Monday, May 2, 2011

5 Factors of a Successful Restaraunt

Every consultant will attribute success to different factors. I believe that there are 5 major factors that result in success in the food service industry. I caution even the most seasoned restaurateur about moving forward without having each and everyone of these factors in covered.

1 - Concept and Vision - Is your concept acceptable for the area that you live in and do you have a clear vision of the space?
2 - Due Diligence - It is so important to gather all the necessary information needed to make an educated discussion to move forward. I always ask my clients two questions; do you have the expertise to run a successful restaurant and are you qualified to construct and open a restaurant. The answer to the first question is almost always yes. The second question usually tongue ties my clients. It takes a great deal of work and diligence to open a restaurant. My educated guess is that most restaurants fail before they even open.
3 - Location - Will your concept work in your town, is there visibility, are there any major anchors? Do not believe you are so good that you can open in a bad location.
4 - Funding - You need to be fully funded. This is really part of Due Diligence and is the reality. There are many funding sources and partnership agreements out there. A short fall in cash will result in a short fall of your vision being realized along with the operating funds you will need to train your staff. There are hundreds of implications to being under-funded.
5 - Expertise - To become a very successful restaurant you or your executive staff must have the knowledge to prepare and serve food flawlessly. You also need to have the expertise to manage revenues and expenses.

Do your due diligence. Assure yourself success. Go to http://frankstocco.wordpress.com/ for more information.

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