Coming up with another location might sound like a Herculean task but it is possible.
Many restaurateurs believe that coming up with a second outlet of his venture indicates success. They usually believe that doubling the location means double the success. If you already own a successful restaurant then you might be familiar with the efforts it took in making it a great success. It won’t be wrong to conclude that running a restaurant is no less than a full-time job.
Coming up with another location might sound like a Herculean task but it is possible. If you are aware about the food market in which you are going to compete followed by your own strength, weakness, and energy, then certainly there is no stopping for you.
The important thing which remains in mind are that how can a person know that they are ready for taking this step? Are they really ready to expand their outlet from one to two? Here are few pointers that might help you in getting the answers to your questions increasing your restaurant portfolio:
Can your active location support you?
One of the important questions to think of is whether your current outlet will support you in expanding to a second outlet. If your current location is highly successful and doing a good business then it’s the best time for the transition of opening a second restaurant. “Analyzing the previous business plan is very essential when a person is opening a second restaurant. If the current venture is doing good, then take its business plan as basic model and try innovating it which can literally work for your new venture to mark its presence in the market,” shares Dakshya Gupta, Owner of August Café.
Will your first location survive without you?
Before opening a new restaurant, a restaurateur should ask this question to himself whether the current venture can survive without them or not? It is obvious that if you are planning to open a new outlet, then you will be giving more time towards your second venture than the first one. If you have a strong team who can handle any situation arising at your first venture then it’s a green flag for you. Having the trust that the previous business will continue to do well despite your absence and involvement can motivate you towards stepping up ahead.
Are you having enough funds?
You must be aware about how much it costs before opening a new restaurant.Even if your first venture is doing well; you still need various capitals and investors who will support you in establishing your second venture. “Funding is really very important while establishing a venture of your own. I had to look for various investors before coming up with Threads Café and will be looking for more in the future time when ill be thinking of expanding us,” says Vedant Goyal, Owner, Threads Café.
Key points to remember while starting a second venture, everything will be doubled in form of rent, utilities, staff management, permits, and costs for raw materials and so on. Therefore, it is very essential to make sure that you have enough money to handle both the business at the same time.
Opening a restaurant requires a lot of time, money and strength of a person. So if you are answerable to the above-mentioned questions, then you are ready towards establishing a second venture of your own. It is rightly said that if you have done it once, then you can do it again.