Did you know that one of the most common reasons for restaurants closing down before they have had a chance to succeed is capital under investment. Restaurants whose owners were too quick to establish themselves and were not prudent in setting up their restaurant.
For savvy business owners, it’s all about the initial amount – the amount of money in your potential restaurants bank account which allows it to open, try, fail, and then succeed.
Starting with the best possibility for success is the best way to start with the best possibility of success. So here is a list of easy ways for saving money while starting a new restaurant.
Keep Your Overheads Low
This seems like the obvious one, but when starting a new restaurant it can be hard to rein in your spending on overheads. Look for finishings that have an expensive and finished look without the matching price tag. Tiles are a great place to save money as they are likely hidden behind decorative items or only gleaned as patrons walk past. While it can be tempting to choose imported marble tiling, if the reality of your restaurant will not see them noticed, then they provide a perfect way to keep your costs down.
Keep Your Wages Appropriate
Often the catch of many restaurant owners – hiring chefs or kitchen staff for inflated salaries for the purpose of show. While it certainly pays to hire a qualified and reliable cooking team, make sure your kitchen staff are the best hires for the most appropriate price. While we aren’t suggesting that you provide a low pay scale, we are suggesting that you ensure the services you receive match the price you are paying.
Save on Opening Night
Opening night is an exciting event, a culmination of all of your hard work and dedication being opened to the public, but it doesn’t have to be an extravagant dream. Look for event planner who are able to provide a quality and memorable night without all of the extras. While it can be tempting to ensure all of your guests leave with a bottle of wine and a gift basket, if additions similar to that are able to be reduced, the money saved can be placed in your emergency account in the event your initial patronage isn’t as you expected.