As a resident of an urban population, you have dreamed of opening a restaurant to serve your neighbors and other customers. However, finding the right place and getting started can be a challenge. Picking the right menu, setting up in an advantageous location, and getting the right documentation submitted in time will help your new establishment be successful. Here is how to open your new place in New York City.
Devise a Plan For Your Business
To get the assistance of your financial institution, you will need to compose a business plan to submit to them with your loan paperwork. It is also a good idea to have so that you can utilize it like a roadmap as you plan your path to your grand opening. Think about what kind of food you want to present to your clients. Develop the recipes that you want to use. Determine if you intend to serve alcohol, such as wine and cocktails. Estimate what the cost of the items that you will require will be, including tables, chairs, and restaurant equipment. Devise when you will be able to begin operations and where you wish to locate your establishment. Provide an estimate of your profit so that your investors know that you will be able to repay them.
Choose a Location
Research where your ideal customer resides. This will require you to find out what demographic would appreciate the cuisine that you plan to serve and where they live. Reach out to a realtor to investigate locations for you and provide them with the must-haves on your shopping list. Tour the properties that are picked for you to ensure that they can anticipate the traffic that you are anticipating, are accessible by the disabled, and have parking nearby for visitors from out of town. You also want plenty of space to cook and serve the food. Look for a building that captures the ambience you want to portray.
Apply For Licenses
Before you can start your company, there is documentation that you need to file and licenses to obtain. First of all, you will need to get your sales tax identification number. This means you will need to name your restaurant. You will want something catchy that is easy for your customers to remember. Since you will be located in New York City, you must send a registration into the state as well as get a restaurant permit from the city. If you intend to serve alcohol to your patrons, you are required to have a liquor license as well. There are also certifications and courses that must be completed by the health department before you open your doors. Give yourself an extra amount of time between the day you send in the paperwork and the day you start serving customers. It can take a while for everything to process and the fees are expensive.
Protecting Your Investment
You are investing a great deal of money and time into your restaurant. However, incidents can happen that can take all of your hard work away or leave you with issues you will have trouble paying for. One critical step you must complete before opening your doors is to purchase the insurance you will need to protect your building, business, and staff. This would include a policy for Workers Compensation, Health, Property, and possibly an Umbrella coverage. You may be unable to get a loan to pay for your expenses unless you have these in hand. Contact your agent and get a quote for what they would recommend you get, then look at your budget to see if you can afford it. Opening a restaurant in New York City can be an exciting venture. Being sure your paperwork is correct and turned in quickly, finding the right space to serve your clients in, and coming up with a business plan to follow will put you on the right path to a successful opening and a profitable future.
By Lindsey Patterson