Some of the most enticing restaurants in the country are right around the corner…literally. If you are thinking about starting a neighborhood bistro and wine bar, you’ve hit on a winning concept. In a recent casual survey, the results indicated that over 60% of American diners preferred Italian foods to any other cuisine. A neighborhood bistro and wine bar suggest a warm, inviting environment and hearty fare at reasonable prices. In this article, we’ll offer key elements that will support your startup, build on your winning concept and bring profitability and long-term growth to your future. Buon appetito!
1st Key: Define Your Customer
Starting a neighborhood bistro suggests that your customers live nearby and enjoy Italian cuisine. You’ll want to explore your customer demographic profile further to determine food preferences, wine choices, age ranges and communication platforms. Knowing who your customer is will result in choosing menu items, wine choices, methods of communication, and music selections based on your demographic customer. Such choices will resonate with your customers and encourage return diners on a frequent basis.
2nd Key: Assess Your Competitors
You may have no direct competition in neighborhood restaurants; however, your direct competition may be fast food outlets and your indirect competition may be grocery stores stocked with premade meals and bottles of wine. Assess the competitors in your area to determine their pricing structures, menu options, flavor profiles, and any competitive cuisine choices. Do competitors offer a wine bar? Are other restaurants serving drive-through food? How do other restaurants present food? The answers to these questions will outline the ways in which your food and eating experiences are unique. Use this model to stand out from competitors, revising it as needed.
3rd Key: Create a Business Plan
After determining your customer model and your competition, the building of your business plan can begin. Use this restaurant business plan template to guide your pace throughout the process. In this step, you’ll piece together the elements that comprise your business; including your mission and goals, inventory and equipment processes, financial projections, marketing strategies, operational projections, and other specifics of importance.
If funding is needed to start your neighborhood bistro and wine bar, your completed business plan can be presented to investors, lenders, and other interested parties, as this document will contain everything necessary to showcase your plans in a cohesive fashion.
4th Key: Build Effective Marketing Strategies
There are several ways to build a loyal customer base within the neighborhood surrounding your bistro, including handing out flyers, placing ads in local papers, offering “new friends and family” specials and other marketing strategies for bistros and wine bars. To market your wine bar, consider advertising special “wine of the week tastings” and survey customers to determine their preferences. Use every opportunity to market your bistro and wine bar locally by attending trade shows, events and community gatherings to represent your business.
5th Key: Utilize an Operations Plan
A crucial element of successfully starting and growing a neighborhood bistro and wine bar is ensuring the operations of the business are running smoothly. This means communicating with staff, overseeing inventory and equipment, managing daily and weekly menus, marketing your bistro, and managing bookkeeping tasks. Use your restaurant business plan as your guide in decision-making processes and refresh your plans as needed.
6th Key: Look for New Opportunities
Although you are starting a new business, you’ll want to consider business opportunities that develop as a result of the neighborhood bistro and wine bar business. There are several ways to extend a restaurant business; such as starting a full bar, expanding in other neighborhoods, franchising your restaurant or starting a meal prep business. Each of these opportunities is within reach after your bistro and wine bar reach the growth stage, so it is wise to consider the possibilities now.
After employing each of the six key elements offered in this article, you’ll have the plans, assessments, financial projections and funding, strategies and potential new opportunities to fully develop your neighborhood bistro and wine bar business. We wish you the best of success!
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