Look Before You Leap: A Checklist for the Would be Food Entrepreneur

If it's your life dream to open a restaurant, you want to be sure you're building your business on a strong foundation. Without proper planning, even the best of culinary ideas is doomed to failure. Be sure to include these three steps when you take your entrepreneurial dreams to the next level.

A Business Plan

Not just important for restaurants, a business plan is the most important document you'll write over the life of your business. Without one, it will be almost impossible to get the loans you'll need for start-up capitol. Essentially, a business plan is a written set of goals for your business and your plan for achieving them, including your timeline.

One of the most major parts of your business plan should be your SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. For example, for people in the food industry one strength might be talented chefs. Threats might include regional challenges, like strong local competition or weak economy.

A Fleshed-out Equipment Inventory

Equipment for a full restaurant goes beyond deep fryers and griddles. For some perspective, think about your dish washing equipment. Commercial dishwashers, which typically clean large loads in a half hour or less, cost upwards of three thousand dollars, and accessories like dish racks and stainless steel sinks and tables aren't much cheaper. This is just one example of how you need to plan out purchases not directly linked to food preparation ahead of time.

A Suitable Location and Venue

When purchasing for your restaurant, think not only about the manufacturer, but also their location. For example, if you're based out of Louisiana, it's better to find some new or used baton rouge restaurant equipment than it would be to order from across the country, adding heavy shipping expenses to equipment that can already be quite an investment.

Location is also important for developing a strong customer base. For example, maybe your sushi restaurant would have a lot of exposure on a busy street, but what if there's five other sushi places nearby? By thinking about the environment around your food establishment, you can find a place where your business will thrive.

Conclusion

No matter what type of food you're selling, it's important to have a plan in place months, or even years, before opening your restaurant. However, if you combine good planning, smart budgeting, and delicious food, you're sure to please your customers and achieve profitability in no time!