All the answers are good and should be addressed. My two points I would offer are:
1. Try a minimum Viable Product first. Try getting friends or family to come to your house and buy your food. If you can't figure out how to get say 20 people to come to your house and give you 10 or 20 dollars for a meal you will have a hard time building a business.
2. Once you have established that this is a good idea through your research and you have tested a Minimum Viable Product (inviting your friends over). You need to establish Milestones for your business and decide what you will do if you miss a milestone. Decide now when you will quit and how you will exit if this business does not take off the way you hope it will.
I hope this helps.
What foods do you like ?
What are the other restaurants in the area? What do they server ?
What is your budget ?
Is this an upscale neighbourhood ?
What about franchising ?
Do you have prior experience in the restaurant industry ? Did you work in a restaurant before ?
I did multiple business analysis and financial analysis / plan modelling for restaurants before. You may reach me if you need more help.
The restaurant business is very difficult. You need specific restaurant experience in the founder group. Make sure you have done a lot of homework - make sure you have a unique value proposition for potential customers. Spend a lot of time selecting the location - make sure it will draw customers, there is enough parking outside the restaurant and the building itself can pass the local regulatory standards for a restaurant. Consider if you need to sell alcohol and if yes, research what the regulations are for that. I you start paying rent and work on getting a restaurant up and going an do not have a permit - it will keep you from generating revenue and increase the capital you will have to invest in the startup phase. I have had a lot of experience setting up budgets and forecasts for businesses. Please feel free to set up a call if you would like to discuss.
You might want to try a website called bizbuysell.com and look for a restaurant in your area for sale. You might find one just the right size and the right style and the right price and you can start right away. The owner will usually stay on to train you. Also try bizben.com. If you score with this approach and need help with Due Diligence or negotiations, I can help.
Research the market.
Sample your product and get feedback on the product. Focus on the quality.
Build budget for marketing and sales outreach.
Call me or connect with me on LinkedIn if I can be of support for growth strategies. 😊
All ideas mentioned are necessary and will easily be covered via a simple business plan. Unless your local neighborhood has (or will have) lots of "foot traffic," to ensure sustainability, factor in location, location, location!
I am excited for you! Wishing you every success in your venture🤗
I've owned a small pizzeria restaurant for over 15 years now, and before I bought it I put a lot of research into it.
There's a lot of factors involved. What kind of restaurant, is there any good locations available, do you even need a "good" location (if it was 90% delivery for example, maybe location isn't a huge factor), what is the market like and is it already saturated, what is the competition like, do you want to have full service with alcohol sales? Who are your target market and are they living in high density around your local neighborhood?
Those are good questions to ask yourself and research on where to start. Also what's the employment rate in your local neighborhood/state currently?
Another option, if you do a bit of research and know kind of answers to the above questions, is "is there a place similar to what I want already for sale." This can be a big opportunity to either take an existing business that isn't doing well, getting a good price on it, and turning it around, or even to completely re-brand an existing place and turn it into your own.
Hopefully those help you get started on your journey. If you have any further questions, of course, don't hesitate to let me know.