If you are an investor or an entrepreneur and are looking into starting your first restaurant, some things differ with opening a retail business as opposed to somewhere that offers food. While developing both a retail business plan and restaurant business plan have a lot of the same concepts involved, there are some significant differences that you should be diligent in knowing. Here are some vital differences to keep in mind when looking to open a restaurant versus a retail storefront.
Your niche matters more with a restaurant – When developing a business plan model that will help you get your storefront off the ground; you want to make sure you have something that the people competing with you do not offer. This is also true for opening a restaurant but is especially critical because of the number of places there are to eat in metro areas. Having a niche that really makes you different from everyone else, but still allows you to be relevant to your target audience is crucial in developing a restaurant’s business plan.
Your visual presence is requested more often – It is correct when they say that people eat with their eyes first in a restaurant. That is why the visual aspects of your business plan are essential in making people want to eat at your place as opposed to someone else’s café or bistro. With retail businesses, visual aspects of their business model are still fundamental but are also tangible to the visitor upon entering the store. Having the best food photography available for your restaurant’s menu, signage, website, and other marketing aspects is going to be the deciding factor in how you are perceived by everyone else.
I like it when folks get together and share thoughts. Wilson Rector
An impressive share! I have just forwarded this onto a coworker who was doing a little research on this. Willis Bennafield