The restaurant industry is among the most competitive and expensive for new businesses. Since the costs of keeping your business going are equally, if not more, expensive, the thought of founding a food enterprise can feel like a pipe dream. This said, if you’re strategic, there are still a number of ways to find success without spending too much upfront. Today, the Plainfield Chamber of Commerce shares a few strategies you should consider.

Funding 

Blink notes that one of the most important steps in starting a restaurant is finding the funding to get it off the ground. To begin with, seek out grants that are designed specifically for this type of venture as well as small business loans. You could also consider crowdfunding platforms to get the word out about your restaurant or seek money from interested investors within your personal and professional networks.

No matter the source of your funding, you’ll want to have a good handle on your creditworthiness, as lenders take into consideration your credit score and payment history. If your FICO score needs a pick-me-up, work now to pay down as much bad debt as possible and avoid taking on anything extra like a high-interest credit card. You can check out your credit score by visiting AnnualCreditReport.com for a free report.

Pop-Up

If you’re not ready to commit to a brick-and-mortar location, a pop-up restaurant is a great way to get your food in front of people without incurring the high overheads of a traditional restaurant. You can find affordable locations to host your pop-up or look into using a food truck to secure the interests of locals.

Business Structure 

If you’re starting a small restaurant with a limited menu and fewer than five employees, you can usually register your business as a limited liability company (LLC). This structure offers limited personal liability, tax advantages, and flexibility as your business grows. When you’re getting an LLC started, you can also avoid hefty lawyer fees and tedious paperwork by using a formation service.

Free and Low-Cost Advertising

Digital Agency Network explains that there are a number of ways to market your restaurant without breaking the bank. Social media is a great way to reach potential customers and generate buzz for your restaurant. You can create a PDF online that serves as a flyer you post on your social media channels. PDFs are easy to edit so they look sharp and grab potential customers’ attention as they scroll social media, and you can also print them out to use to market your business in the local community. Click for more information about how to use Adobe to easily create and edit PDFs that will generate buzz about your restaurant!

You can also create a website and use search engine optimization (SEO) to make sure your site appears as the top result when people search for restaurants in your area. Additionally, you can distribute paper flyers and postcards in local businesses and hand out samples of your food to generate interest.

Simple Menus

Offering a limited menu is a great way to keep your costs down, both in terms of food and labor. You should focus on a few key dishes and change up your offerings on a regular basis to keep things interesting. This will also allow you to source high-quality ingredients and prepare them in a way that highlights their flavors. Once you’ve settled on the food you’ll be serving, you’ll be able to save on design costs by using free online tools to create a menu that can be printed for your customers to peruse. 

Affordable Decor 

You don’t need to spend a lot of money on decor to create a welcoming and inviting space. You can find affordable furniture and accessories at second-hand stores, estate sales, and online marketplaces. DIY projects are also a great way to personalize your space without spending a lot of money. 

Energy Efficiency

It’s best to save on costs wherever possible – except for cutting the quality of your food. Investing in energy-efficient appliances can be a great way to be eco-friendly and save some money. 

Hire Experienced Employees

One of the most important investments you can make in your restaurant is in your employees. Harver explains that hiring experienced staff will ensure that your business runs smoothly and efficiently, and will save you on operational costs in the long run. You can find experienced employees by networking with other restaurateurs and posting job listings on online job boards.

Focus on the Basics

Starting a restaurant is no small feat, but it is achievable if you use the right strategies. Start simple. Being overly complicated from the start can be an expensive and dangerous choice. By keeping things as simple as possible in the beginning and focusing on the quality of your food, you can minimize your upfront costs and increase your chances of success. Keep things simple and build your reputation for a strong start to your new business.

Join the Plainfield Chamber of Commerce to get access to our exclusive business-building events and other resources!