So You Want to Open Your Own Restaurant? Do Your Research First!
February 15, 2012 | Miss Spencer | Comments (2)
Have you always dreamed of opening up your own restaurant but don't really know where to start? You are definitely not alone. Expect to never have a dull moment if this is your dream - there are new and exciting challenges you'll face. The future does look bright for this industry, however a tough reality is that many (not all though!) restaurants fail within the first year - mostly due to lack of business planning. One of the most important steps of your planning is creating a business plan. There are many online resources which can help you with business plans. A restaurant entrepreneur needs to do a great deal of business research whether its a cafe, deli or Indian buffet.
The Canadian restaurant and food service industry makes a tremendous contribution to our economy. According to research from the Canadian Restaurant and Foodservices Association (CFRA) the Canadian restaurant industry employs more than one million people and generates $60 billion in annual sales - accounting for 4% of the Canadian economy and apparently dining out is one of the top three tourist activities in Canada. To my surprise 64% of restaurants in Canada are independent, and 36% are chains (CFRA) - which is reassuring if you'd like to open up your own small restaurant.
I was reading an article about how to start a restaurant from entrepreneur.com which gave an interesting marketing perspective. Many entrepreneurs may strive to please 100% customers which is an unrealistic expectation - it is more feasible to focus on smaller target markets who all have different needs. Age is an easy example - you could focus on groups such as: Baby boomers, Generation X/Y, Traditionalists, etc.
For some inspiration join us next Tuesday, February 21, 2012, at North York Central Library, the Business department is hosting a program called Harlem Underground: Secrets of A Successful Urban Eatery. Join speaker Carl Cassell, owner of the Harlem Underground, which has 2 locations in Toronto as he discusses his experiences starting and running a restaurant chain.
Also, come visit the library for some books on starting up your own restaurant :
Thanks for reading, please feel free to share any comments!

