As baby boomers retire, younger generations are taking the helm at small businesses across the country. One in three millennials reported having a small business or side hustle, according to GoDaddy, with 56% saying entrepreneurship is a long-term goal. The focus on entrepreneurship comes as younger generations face a lack of job security and apathy in the corporate world. Nearly one in five millennials lost their job following the pandemic outbreak.
If you are considering a new path, establishing a place where people can enjoy fellowship, family, and delicious food is rewarding. Restaurants continue to provide opportunities to a diverse population with nearly 41% of restaurants in the U.S. owned by minorities
Restaurant Outlook Strong
Launching your first restaurant requires planning, research, and hard work. But as consumers resume dining out, demand for restaurants is on the rise. The National Restaurant Association reported that the industry was forecasted to generate $898 billion in 2022, up from $799 billion the previous year.
Even in a recession, customers are still willing to pay for a quality restaurant experience. Breakfast and affordable family dining remain in high demand as consumers move to more attractively-priced restaurant meals.
Follow Our Opening a Restaurant Checklist
Finding a niche in the foodservice market can be challenging, but visionary entrepreneurs are up to the task. Whether you are taking your first leap into business or you’re a seasoned business veteran, restaurant ownership allows you to become a vital part of your local community. To get started, we’ve created a handy opening a restaurant checklist that covers all the bases.
- Pick a type of restaurant. Understanding the demographics in your community can help you pinpoint the type of restaurant to open. Will you cater to younger generations who prefer fast, healthy choices or baby boomers who want a table service experience?
- The menu. Now that you know your price point and unique selling proposition, you can begin to develop a menu. Having a menu will help you as you purchase equipment and determine your marketing strategy.
- A business plan. Every business needs a game plan that will enable you to obtain funding and help eliminate surprise expenditures. The business plan will put you on a course to achieving your goals.
- Secure funding. You’ll need to have a plan in place to secure funding. You can access loans, partnerships, or crowd-sourcing to get your restaurant up and running. Regardless of the financing you secure, it’s important to have sufficient cashflow as your restaurant gains momentum.
- Choose a location. You will need to find a location with ample space and foot traffic to attract customers. It is important for you to choose a location with the dining room capacity to meet your financial goals.
- Obtain licenses. Restaurants need various licenses and permits to do business. Most states require food safety permits, liquor licenses, and general business licenses to open their doors. Make sure to stay on top of the red tape to keep your timeline on track.
- Equipment and restaurant layout. Having a general menu in place and financial projections outlined will allow you to order the right equipment for your kitchen and design the front of house.
- Hire staff. Providing competitive compensation and benefits (such as a pre-shift meal) will help limit turnover at your restaurant.
- Launch marketing. Consider things like loyalty programs, direct mail and high-end social media ideas (i.e., good glamor shots), to get the word out about your restaurant. If you’re new to marketing, it may be advantageous to secure an outside professional service.
Scramblers Ticks All the Boxes
To eliminate startup hassle and reduce risk, many entrepreneurs turn to franchising. Franchise restaurants offer consistent menus, brand recognition, training, and support and can be a great method for gaining a foothold in the industry. Investing in a franchise provides you with a partner to help streamline the cumbersome process required to start serving customers.
Scramblers Restaurants is a rapidly expanding breakfast chain. We can help you tick the boxes on your checklist and make opening your first restaurant an egg-cellent journey.
Scramblers has 26 locations in the Midwest with plans to open five company-operated locations in Florida. Our restaurants specialize in serving breakfast and lunch, which helps prevent burnout by allowing employees to have evenings free.
Opening a Scramblers requires an initial investment of $450,000 to $860,000, including a $40,000 franchise fee. Franchise owners receive personalized guidance as they undergo the steps to start their businesses. We wrapped up our experience and put it in a handy to-go box to make restaurant ownership easier. Find out more about our franchise process here.
Learn More About Scramblers
Get started checking off tasks on your opening a restaurant checklist and learn more about opening a brunch eatery today