To say the restaurant industry is competitive would be making a huge understatement. In fact, the majority of new restaurants end up going out of business in a short period of time. So what separates the successful restaurants from the ones that end up biting the dust? This is a very good question that experts in the culinary industry have been trying to figure out for a long time. If you take a close look at all of the restaurants that have managed to gain a following and stay in business, a pattern begins to emerge. While it is not true in every case, many of the most successful restaurants have a large number of things in common that have allowed them to thrive, even in a troubled economy. The restaurants owned by Tim Love are good examples of this. Here are a few of the things that make a successful restaurant.
1. Cater to a specific audience
When you run a restaurant, you want to find a niche that allows you to thrive and surpass your competition. In many cases, restaurants that fail try to please too many people by offering a menu that is far too diverse. This causes many dishes to not be ordered enough to make them cost effective. Food ends up going bad before it ever gets prepared. This hurts a restaurant’s bottom line. Therefore, successful restaurants have a smaller menu that focuses on a specific type of cuisine.
2. Pricing
This is something that many restaurants fail to get right. The failure to properly price their dishes has caused a large amount of restaurants to go out of business. You need to price your food to make as much profit as you can. At the same time, you need to be careful not to scare away many customers due to having prices that are too high. You need to find a delicate balance between making your food very profitable, and yet have it still be affordable for your core customers.
3. Customer service
While the quality of food is important, people want to be treated right when they go to a restaurant. Therefore, if the service is bad, they will be unlikely to return or recommend the place to their friends, even if the food is great. This is why the hiring of hostesses, waiters and waitresses is so vital to any new restaurant.
