Restaurant Business 101 – Must Read For Start-Ups

The dynamic lifestyle and shifting demographics drive the restaurant industry. More and more people simply cannot find the time to cook, and yet they like nothing more than a cooked meal. It is a trend that is growing year by year consistently without any signs of stopping.

However, the restaurant business is one of the most ruthless ones. There is a huge market, a massive opportunity, but success is far from guaranteed. Each year, more than 9000 independent restaurants close their doors permanently. Moreover, CORONA pandemic has hit this industry very hard. Many experts assume that everything is going back to new normal where you will see new ways this business is going to be operational with much safety and profits.

So, how to make it in the restaurant business? Here are a few basic principles for opening and running a successful restaurant business.

Choose your niche

The first decision should be about the type of restaurant. There are many similarities between the various types of restaurants, but at the same time, there are many differences. Differences in terms of how to run it, the things it takes to be successful, the culture that you want to implement in it and, how to reach your primary group of customers.

The choice is between a fast-food restaurant, a classic American diner, deli for busy lunch-goers, a midscale family-friendly restaurant, an upscale restaurant, or something in between. Whatever it is, you need to have a clear vision of what you want it to be and how to run it.

Write a business plan

Once you are certain about the type of restaurant you want to open and how you will manage it, you need to put all on paper. That means creating a credible business plan on which you will map out everything long before you buy the first fork.

The business plan should include a clear explanation of your concept, your market described in full, menu, pricing, financial information such as the startup capital, the sources of your startup capital, expense forecast, marketing plan, long and short term income projections, employee hiring and training, and challenges you are likely to face daily. Some folks even include an exit plan in their business plan.

Funding your business

The amount of money you need can depend on many factors such as the type of the restaurant, the facility, buying equipment (used or new), inventory, money for marketing, and operating capital until your business starts generating cash.

Here are a few ideas on how to raise some seed money that will help you take your idea from the floor:

  • Your Resources: Go through all of your assets and see if there is something with value that you can sell. Many people own assets without realizing their worth. The asset can be equity in real estate, some old saving account you have forgotten about, collection of stuff, vehicle, or something else that holds some value. Whatever it is, you may use it to sell it and get cash, or use it as collateral to get a loan.
  • Friends and Family: Go to your friends and family, explain to them what you want to accomplish, present your business plan, and assure them that you are fully committed to succeed. You never know who might be interested in investing.
  • Government Grants: Many local, state and federal programs support new businesses. Go through each one of them and see if you are eligible to get a government grant.

Get all required licenses

There are a few legal things to consider when opening a restaurant. First of all, you need to be licensed from the local controlling jurisdiction. Next, you will need to get a liquor license if you plan to serve alcohol at your restaurant.

Sometimes you need to check with the city if there is any zoning issue that might be on your way of opening a restaurant. Check the zoning regulations for your location and your building.

Safety regulations

Running a restaurant means complying with a set of state and federal regulations. If the restaurant fails to meet some or all of those regulations, it can be fined or even closed. Fire safety and sanitation are considered as the most critical ones. Furthermore, you need to provide a safe environment in which the employers can do their duties, and the guests can dine.

There are other safety regulations, but most regulatory agencies will work with any new operator to help them meet the needed requirements. To that end, each state has its general information office that can help you get in touch with all the regulators.

Final words

In the end, if you are dedicated, got a solid business plan, got your licenses in order, and people that believe in you – you don’t have to worry much. Your only concern should be the tastiness of your dishes and keeping your guests coming back and wanting more. Most importantly it will remain a profitable business in the end as long as people with stomach are on earth; this business is never going to be shut permanently.

If you like this Restaurant Tips 101, please share to others with this Affordable POS Software For Franchises.

How to Choose the Point Of Sale System for Your Business?

A point of sale system (POS) is not just some high tech cash register. It is a lot more than just a gadget that takes credit cards and records sales data. It can also gather data on inventory management, sales, customers, employees, and a lot more.

Every new generation of POS comes with new and improved features that make it the central hub of any retail business. Here we will elaborate on how to choose the best possible POS system for your business. That way, you can manage your business more efficiently. 

Make your business needs a priority

A POS system may be perfect for a small store, but won’t necessarily be an excellent fit for a studio of a dozen of hairdressers. A growing business or a startup might want to choose a system that can scale along with their growth. That way, they won’t need to change their transaction process when they hit high numbers.

In most cases, small businesses can rely on tablet or iPad based POS systems. This type of system is easy to use and portable. Also, it offers a ton of security features and operates in the cloud.

On the other hand, mid to large-sized businesses can’t rely much on this type of system and will have a difficult time managing their transactions.

That is why it is super-important to research the POS systems. Make sure that you base your research on what’s used in your industry, by companies of your size. Talk to other business owners, read reviews, get quotes, and so on.

Integration with other systems

The perfect POS should be able to connect with your other business systems, like email marketing and accounting software. The top benefit of this is that you get a lot of customer data without manually downloading it from one program and then uploading it to another.

That is why integration is something that should be on the top of your list when searching for the best possible POS system for your business.

Don’t ignore scalability

You might be running a small retail business, and you got just one store. But you might plan to expand soon.

The thing is that specific POS systems limit the number of outlets that can be managed using them. That is why you need to make sure that you choose one that is scalable and won’t limit your business once you start growing.

As a result, many business owners choose scalable cloud-based POS systems that support multiple registers and stores. Once you connect all retail stores, you will have a single dashboard from where you can monitor all of them and run your business efficiently.  

User simplicity is essential

A POS system may have an incredible set of various features. But that won’t do you much good if they are part of a program that is difficult to understand and use. You don’t want to list the user manual for every little thing. Plus, even if you learn it through and through, you need to make sure all of your employees know how to use it as well.

That is why you need to have a crack at it before you make your final decision. The unwritten rule is the simpler the UI, the better. That way, every user can easily learn to use the POS system, and you won’t need to spend time teaching others or listing the manual every time you are stuck with some features.

Look for POS systems with specific features

Every business has its own specific needs and requirements. Nowadays, POS systems have features designed to fit individual businesses and industries. It’s one thing to buy a POS for a hotel, another for a restaurant, and a way different one for a mechanic shop. Each one of them has unique requirements and needs. There isn’t one POSto fit them all. Plus, the size of the business plays an immense role. The type of POS that serves perfectly a small shoe store may not be fit for a massive one. That’s why you need to consider both the specific needs of your business and the size of it.

For example, a typical restaurant will require a POS system that allows splitting the check, make table reservations, track product status, accept online orders, add tips, and so on. You won’t need most of those features if you run a small coffee shop or a cleaning service.  

In conclusion

Choosing a POS system is no rocket science, nor should it be. However, if you neglect some of the points made here, you might end up with one that simply doesn’t meet all of your needs. That is why it’s essential to do your research first, so you won’t have to worry later.

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