Real Estate Marketing & Beyond
It is unbelievable the number of start-up businesses that fail in the first couple of years of being incorporated, and the statistics for restaurants and bars are even more disturbing. There are many different reasons for this and below we have detailed some points for restaurateurs to look out for to get them through their first few years.
Reputation
It is a real challenge for a start-up business to get a great reputation immediately and to do this takes a lot of effort. Word of mouth is generally the best way that people get to hear about a restaurant and how good it is. The power of social media is really important and in today's day and age, it is really pretty crucial for restaurants and bars to have this platform for communications. Mistakes that people sometimes make is that they don’t fully appreciate the power of the internet and this could become a blind spot. Do not create a flimsy Facebook page or website. Invest in this properly using experts in this area to support ensuring it is designed and marketed to a professional standard.
Location
A massive mistake made by new restaurant businesses is that they purchase property in a badly chosen location. Whether the building is awesome and the layout looks fantastic, if there is no demand for a new restaurant in this area then it will immediately fail. Preparation up front is key to make sure that the research of the area has been completed. In addition to this, if the restaurant does not have immediate access to parking for customers or disabled access this is something that could have a detrimental effect on the business.
Pricing
One of the very early mistakes that some restaurants make is overpricing in the first instance. In order to get the reputation up and running, it is important to get people in through the door and they won't do this if the prices are significant. It is highly recommended that the prices at launch are competitive or even include some offers (a free glass of wine as an example) to get people in the door and build up the reputation of the company.
Overspending
When a new restaurant is completed, it is really easy for the excitement to take over and for there to be a level of overspending. Of course, a new restaurant is wanting to have the best furniture, toilets and paintings however things must be kept in perspective. A loan could seriously help you out if you cannot afford everything you need and you can find plenty of ones which have been specially put together for restaurants. Apply here if you think this is something you would like to look into.
Your restaurant has no doubt been a labour of love for quite some time. It deserves all the care and attention in these final hurdles to ensure that it is as perfect as you have envisioned it. Take your time and make sure you cover all the bases so your restaurant can make its debut in the best way possible.
