Arnold, Bruce & Doerfler Insurance Blog
So you feel like you have the recipe for success? You may make the meanest ribs or best burger, but it takes a whole lot more to make a successful restaurant. You may have the skills in the kitchen, but do you have the business savvy? Food shops are one of the most common start-ups. It is no surprise considering food is a basic necessity. But with all the competition out there, can you stand out? Here are steps you can take to start your very own food empire.
Survey The Market
Before anything else, check if there is a market for what you plan to do. There is a multitude of food shops and restaurants all over, how will you be any different? Do you offer anything very different and unique? If so, is there a sustainable market for you?
Yes, it is possible for people to try it out, but will they come back? Do research and study how other restaurants do. See what works, and what does not. Study what failed them, and learn how to do it better.
Get Organized And Make A Plan
It's time to gather up all the things you practiced in school. Organize your thoughts and write a plan. Be very detailed with your plan and cover all bases. It will be a living document, so revisions and rewrites will continue. As you go along, each item will be polished.
One tip here is to do things in phases. A grand empire is nice to imagine, but consider starting small. Big plans need big capital. It increases your risk and even your debts. If your plan does not work, this can give you a whole lot of trouble. Try your concept on a small scale. As you work out the imperfections, then you can gradually get larger with your operations.
Know The Law
Each state will have different regulations and laws regarding food safety. Make sure you comply with all of them and always start by getting the right paperwork in order. Work on your licenses and permits. Do everything the legal way, and you will also substantially lower your risk.
Plan On How You Will Get Funding
It is where you can get creative as well. If you are starting small, you may not need investors. A microloan, help from a family member, your savings, or an insurance policy can all help finance this. At Arnold, Bruce & Doerfler Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (503) 222-1951 or Click Here to request a free quote.
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