Defining Your Restaurant Concept
In our article about feasibility studies, we mentioned you want to build the restaurant or bar your market wants and needs, not necessarily what you want.
Once you know this answer, you can start defining your concept.
Every developed concept should strive for five unique characteristics:
Scalability | Ability to pivot with market changes while positioning the concept to grow in a strategic manner.
Profitability | Can the concept provide a return on investment for you and your shareholders.
Memorable Experiences | Setting your concept apart from direct competitors.
Consistency | Ability to deliver experiences, plating, and service on a day-to-day basis.
Sustainability | Does it fill a need within the market and can it be competitive in the long-term
Similar to the true definition of branding, your market will also define your concept. A common theme through the first stage of starting a restaurant or bar in Canada is research, research, research!
Only once you understand the need in the market and the characteristics surrounding your possible concept, you can determine your service style (example QSR, Casual, Fine Dining) in addition to, but not limited to:
Name, tag-lines, and colours
Menu and supply chain solutions
Food & beverage price points
Required square footage
Hours of operation & day-parts
Management and labour profiles
Kitchen equipment requirements
Defining your concept after completing a local feasibility study is step two of the start-up phase, leading to the development of your business plan, which Key Restaurant Group will cover in a five-part series.