Opening a restaurant: Is now the right time?
Photo by Clem Onojeghuo from Pexels
If you’ve been dreaming of opening up your own restaurant, cafe or bar, the past couple of years have probably been particularly hard for you. The coronavirus and Covid-19 pandemic has wrought havoc across the world and, in terms of industries, has hit the hospitality industry pretty hard. Social distancing measures and guidelines have forced widespread closure for long periods of time and many of us are only just getting back to dining out. Of course, this is a difficult time in regards to deciding whether to open your own venture up yet or not. Here’s some advice that can help guide you along the way on this journey!
Timing
The pandemic has hit highs and lows of threat over the past couple of years. At times, we have started to resume life as usual, only for cases to skyrocket and social isolation measures to be put back into place. During these better periods, some people have ventured into opening new restaurants, cafes and bars, only to find themselves shutting the doors a week or so in. You need to really factor timing into your decision making process when it comes to opening any business of this sort. Generally speaking, it may be better to wait until things are a bit more stable and things are more likely to stay open permanently. This could prove better than opening during unsure and rocky times when potential closure is a constant cloud hanging over you.
Factoring in extra costs
There are general costs that come hand in hand with running a restaurant at any time. Staffing costs. Rent costs. Energy costs. Cleaning costs. The costs of ingredients and food like bulk olive oil and fresh fruit for cocktails. But right now, there are extra costs to running a restaurant that you’re going to have to factor into your budget. The coronavirus and Covid-19 pandemic has meant that the majority of restaurants have had to fork out extra costs on cleaning and measures that ensure social distancing within their stores. You’re going to have to make sure that you invest in plenty of hand sanitisers and hand sanitiser dispensers. You will need social distancing floor stickers. You will need signs for queuing systems. You may need to invest in apps for ordering. Make sure to factor all of this into your budget too!
Consider affordability
Is the restaurant you’re planning on opening affordable? Many people are struggling financially right now, so high end options are a little less in demand than more affordable dining. At the end of the day, the pandemic has resulted in mass company collapse, mass redundancies and general increases in unemployment. Those who are in work may have been asked to work shorter hours or for lower pay. Take this into account when pricing up your menu.
These are just a few considerations for those considering opening a restaurant during these trying times. While it is possible, it is likely to be difficult when you start out. So, give things a good mull over and determine what works best for you!
