Are you a foodie who dreams of opening a restaurant with almost no money or have a food truck someday? Or are you a chef who desires to own a place where you can display your culinary arts skills? Do you have these dreams and desires, but feel you do not have the funds to propel them? Well, fear no more!
You have landed the right article!
Today we’re gonna focus on simply helping you get closer to your dream of opening your own restaurant. And that too without the massive financial backing that such ventures generally require.
Propel Your Passion
It is true that opening a restaurant is no cakewalk. You will need to put in some effort from your end. There will be some risks you might have to take. But hey, is it even a dream if it doesn’t involve at least some amount of risk? So before you dive into the task of opening a restaurant with no money check whether you’re absolutely passionate about it.
In opening a business such as a restaurant, your passion is what will drive the project in the initial phase. You need to be able to pitch your dream to your potential investors in such a way that your passion propels them too. If you yourself are not convinced by your dream, there might not be many others who you will be able to convince.
Now, having established your conviction, you need to identify a few key aspects that are vital to give your dream a solid foundation.
Create a Concept
The first thing you wanna look at is a concept.
People these days don’t wanna simply go to a restaurant and just eat food. They want an experience. Recent reports suggest that about 78% of millennials say they prefer spending their money on an experience that a restaurant has to offer. There has to be a theme, a setting to your restaurant that makes you stand apart from the competition. Perhaps it’s in your furnishing, the ambience, the location, the presentation, all of this matters to the customer. Remember, you’re not just selling them food, you’re giving them an experience to relish. Something they would want to share with friends and would themselves want to revisit from time to time. So think of a good concept for your restaurant. This would give you a great chance with potential investors too!
Curate a Menu
The next important thing you wanna work towards is your menu.
Now that you’ve set up an experience with the perfect ambience for your customers, you must work on the culinary experience. 72% of the diners chose high quality food as the top factor in deciding where to eat. In many ways, your menu and your ambience go hand in hand. Depending on the cuisine you choose to serve at your restaurant, the ambience changes too. Imagine a cafe that serves you cakes and coffee and has bright tacy lighting and loud techno music!. Or a fast food restaurant with leather sofas, fine dining cutlery, amber lighting and soft jazz playing in the background! Doesn’t really add up does it? So your menu plays a vital role. Narrow down on one cuisine you wanna focus on, or a couple of them if you wanna mix things up. And within that, work on a few signature dishes if possible, something that makes you stand apart.
Cultivate a Business Plan
The third thing you wanna look at while starting a restaurant is a business plan.
This is the part that generally attracts investment. A business plan is a document that defines your restaurant’s objectives in detail and lays out a road map on how you plan to achieve it. There are various aspects to it. In terms of marketing- whether online or through print media. Financials such as your revenue model and your expenses such as rent, salaries for staff etc. And also from the operational standpoint such as your waiters, chefs and managers. All these aspects though seem tiresome, but must be looked at with careful consideration and expert advice. Setting a strong business plan in place can be the solid foundation on which you can builds your dreams.
Collaborate with Investors
And finally, having created a concept, curated a menu and cultivated a business plan we come to the stage of looking for some initial investment. Some of us are lucky in that. We might have family members who are wealthy and may be willing to invest in our dreams. But some of us will have to work a bit harder on this end, especially when we’re trying to open a restaurant with almost no money. Because whether we like it or not, even opening a small business requires at least some initial investment. You will need space, supplies and staff and these three things cost some money. We’re not talking millions here. But if you have a decent plan in mind, you can find your angel investor too! A successful restaurant can be very lucrative and so a good business plan will definitely draw the attention of investors.
Now don’t be disheartened if you’re stuck in the phase of finding an investor. If you have a solid plan and a decent credit score then go ahead and apply for a bank loan! Give your dreams the financial push they need. Banks are more than willing to hand out small business loans to solid business plans. With governments in general pushing for small businesses to flourish, getting a grant would also be an option to consider. If you have a location in mind, try and get in touch with the local restaurant association too, if any. They would be of great help to iron out some creases, based on the locality in which you wish to open your restaurant.
Modern ways of finding Investors!
In today’s social media driven world, there is another interesting avenue to explore for funding. If you have a unique concept in mind and have the ability to get people to support you online, you can also get your business going through crowdfunding. Crowdfunded projects are on the rise recently, a heart-warming touch to reignite the hope for humanity. People tend to support new and unique ideas and if you have one, take a shot at it. You just might find people who are willing to fund your dreams. Reports have shown that Restaurants within the Reg CF industry raise 4.2% more than the average for all companies raising funds under Reg CF. Which means that you have a great shot at it! You can visit traditional crowdfunding sites like GoFundMe and Kickstarter and see how you can set up your own request!
WHAT DO YOU DO IF YOU CAN’T FIND INVESTORS?
If any of the above scenarios don’t work for you, there is still hope. In the wise words of George Herbert,
“to him that will, ways are not wanting”.
In other words, where there’s a will there is a way my friend! If you truly are passionate about it but do not see an investment coming your way as yet, start small. A food truck is a great place to start! The investment is substantially less and you get a chance to target a wider consumer base. You can play around with your menu and eventually work your way up to a proper restaurant. You don’t have to worry about having a wait staff which can take up to 30% of your revenue.
Use Technology to Cut Costs!
If you find yourself in a place where you can’t afford waiters or even a cashier, Orderific -the smart waiter offers excellent solutions. According to a study, 73% of diners say that restaurant technology improves their guest experience and about 95% of restauranteurs agree that use of technology improves their business efficiency. With our QR code enabled digital solutions, your customers can access your customised menu using their mobile phones, place the order and pay directly. You receive the order and the payment instantly, and only need to focus on delivering tasty food to your customer! In this way, Orderific can save you a lot of time and money and add a modern edge to your business! Try it out and open a restaurant with no money!
The idea is to not let that dream die and start somewhere. Even if you do not have a plan to set up a business yet, start small. Use your skills to your advantage. Use social media to promote your product and your dream! Believe in yourself and draw others to believe in your dream. And slowly but surely you will have that dream restaurant up and running!