Many entrepreneurs and food lovers dream of starting their own restaurant. It’s a difficult but rewarding endeavor, and according to this IBIS World industry analysis, single location restaurants generate $159 Billion annually with 2.4% growth in the last five years. If you’re thinking about starting your own restaurant, there are several things to consider which I will paraphrase from this Entrepreneur.com article:
1. Don’t Try to Do it All It’s no secret that we’re more selective nowadays. We crave variety and different experiences in everything, especially when it comes to our food. That means you shouldn’t try for ‘universal’ appeal; instead, define your target markets:
Generation Y: This encompasses those born from 1980-2000. They are a large, ethnically diverse market with limited disposable income that frequents quick service items like burgers (25%) and pizza (12%).
Generation X: Born between 1965 and 1980, they are 1/3 the size of Generation Y’s, have more disposable income, and favor midscale restaurants that appeal to family values.
Baby Boomers: Born between 1946 and 1964, they are the largest segment of the population. They favor a mid to upscale family-friendly restaurant.
Empty Nesters: Typically between the ages of 50 and 64, they have grown children who are no longer at home, which means they have more disposable income and desire an upscale experience with excellent service and food.
Seniors: Anyone over the age of 64 is considered a senior. They’re typically on fixed incomes and because of this, they defer to midscale family-friendly restaurants with reasonable prices.
2. Choose your Food Concept: Your concept will be a primary determinant for your customer. The concepts are as follows; Seafood, Steakhouse, Family-style Restaurant, Casual Dining Restaurant, Ethnic Restaurant, Pizzeria, Sandwich Shop, Bakery, and Coffee House.
3. Make a Business Plan: A restaurant business plan is the best way to avoid getting lost in the day-to-day clutter, and it also keeps you working towards your long term goals by outlining prices, finances, marketing, menu items, and everything in between. If you don’t know how to write a business plan, no sweat, there are some great examples right here from bplans.com and another resource here from the Small Business Administration.
4. Make it Unique! Your target market and food concept will help you create a unique atmosphere that people will remember, but don’t undervalue the importance of your restaurant’s atmosphere. Make it your own, and make it somewhere you and other will want to work everyday. First things first, you need a catchy, creative, and memorable name to establish some brand recognition. Here’s some creative restaurant names we found:
Slurpin’ Ramen Bar
Revolutionario: North African Tacos
My Two Cents
The Little Easy
Kaya Street Kitchen
The Black Sheep
A Food Affair
Brothers Sandwich Shop
Nong La Cafe
The Hungry Pig
Kang Ho Dong Baekjeong
Hiatus Urban Barbeque
Belly & Snout
Pine & Crane
Community Los Feliz
Food Haus Café
Hae Ha Heng Thai Bistro
Chicken Itza Restaurant
‘Restaurant Business’ interest over time:
The truth is, naming a business can be frustrating and downright time consuming…
Your company name is important, there’s no doubt about that, but it’s really something you need to ‘get out of the way’ so you can focus on the nuts and bolts of the business. So the question is…
“How do these companies get such good names?”
One option is hiring a ‘boutique’ branding agency to handle this critical step, and this does NOT come cheap. Some of these branding agencies charge as much as $100,000 for a brand that SELLS tons of product…
Does it work?
Of course it does, but for a small business with a careful eye on its cash flow, dumping tens of thousands of dollars for a swanky agency to sit back in their plush offices and promise you the next Google could spell disaster.
This is what they WANT you to think:
“Our branding agency charges a lot because what we do is incredibly difficult.”
It couldn’t be further from the truth, and the truth is that there are a core set of branding principles that can be reliably and affordably applied to ANY branding effort…
…and Branditory has done it for thousands of businesses, for every industry imaginable, in over 20 different countries, for just $97…
You name it, we’ve named it. The names we come up with are just as good (we think a little better) as anything a high priced agency could provide.
This unbeatable price comes with unlimited revisions and optional logo design for just $70.
Don’t believe it?
Take a look at their satisfied customers