Steps for Opening Your Own RestaurantJune 2, 2021
Owning your own restaurant is a lot of work, but it can also be fun. There are a few steps you need to complete to get started on the right track.
1. Create a Business Plan
The first thing you need to do when starting any business is develop a business plan. This document includes all the information that lenders and investors need to make a decision that makes good financial sense for them. The more concrete your concept and the more details you can provide, the more likely you are to get approved for the funding you need to move forward.
2. Get Funding
Once you have a solid business plan that includes the location and how much you will need for monthly expenses, you need to figure out how you are going to finance it. Whether you borrow money from a personal contact or take out a small business loan, you will need a lot of startup capital. Lenders will want to know that you are a relatively safe risk before they’ll approve your financing.
3. Obtain Licensing
There are a few licenses you must obtain to make your business legal. First, you will need a business license and an employer identification number. To open a restaurant, you will need to obtain not only the appropriate restaurant owner licenses for your state but also a liquor license in Texas if you plan to serve alcohol.
4. Design Space
One of the most exciting moments in planning your restaurant is the day you see your location for the first time. You will need to design the greeting area, the seating arrangements, the bar and the kitchen layout. Unless you have a lot of professional design experience yourself, it will probably save you a lot of time, money and frustration, in the long run, to hire a design consultant to help make your vision a reality.
5. Hire Staff
The final step before you are ready to open your doors is hiring a reliable staff. Depending on the type of restaurant you are planning, you may need kitchen staff, waitstaff, bus persons, greeters, bartenders and management personnel. The stronger the team you hire from the beginning, the fewer problems you are likely to have when you open.
The restaurant industry is hard work at any level, but owners must be able to work through any complication that occurs. Having a solid plan and taking the right steps to make it work are vital to your success.