehab centers. In fact there are some rehab centers that offers specialized treatment for some particular kind of drug addiction. On the other hand some offers overall treatment programs applicable for all types of addiction problems. Of course it is better to choose the rehab center that offers specialized treatment according to the problem of the patient. In this respect it is essential to note that there are certain rehab centers that are not up to the mark for the appropriate treatment of the addiction patients. Besides that it is important to note whether the addiction rehab center you choose offers psychological treatment along with physical drug detox or not. In this respect the names like Los Angeles drug rehab or California drug rehabs are better choices for the advanced treatment facilities offered by them.The psychological treatment and mental support is a very essential thing for any kind of drug detox for the reason that the problem of drug addiction the physical health is not the only thing. In fact whenever any person gets addicted to any sort of drugs whether it be illegal drugs or prescription drugs it is sure to leave a mark in the mental health of the person. And it is often noticed if the detox program is carried on forcefully without proper psychological support and treatment the result may be devastating and may give rise to several problems like depression, inferiority complex or some other mental imbalance. Therefore to provide proper psychological treatment and mental support is the most essential thing to bring back a drug addict to his normalcy.
Secured Business Loans – A Road Map to Your Business Financial Aid
If you are an entrepreneur, you must be aware of the important of funds to a business enterprise. You need sufficient amount of capital to start your business or expand the existing firm. The only option to get huge amount of money is either through bank loan, government grants, money borrow from friends, relatives, clubs or returns from your investment. The good news for you today is secured business loans are the solution to your business financing.You must ask yourself the following questions, what type of loans your business required, where and how you can get the loan, how much loan do the entity needed and what are the mode of loan repayment. You must consider whether the loan facility terms are favorable to your business concern or not.Secured business loans are financial securities offer by financial institutions to business owners in order to expand their existing businesses or start a business. Before you get a secured loan, the lender will demand for your collateral, especially fixed and valuable assets like your land and building, share certificates, mutual funds, bonds, real estate property and motor vehicles. The finance house demands for your collateral to enable them take over your assets in case you failed to pay back the loan at the appropriate time.You must be very careful when it comes to repayment of secured business loan. Make sure you prepare your loan repayment schedule and adhere to it very strictly. If the loan is approved, the lender will offer you huge amount of money, lower interest rate, longer repayment period, flexible conditions and terms. This type of finance has helped many business owners to adequately fund their projects and enables them to meet the market competition or challenge.Finally, apart from secured business loan, there are other sources of capital for your business which are available on the internet. Meanwhile, log on to internet and research to get lots of lenders offering secured business loans at competitive rates due to huge competition in the market.