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Restaurants are like any other business venture; as they gain popularity, they tend to expand into new locations.
But restaurant expansion isn’t typically as straightforward as, say, opening new clothing store locations. Restaurants are essentially scaled-down manufacturing centres that produce precise, expeditious products. Opening a new location (let alone several locations) requires forethought, meticulousness, and a large serving of physical, mental and financial investment.
At least, those are the traditional requirements for restaurant expansion. As this article explores, contemporary restaurateurs and entrepreneurs have a choice: expand the traditional way, or embrace new concepts like delivery only restaurants. Here are the traditional and modern strategies for expanding restaurants.
Expanding a Restaurant the Conventional Way
Conventional wisdom states that you have to have a tested-and-true concept, a little luck, and a lot of investment to pull off a successful restaurant expansion.
To expand your restaurant business the traditional way, you will need to undergo, among other things:
Profitability analysis to determine the viability of expandingFunding to secure enough capital for a lease/mortgage, equipment, renovations, etc. (These can be capital loans, merchant cash advances, lines of credit, etc.).Location scouting to find an available kitchen that fits your target demographic/psychographicBrand matching to ensure consistency and continuity across locationsMenu alterations to optimize for your new kitchen spaceHiring new staff and supportAnd more
If you can stick the landing on each of these processes without overextending, you have a decent shot of expanding successfully. Unfortunately, the traditional expans… Read More
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