They are concerned with value, and they favor quick-service restaurants and midscale operations that offer all-you-can-eat salad bars and buffets. While earlier generations strove to do better financially than their parents, Gen Xers are more likely to focus on their relationship with their children. This group is known for strong family values. Generation X is a label applied to those who were born between 19. About 25 percent of their restaurant visits are to burger franchises, follow by pizza restaurants at 12 percent. Members of Generation Y go for fast-food and quick-service items. They are a prime target for a food-service business. Generation Y is the most ethnically diverse generation yet and is more than three times the size of generation X. This generation, also tagged the "millennial generation," the "echo" or the "boomlet" generation, includes those born between 19. With that said, who is eating at restaurants? Let's look at the main market categories of food-service business customers: So focus on the 5 or 10 percent of the market that you can get, and forget about the rest. When you try to please everyone, you end up pleasing no one. This is a fact that many newer entrepreneurs have trouble accepting, but the reality is that you will never capture 100 percent of the market.
No single food-service operation has universal appeal.
#BAKERY STORY 2 SYSTEM DOWN HOW TO#
Keep scrolling for our ultimate guide on how to start your own restaurant. Whether your dream is to open a Las Vegas wine bar, an Irish pub known for it's craft beer, a New York-style pizzeria, an old town feeling North Carolina soul food restaurant with the best fried chicken, or a downtown fine dining experience with happy hour cocktails and live music, start your business research here. To help you get started, we've compiled this thorough, but easy-to-digest, guide to starting your own food business. In fact, the more streamlined you can make it, the better your chances for success. But that doesn't mean your food-service business has to be an extremely complex operation. However, A hard reality is that many restaurants fail during their first year, frequently due to a lack of planning.
But while there are new and more obstacles for restaurant owners than in years past, there are some essential elements that will always reign true when it comes to starting your own restaurant. Plus, with outdoor dining on the rise amid the COVID-19 pandemic, great food isn't enough to bring in customers looking for outdoor seating. From food trucks to weekend brunch, there are no shortage of trends for foodies looking for a unique dining experience. vivienviv0 | PixabayĪs the food service industry is always changing, it may seem hard for hopeful restaurateurs to keep up. Editor's note: This article was excerpted from Start Your Own Restaurant and More: Pizzeria, Coffeehouse, Deli, Bakery, Catering Business, 4 th Edition from Entrepreneur Press.
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