we had come up with 12 key factors that determines your restaurant business success and failure. these factors are only informative but not a 100% proven .Through our research and information learned from different case studies we can assure these factors if you consider when planning or Re-assessing your restaurant business will help in a great way
1. NAME OF THE RESTAURANT.
NAME- The vital and the important one and that's why it tops in our list of factor deciding success and failure of a restaurant.Name in one word-when chosen well you can convey the cuisine,style of service,the atmosphere and strong enough to generate curiosity.To name a few- 'WAGAMAMA'- a successful chain of restaurant headquarter in london, serving a casual eatery focusing on Japanese cuisine
'BELLAITALIA'-(Italian cuisine with a casual dining ),LASIGUANAS- (latin american cuisine) are a few successful chains and the name conveys what it stands for , there are lots more we can see like Burger-king, pizza-hut , Dunkin-donuts ,KFC...
There are Restaurants and chains which has been made famous by chefs name or chef associated with the restaurant like- Allain ducasse, jamies italian, Gordon ramsay, joel robuchon, charlie-trotter, Paulbocuse.. are a few to name . they get the publicity mainly due to the chef associated with the restaurant. But these
2. TAGLINE FOR THE RESTAURANT
Identification. A good tagline must stay consistent with the brand name either obviously stated or strongly implied. It’s better to include the name of your business to it.Memorable. Some of the best taglines or slogans are still being used today, even though they were launched several years ago.Beneficial. Reveal your purpose and benefits of the product by conveying the message in consumer language. Turn bad into good. Suggest the risk of not using the product. Create a positive feeling for the consumers.Differentiation. In an overcrowded market, companies on the same industry need to set themselves apart thru their creative and original tagline or slogan.Keep it simple. Use proven words and short keywords. One word is usually not enough.
some famous taglines : REEBOK - Iam what iam, ADDIDAS : Impossible is nothing, MCDONALDS: I'm loving it , NIKE : Just do it
3.KNOWLEDGE OF THE TRADE
you have to know in and out about the trade what you going to invest or if you can afford to employ strong managers with apt trade knowledge its fine.
This will help you in making decision related to taking business direction
4. BUSINESS PLAN
A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.
Business plans may also target changes in perception and branding by the customer, client, tax-payer, or larger community. When the existing business is to assume a major change or when planning a new venture - a 3 to 5 year business plan is required since investors will look for their annual return in the 3 to 5 year time.
Food that is the menu you wish to cater, if its a specialty restaurant the menu ,service and the atmosphere should be co-related .
here you need to have a thorough research what customers need ,if you give a concept that has not been tried whether it will work out, how about the long term business if you get a direct competition in immediate future.
service has to be customer oriented they have feel relaxed and valued being served by your team, the training and service culture you develop and continued efforts has to be spot on.
Atmosphere should be in relation with your food and service style, if you planning a finedining it should be formal or semi formal with luxury colors and soft furnishing,fixtures ,classy lightings ...
6. CUSTOMER RELATION AND ENGAGEMENT
when you decide how to plan your customer relation it should be based on one rule ' Treat your customer like how you want to be treated' its quite easy to say but hard all time to establish.
Train and drive your team to achieve this all time at any possible situations.Involve your customers when you plan an important event with in your establishment like new menu tasting, wine tasting, new wine arrivals..
Create a strong customer data base with strong communication between your staff and customer. let your team sent personalized invitation to the customer they served last time for the guest Birthday or special dates of their life to celebrate with you and empower them to offer customized promotions
Engagement of guest can be through food courses , home delivery but with a difference in serving them .., when you get a unique catch of the day or imported meat inviting them to witness and taste the preparation along with your chefs..
7. MEDIA PRESENCE
In our age the media support or using it wise in any form is a must for any kind of service business and if its a restaurant it has to be on lime light,
Internet is a free resource you can use in your favor and get you customer linked through Facebook your website blog featuring recipes, youtube channel with cookery shows ..,
entertain food critics of local newspaper,magazines and food blogs monthly featuring any event that you wish to highlight
8.PEOPLE WORKING FOR YOU
The team of you is really a good source of marketing tool, make them feel proud working for you and they will take care of your business,
Incentive them when they bring direct business, discount for their families and friends,
sponsor them off the work merchandise product with your logo and tagline like Caps,T-shirts,watches,phone casing,Key chains,head phones.. that they wear in public but remember of a good quality otherwise it may back fire
have different appreciation channels in recognizing their work even its a routine job, make them feel special
most of the methods can be with out money or make it fit to your budget
9.EVOLVING THE CONCEPT BY DEMAND
Make sure you are constantly updated about your competition ,current development in the food service industry, eating habits of your local market, age of your target market.
be bold enough to make enough changes to your concept without affecting the core concept.be it adding or minimizing your menu according to your customer expectation,
adding family spaces to accommodate family needs and privacy...
10.FLEXIBILITY OF BUSINESS
Flexibility is the key factor if you need to attract business, flexibility in adapting to requirements set by your local community, government officials...
just a story to quote - when Mc donalds started their business in India they Introduced Vegetarian burgers, avoided beef burgers even they they are there most profitable and successful product to adapt in their new market
11.SEIZING ANY OPPORTUNITY
any opportunity in a business is a good opportunity either it will make a success story or give you a great experience. be open to opportunities that may come in any form through your door steps. even when a competition starts dont shy away but offer help in supporting them you may know one day you may start getting referral business in favor or even a direct piece of information how it can affect you and stay ahead in competition.
when there is a property development happens near to your restaurant offer them in providing
food for their staff catering on site with a discounted rate with a menu that can be completely different to your restaurant , .this relation will help in future when their business start functioning you will get first preference in catering them and entertaining their guest.
Remember what you take from the community give back few percentage back to them in form of community development,
It may through training local people in achieving knowledge in food training
recruiting mainly locally but with a strong sense of background check and guidelines or this can create problems when there is a situation of disciplinary happens
Find a buisiness model where some part of restaurant preparation can be done by house wifes such as prepared vegetables, peeled vegetables, Fish mongery..., but with a good training and constant check of product given and received from them.
Most of this steps will give you a good will in community and also helps in controlling your wages in long term.