9/10 Startups Fail – Here’s How to Ensure Your Hospitality Business Succeeds

Starting your own business is always going to be risky no matter how prepared you think you are, how much startup cash you’ve got, and how much market research you’ve done. The hospitality industry, in particular restaurants, is known as one of the most volatile and competitive industries out there. There are new restaurants opening all the time, and with that said there are restaurants closing all the time  too.
The fact that nine out of every 10 startup businesses fail can be a pretty daunting statistic that weighs on your mind as you open the doors to your own restaurant. Of course, the question of what you can do to ensure your business is successful is usually your top priority. Here we’ll take a look at some tips that will help you navigate the road and give your business what it needs to truly be a huge  success.

Create a Unique  Offering

One of the worst things you can do when opening a brand-new restaurant is to mimic restaurants or chains that already exist. By doing this you will be vying for the customer base that is likely already loyal to those other establishments. What that means is that you need to figure out a way that your restaurant is unique and different. How will it stand out from the competition? It could be with the menu, the vibe and atmosphere, themed offerings,  etc.

Look for Ways to Save Money When Building the  Restaurant

Another tip is to make sure you are finding ways to save money while building the restaurant. There should be a very firm budget that you set and then you’ll need to be sure you stick to it. Some of the ways you can save money include buying restaurant chairs from restaurant-furniture.com, which is known for its competitive pricing; not going top of the line on all the equipment; visiting thrift stores for décor items; etc. Usually there is a bit of creativity needed on your part in order to save  money.

Your Staff Impacts the Success in a Big  Way

As organized as you may be, and with as much effort as you put in and as much start-up capital you have, if you don’t have the right staff to back you up, the restaurant cannot succeed. When it comes to restaurants, the staff can literally make the establishment or break it. Wait staff that constantly get orders wrong, a chef that cooks dishes incorrectly, and staff that are rude and dismissive will end up damaging your restaurant’s reputation so badly that it may not be  fixable.

Ensure You Have More Capital Than You Think You  Need

The final tip is a financial tip, and that’s to make sure you’ve got more capital than you think you will need. There will always be those unexpected expenses or things that run over budget, so having a little extra will act as a  cushion.

On the Road to  Success

While there is never a guarantee when it comes to opening your own restaurant, there are certainly measures you can take that will help to get things off on the right  foot.

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.