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Ready for Your Own Restaurant? Here are Two Tips for Bootstrapping.
Author:  admin
  / Date: 19.08.2017

Ready for Your Own Restaurant? Here are Two Tips for Bootstrapping.

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Many entrepreneurs dream of, one day, opening their own restaurant. And whether they seek to open a world-class, fine-dining experience or something a little less formal, there are certainly ways to get started that will help you ease into the industry and not only make your mark, but also maintain a steady flow of customers and profits to help your ambitions, and your business, grow.

Tip 1. Take it one the road. Start a food truck and bring your food to the masses. There are some great chefs and restaurants that started out as food trucks. Compared to a fixed brick-and-mortar location a food truck is very inexpensive which means you can focus more on the quality of your food and your brand and worry less about utilities, building codes, maintenance, etc. Sure food trucks require maintenance, but not at the same scale as a building would. Also, if you need a re-brand, it’s far easier to re-brand a food truck than it is to re-brand an entire restaurant. Bonus points: No need for seating, bathrooms and coat hooks. Also - no need for wait staff.

Start by studying some of the better food trucks in your area. Some areas have food truck “rodeos” (we have no clue where that name came from) where you can sample food from numerous food truck vendors. Pay careful attention to their branding and their menu options to see what’s popular and why. Also, don’t be shy about asking their customers what they like about a certain food truck or menu item. Often, customers of other establishments are your best source for honest feedback.

Tip 2. Make it a family affair. If you are set on establishing a restaurant in a location and you need to bootstrap things, consider having your family help you with anything they can. Help in this way isn’t just limited to monetary assistance. Put family to work and pay them a small wage to help you with maintenance, waiting on guests, cleaning, stocking, ordering and other upkeep. It’s this kind of sweat investment that really brings a family together.

If you do receive a monetary investment from a family member, ensure the loan agreement is in writing and that it’s fair to both parties. Nothing sours family relationships faster than disagreements over money. Also, if you hire family, make sure their employment contracts are clearly written to define their roles and their authority over the business. Be careful whom you allow to access bank accounts, ordering accounts and other financial instruments related to the business.

These are two important bootstrapping tips to get you started in the restaurant business. Of course, there are entire books written about the subject and perhaps we’ll cover more in an upcoming post. If you’ve got tips of your own on starting a restaurant business, feel free to share them!

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