If you are going to put in the effort to open a high-risk business such as a restaurant you need to be aware of what you are getting into and you need to be willing to see it through. A great deal of planning goes into covering the steps for opening a restaurant and making it successful. Well, even if you have budget constraints, it is possible to start your own restaurant and run.
How to Open a Restaurant with a Low Budget?
Go For A Small Place
It is recommended to choose a small place initially, especially if you do not have a big budget. A small place allows you to get a feel for the business before any expansion. Also, do not try to look for a place right in the heart of the city. It would surely cost you a fortune. It is recommended to start from a place which is not very expensive, even though this would mean that you may have to do a lot of promotion and marketing in order to announce your arrival as a restaurant.
Rent A Place Rather Than Buy
Do not buy a restaurant outright at the onset. If you browse around, you will find many restaurants available on lease or rent. Renting or leasing a restaurant space is a cost-effective option as compared to purchasing one outright. Since the overall investment here is lower, so is the risk factor.
Do Not Spend on Lavish Interiors
It is a good idea saving precious dollars and refraining from spending a lot on interiors. You can save a lot by keeping things as simple as you can. Do not splurge on expensive lights, paint or flooring. Instead, if you know how to, you can do the painting on your own with the help of a few friends. You can purchase used furniture rather than spending on expensive, brand new furniture. Create an interesting but basic, simple theme for the restaurant that will make it look attractive and nice at a reasonable price.
Keep Minimum Staff
Do not appoint a huge team of waiters initially. In fact, you should be willing to do as much work as you personally can. You can even convince some of your friends or family members to give you a helping hand. You can save on staff salaries by appointing fresher’s rather than opting for professionals. Trainees tend to work with a lot of enthusiasm at half the salary.
Go For Cheap Promotion
There is no point in spending on big hoardings or on attractive advertisements in the newspaper to promote your restaurant. You need a lot of money for this and at this stage, you probably do not have enough resources. So make sure you play smart and try to make a name for yourself with minimum cost. The internet is the best mediums that can help you promote and establish your business. Make use of this global platform and use effective tools and techniques to promote your restaurant among target customers. Make sure you are registered on every single social networking site.