Have you ever had that best idea in the world after a good dinner in a nice restaurant, or while having a beer with friends in your favorite spot -‘To open your own business!’? Starting your own business in the gastronomy field, where you offer guests a true gourmet experience, is a dream for many of us. Our heads are full of visions and ideas about a dream, unique, and successful concept we want to realize as soon as possible, but we have no idea how to go about it and what it all entails. Business in gastronomy is really like a ‘roller coaster.’ Enthusiasm is replaced by hard reality. Bureaucracy and daily problems are an inseparable part of this type of business. But don’t be discouraged and follow your dream with determination! Come along with us to see how to open a successful and also profitable restaurant!
Financial Plan
The first and most important step is to have sufficient funds. When we say ‘sufficient funds,’ we also mean the financial reserve after opening the business, which many novice entrepreneurs forget about. Why is it so important? No business generates profit from day one. It often happens that the first few months will require subsidizing the operation from reserve financial sources. Why? It’s important to realize that this type of business depends on your customers, whom you need to attract. This process does not take a day, a week, or even a month! In the first month, you may feel an extreme rush of new and satisfied customers, and it may seem that the business is doing great, but it is still the first wave of trial customers whom you need to convince that your business is their new favorite. Then comes a natural decline, which needs to be financially managed and endured until customers find their way to you and become loyal. In addition, it is common that after opening, you discover what you are still missing. These small details can really make a big dent in the budget. Therefore, think carefully in advance about how much funds you are able to allocate and what period you can finance in case of a loss. In gastronomy, there is an unwritten rule: ‘If you survive one year, it will only grow!’
Business Plan, Vision, and Research
- The Business Plan is your compass! Clarify your vision! Imagine how you want to change the gastronomic world. What is your goal? Maybe you dream of a restaurant that offers authentic Italian dishes, or a café with its own roasted coffee beans. Define your passion and purpose. Specialization will determine your direction. Decide whether you will focus on a specific cuisine (e.g., Asian, Mediterranean, or vegan) or a specific type of dining (fast food, fine dining, catering). This will help you identify your target group.
- Thoroughly research the market and competition! Analyze the market! Investigate what trends are in gastronomy. What do customers prefer? What are their needs and expectations? Look at demographic data and seasonal influences. Competition is your teacher. Identify your competitors and stay a step ahead of them! Study their menu, prices, marketing strategies, and reviews. What do they do well, and what can you do differently? Compare yourself with the best and find their weaknesses.
- Target Group and Location Who is your target group? Who are your future guests? Young professionals, families, tourists, or students? Understand their preferences and needs. Choose a suitable location for your business. Think about accessibility, parking, and visibility. Location can influence your success.
- Creativity and Innovation Menu and Concept: Have at least an idea of your unique menu that will attract attention. Experiment with flavor combinations, seasonal ingredients, and creative dish names. Interior and Atmosphere: Think about the design of your establishment. How do you want your guests to feel? Cozy, in modern furnishings, or extravagant?
- Planning Set deadlines and create a timeline for each step. When do you want to open? What are your short-term and long-term goals?
- Heart and Determination Use your heart! Gastronomy is about passion. Be prepared to work hard, as it will require a lot of effort. Do not fear obstacles! Every beginning is challenging, but with determination and a love for food, you can achieve success.
If you are clear on these things, it is time to move on to practical tasks!
- Legal Form
Choose a legal form – a sole proprietorship or a limited liability company. For a café or restaurant, we recommend a limited liability company as the form of business. You can also establish a sole proprietorship or a limited liability company on your own.
However, the simpler and more efficient option is to use the services of companies specialized in this for a small fee. Remember that running a business in gastronomy and hospitality is a regulated trade. Since it is a craft activity, it is necessary to have a responsible representative (which can be one of the directors or partners) who is trained in the field and can demonstrate experience.
At this step, do not forget to establish a business account with a bank.
- Find a suitable space. Think a step ahead.
When opening a gastronomic business, it is important to consider several factors. In addition to choosing the right location and target clientele, it is necessary to pay attention to other aspects:
- Type of Establishment: Decide what type of gastronomic business you want to open – restaurant, café, bar, or food truck. Each type may have different hygiene requirements.
- Hygiene Regulations: Specific hygiene regulations apply to certain types of establishments. These may include room sizes, number of sinks, presence of toilets, and staff facilities.
- Company Information: When signing a lease agreement, it is important to provide your company details. These details will be approved by health authorities and are necessary for operation.
Remember, that maintaining hygiene and adhering to regulations are key for a successful gastronomic business!