To become a restaurateur not only requires passion for food, but a keen business sense. The right qualification could get you on track to establishing your own restaurant.
Joining the restaurant business
Over the past five years, the industry has been growing steadily with restaurants generating a revenue of $20 billion (IbisWorld, 2017). Consumer demand means there is no sign of this upward trend slowing down. The desire for fashionable venues and innovative dining experiences indicates there is always room for a new restaurant.
Now is an excellent time to open a restaurant, but how do you start turning this dream into a reality?
There’s more to owning a restaurant than having a flair for food and the right establishment. A restaurant is above all, a business, so you'll need to develop skills in the areas of marketing, finance and accounting. The best place to start is with a restaurant management qualification.
A Bachelor of Business (International Restaurant Management) at Le Cordon Bleu will introduce you to key areas in small business management, restaurant concepts, communications, marketing and accounting. These skills will give you a solid foundation and understanding of the complexities involved in managing a successful restaurant.
In addition to studying restaurant management in class, you'll put theory into practice with an industry placement (Work Integrated Learning). By working in industry, you’ll get hands-on experience, an insider look at how to run restaurant, and a glimpse of what is required to open your own establishment.
Write up a business plan
In the restaurant business many establishments fail in their first year. By learning how to create a business plan you can avoid many pitfalls. In your restaurant management degree you’ll learn how to create a tailored business plan. An effective plan will include a clear outline of your restaurant concept, a description of your target market and how you'll reach them, detailed financial information on your start-up capital, forecasted expenses and long-term income, a marketing plan and an overview of the employee hiring and training process.
The finer details
Once you’ve attended to the business planning, you'll be free to indulge your creativity. This is the time to choose your restaurant's name, location, interior decor, and, of course, design the menu. You will have done your market research, and your creative choices will relate to your business plan and be executed with purpose.
Armed with the business principles and practical skills from your studies, you'll have an understanding of what it takes to own and manage a restaurant. To find out more about how Le Cordon Bleu can help you turn this dream into a reality, contact our friendly team today.