It took the Michelin Guide more than a century to pay its overdue accolades to star-worthy restaurants in Tokyo, Hong Kong and Macau. However, foodies from across Asia have long recognized the abundance of great dining spots in the region. The hospitality industry is a multi-billion dollar business in Asia. And while it may be highly competitive, with proper planning, you too can get in on the action. The following are AFC’s 10 steps on opening your own restaurant.
Step 1: Is it right for you?
Before you embark on a costly journey to open your own place, you must first gain vital experience by working in a restaurant, preferably in a management position. Learn the ins and outs of the business, including how to supervise the staff, juggle the schedule, and balance the food and labour budget. And more importantly, you should find out if you actually enjoy the pace, the hours, the people and the lifestyle associated with this industry.
Step 2: Find your niche
Once you’re ready to proceed, you must now decide on the type of restaurant you want to open: a funky bistro, an intimate café, a grand fine-dining spot or a no-fuss hawker stall. Your verdict could hinge on the type of loan you are able to qualify for. Often, beginning owners are attracted to licensing an established franchise, as opposed to starting from scratch. Advantages of a franchise include training and mentoring assistance, as well as brand recognition.
Step 3: Location, location, location
Finding the perfect site is crucial to the success of your restaurant. There are a few things you should consider. How is the pedestrian traffic? Are there ample parking spots? Do the surrounding businesses attract the same clientele you desire? Is the place safe and well lit? Are there particular regulations that pertain to the area that could affect your restaurant?
Step 4: Establish a budget
Within a restaurant, there are many financial considerations: food costs, payroll, marketing and other overhead. When determining wages, you should factor in salary range and hourly rate, frequency of compensation, method of payment, bonuses and incentives. In addition to a payroll bank account, you’ll also need an operating account, which covers all other expenses like vendor invoices, rentals and kitchen supplies.
Step 5: Sort out the paperwork
Find out about the different food certifications, licenses and permits you are required to obtain before starting your business. Start early: Applications for liquor licenses, in particular, could end up being a lengthy and pricey process. It’s also a good idea to explore a variety of insurance coverage, which could protect you from liability and save you money when your equipment breaks down.
Step 6: Plan the menu
The food you serve is the core reason why most people will frequent your restaurant. Specialize in a specific cuisine (Italian, Chinese, Mexican) or theme (fried food, ramen, congee) or opt for an ever-changing seasonal menu. Regardless of what you pick, the menu should be approachable and manageable. To come up with a reasonable price, take the total cost of ingredients and divide it by your food cost percentage (ranges from 20 to 40 percent). For example, if the price of the ingredients for a pasta dish is $2 and your food cost percentage is 40 percent, you should charge your customer $5.
Step 7: Stock up
It’s important to cultivate a good relationship with vendors and purveyors you trust and respect. Ask other chefs and restaurants around the area for their recommendations and take the time to interview each one. After you’ve decided on the vendor and price, don’t forget to take meticulous inventory and check all deliveries to make sure you received high quality ingredients in the appropriate amounts.
Step 8: Hiring the right staff
The first employee you’ll want to hire is a restaurant manager. He or she will be in charge of running your operation and managing the staff. The manager should have had experience working in other restaurants and should not be afraid to step in and help take orders or clean the tables when needed. Take your time interviewing each candidate—from chef and waitress to dishwasher and the busboy—to make sure they’re the right fit for your restaurant.
Step 9: Designing the restaurant
The ambiance of your restaurant sets the mood for your guests. Hire a knowledgeable interior designer to come up with a great design and a well thought out floor plan that will maximize your space. Is there a waiting area for customers? Are there enough bathrooms? Will your customers be able to get to the hostess area easily? Are you going to include a bar?
Step 10: Cultivate a marketing plan
Every single customer who frequents your establishment is an asset. Word of mouth is an inexpensive yet powerful form of marketing. Happy and satisfied guests will recommend your place to their friends and family. Creating a restaurant website and inviting journalists and food bloggers to review your restaurant are also great ways to create buzz.
Written by Rachel Ng
Taken from asian food channel
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