Fine dining experiences can be found in a variety of unique restaurants that provide not only food, but an overall memorable experience. They can be small and intimate, large and grand, food-focused, experience focused or offer food from all around the world. Customers at fine dining establishments expect a certain elevated level of service, and food quality.
With the growth of high-end food culture through social media and a higher demand for high-quality, healthier food, this is an area of the industry that is expected to grow in the future.
No matter the vision you have for your fine dining restaurant, it can feel daunting to plan for all that goes into creating one. We have a few steps that will make your journey to entrepreneur and restaurant owner smoother as you take this leap!
First, create your concept.
Every great restaurant has those little details that make it stand out from the rest. Think about what unique area of the industry you are capitalizing on. For example, if you know you want to serve Italian food, how will you differentiate yourself from other Italian restaurants? Will you style it with over-the-top themed decor? Do you plan to serve fusion dishes with exciting presentations? This is your time to be creative, and chances are, this was the idea that inspired you initially and made you think, “I should open my own restaurant!”
Now, you can create a business plan and secure your funding.
You will need a timeline and plan for expected costs. Because a fine-dining restaurant usually has a more luxurious design, you may have to invest more in furniture, dishes and stemware. Your kitchen alone may require $100K to $200K, with the total interior decorating costs coming to about 500K.
Your location is essential to your plan.
Choosing an easily accessible and high traffic area will likely help your revenue. It’s important to think through all the ways guests might reach your restaurant. Are they able to use a ride-sharing service? How is parking in the surrounding areas? Do a lot of people walk by this spot on foot? All of these factors can impact the success of your fine dining restaurant. Finding the right commercial space to execute your vision also plays a role in the success of your business.
Hire and train the right people
To serve high quality food, you need an expert chef to lead your kitchen. Or, if you’re the culinary mastermind behind the operation, you need a team of talented professionals to support your vision. You will also need waiters, hostesses, managers and other kitchen support staff to help your restaurant run smoothly and maintain a high standard of service for your guests.
Don’t forget to secure proper insurance coverage, permits and licenses.
Restaurant owners who prioritize proper coverage are in good company. A recent survey found that 77% of restaurant decision makers lean on an insurance agent to manage their insurance needs. It also found that 91% of those who work with insurance agents have or plan to contact their agent within the next 6 months. A few type of insurance coverage you may need are:
- General Liability Insurance: The environment in a kitchen and restaurant can be risky with the volume of tools, appliances and people present so this can provide coverage for third-party claims related to bodily injury, property damage, or personal injury that may occur on the restaurant premises. It can also help protect against lawsuits and medical expenses resulting from accidents.
- Property Insurance: This type of insurance covers damage or loss to your restaurant building, equipment, inventory, and other physical assets from circumstances such as fire, theft, vandalism, and natural disasters. Business interruption coverage is another aspect and it helps to compensate for lost income during the time your restaurant is unable to operate due to a covered event.
- Workers’ Compensation Insurance: This is typically required by law. Workers’ compensation insurance provides coverage for employees who suffer work-related injuries or illnesses. It helps cover medical expenses, disability benefits, and lost wages for employees who are injured on the job.
We hope these tips help you if you’re interested in joining the fine dining industry. We’ll be the first to make a reservation and come try your new restaurant when it opens!
Our team would love to help you obtain the insurance coverage you need to set your business up for success. Give us a call or shoot us a text at 858-384-1605 to connect with our team and find the business support you need.
