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Restaurant risk management

Restaurant risk management

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Restaurant risk management

  1. 1. Restaurant risk managementIf you are business savvy and have a strong passion for providing service to customers inthe food service industry, you can prepare to set up your own restaurant business. It isquite surprising to note that almost 60% of the newly set up restaurants shut down withinthree years. Though new restaurant success rate is not quite promising, you can prepareyourself well for the practical realities of restaurant business to achieve success.Given below are 5 important steps or tips that you follow to increase your chances ofestablishing a successful restaurant business.1. Defining the Business ConceptFirst of all, you need to come up with a strong business concept and a unique theme. Tobecome successful in your business, you must have a clear vision about your goals.Consider the restaurant locations and the requirement of local patrons whilebrainstorming to come up with a unique business theme. A catchy name for yourrestaurants is also an important part of entire process. So, try to come up with a namewhich is short, appealing and easy to remember.2. Deciding the BudgetThe next important step is to develop a budget for your business. Once you have decidedthe budget you need to stick to it. Do not underestimate the start-up cost, as it can have anegative effect on your restaurant business. You can also use resources for the first roundof financing for your business. There are many investors who would like to finance yourbusiness. However, for that, you need to work out an effective business plan illustratingyour business concept, risk management strategies and planning for return on investment(ROI).3. Designing the Restaurant SpaceThe design of your restaurant space should be completely in tune with your businessgoals. Right from lighting to bathroom fixtures, you need to take into consideration allthe fine details. The restaurant design should be done in a way that it reflects yourbusiness vision. Relaxing ambiance and functionality are the two most importantcomponents of the restaurant design. Pay attention to kitchen space, storage area andsitting room for customers.4. Recruiting New Employees and Retaining Experienced OnesWhile in the restaurant management business, you need to handle the human resourcetask as well. To achieve success, you should be ready to prepare for hiring a great staff.The success of a restaurant has a direct connection with whether your employees arehappy. You can put up a Now Hiring sign during the construction of restaurant and placeadvertisements in print media and online. The interviewing process and training ofemployees should begin at least six months in advance before the business actually starts
  2. 2. operating. Maintaining a positive work environment and addressing to employee issuesare essential to establish a successful business.5. Publicizing Your Restaurant BusinessStart publicizing your business as soon as the construction work begins. Hang bannersaround revealing the name of your new business and the tentative time of opening. It is agreat idea to throw a free food samples party to create a buzz. Issue press releases to gainmore coverage. After your business starts to operate, you can use the online media foradvertising. Hosting local food events without spending too much on it is also anexcellent tip to promote your restaurant business. Find other methods of low-costbusiness advertising as well. – You can download free ebooks about: restaurantmanagement forms, restaurant business plan, restaurant marketing plan sample,restaurant startup guide…

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Restaurant risk management


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