Introduction
If your passion is making people smile, through food, then starting your own restaurant business could be your calling. Food is a great way to express love, creativity and culture. However, as the restaurant sector is quite saturated you need to think about how you can gain a competitive advantage over the others. With this in mind, follow our Y-U-M-M-Y acronym to be on the way to a successful business journey.
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You Need to Get Registered
Registering your business involves a number of steps – picking a name, choosing your business structure and applying for an Australian Business number (ABN). Your name needs to give your customers a taste of what your restaurant encapsulates. What is going to be the theme of your restaurant? Will you be cooking healthy foods or foods from to a particular culture? Your decision will play a role in the name that you select.
Once you have chosen your name, apply for an ABN. This will enable you to trade in Australia. Several business owners choose to register for a private limited company. This will give you a number of benefits, such as asset protection. If you choose to go down the company route, you will also need to register for an Australian Company Number.
Understand Your Target Market’s Needs and Wants
You need to spend time researching your target market. Firstly, you want to make sure that customer’s needs are met in the restaurant. This will include things like good quality ingredients, hygiene, privacy and good customer service. In terms of their wants, this is the area that you get some flexibility. This includes the setting of the restaurant and the type of food that you create. You will find that creating a natural setting is often favourable in the eyes of consumers. Alternatively, if you choose to cook food from a particular culture then you might like to plan your restaurant in light with its colour scheme, decorations and music.
Market Your Business
Running a unique restaurant business is pointless if no one knows about it. As a new business, you will need to dedicate a lot of time raising awareness of your brand. Having a social media presence will ensure that people find you. You may also like to subscribe to the Yellow pages and True Local to ensure that your restaurant appears on consumer’s phones when they are looking for food within the area. Additionally, you may also like to create a website. This will make your business appear more legitimate and will allow customers to make bookings online. If you are interested in creating a website, we can help.
Make Sure You Are Protected
As a business owner, it is your responsibility to ensure that your business is protected against any unforeseen events. In doing so, it is recommended that you sign up to the necessary insurance policies to protect you and your staff. You may like to read our blog on what insurance policies you need to have.
Your Ethical Responsibilities Are Key to Your Success
Customers are generally more inclined to visit your restaurant if you are backing up an important cause. In your particular industry you may find that having vegan options and using animal friendly products, such as free range eggs, are suitable options. Additionally, if you are passionate about a particular large-scale issue you may wish to give donations to a company that attempts to address it.
Conclusion
Running a restaurant business is rewarding. It is however your duty to ensure that you understand your target market and your legal obligations. If you are ready to take the plunge then we are here to help you. Speak to one of our business lawyers to get support throughout this exciting new journey.