A lot of people dream of owning and running a successful restaurant business in Dubai. After all, successful hospitality companies in the city are enjoying a steady flow of revenue every month, thanks to the continuous flow of diners and industry stability. While you might be dreaming of running your own successful restaurant in the near future, it is important to ask whether you have what it takes to actualise this dream. In fact, the statistics have not been so encouraging. However, with proper planning and management, you can easily be among the 20% of restaurants that never go out of business. Here are some steps that can help budding owners start a successful restaurant business in Dubai.
12 Steps to a Successful Restaurant Business
Opening a restaurant may be an easy task but operating a successful restaurant will cost you a lot more in terms of financial, knowledge and human resource. With these steps, you can be on your way to having a successful restaurant business.
1. Conduct a feasibility study
Having a successful hospitality business in Dubai is not simply a matter of getting resources and opening up shop in a prime location. A feasibility study is important since it will help confirm that your idea is valid. For example, you might want to have a gourmet restaurant and a feasibility study will help you ascertain whether your local area needs an additional gourmet restaurant. The study will also help you point out other possible ideas that you may have not thought of when drawing up your plan.
Companies offering hospitality consultancy in Dubai will help you with a feasibility study before you get too deep and realise that your idea was impractical. While this is likely to cost you, it may help you save a lot of cash in the future.
2. Concept development
A restaurant concept is simply a theme or the overall idea that defines the type of restaurant that you want to run. It is easy to think that all restaurant ideas have been explored in the hospitality sector but you will be shocked at the new ideas that you can get. A good concept plan should offer you a fresh yet effective idea that can be easily turned into reality. It is worth noting that a great concept should adhere to your quality expectations while also fitting your clients’ preferences with regards to location, customer service and even type of menu.
How do you create a perfect concept development plan? Well, it is important to study your target market, assess your clients and potential competitors, prepare a plan and finally draft the final report. This will ensure that the concept plan you draw is practical and can be easily implemented.
3. Write a business plan
A comprehensive business plan may not seem like a priority but it will come in handy later. It will help you to reach out to potential investors or even get restaurant loans when you badly need them. A good business plan also helps you to develop your business strategy while using the information you received from your feasibility study.
What are the main things you should include in your business plan? The primary components include an executive summary, company or restaurant overview, a market analysis report, unique business offerings, management structure, marketing and finally your future financial projections. Drawing up a business plan may not be easy if you do not have prior experience but you can easily outsource this from competent restaurant consulting firms.
4. Build a strong brand
The third step to having a successful restaurant is creating a strong brand. It is impossible to downplay the importance of having a strong brand in the contemporary business market. Your brand can be compared to your voice in the market. It will help your clients understand your story, what your business stands for and the objectives of your restaurant. Customers want to feel part of your business and developing a strong brand that they can relate to can be a great way to achieve this.
Other benefits of having a strong brand include having a competitive edge in the market, better customer recognition, enhanced customer loyalty and the ability to introduce new products. It is not necessary for you to be good at branding as you can easily get good branding services from reputable F&B consultants in Dubai. These services include designing your logo, graphic design for your signage, developing attractive menus and even business cards among others.
5. Get a suitable location
Location is one of the most important factors that contribute to the success of a business. While most people know the value of a great location, many restaurant owners underestimate what a great location can do for their business. It is extremely important that an entrepreneur chooses a great location before they can invest in a restaurant.
What are some of the crucial things that you need to consider when choosing a location? Parking is very important. A restaurant should have its own parking spot but if this is impossible, then they need to partner with a hotel or establishment that has one. Accessibility is also vital. The main reason why most restaurants are close to highway exits is to make them accessible. Places that are so accessible will not only have plenty of foot traffic but will also be visible to others.
Lastly, the base population is also important when choosing a suitable location. Are there enough people to support your niche restaurant? Does your main target market reside in the area you want to set up shop? Asking yourself these questions and answering them honestly can help you have a better chance of running a successful establishment.
Article originally published by Glee. Read the full article here, https://bit.ly/2Zjrgga
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