Many entrepreneurs dream about being their own bosses by opening up restaurants or bars. But many business people are also reluctant to get into the restaurant and bar industry because it is very competitive and it's also difficult to manage these establishments successfully.

Nevertheless, if this is really your dream, you should know that it is definitely not impossible to accomplish your goals. You just need to be sure to follow the right steps to ensure that everything will go smoothly from the time you purchase your space to the grand opening.

Do Your Market Research First

The first thing that any smart businessperson does is he or she conducts market research to figure out where, and if, a business idea will flourish. When it comes to bars and restaurants, location is definitely one major component of success. If your business is not in an easy-to-access and safe area, it will be difficult to get enough patrons into the establishment. And if your business is not seen by people walking or driving by, it will always be very difficult to get new customers through the door. After all, there is only so much word of mouth referrals that you can rely upon before your business starts to falter.

Location, Location, Location

Think about neighbourhoods in your area where you know young people and your target demographic regularly spend a lot of time at night and on the weekends. Where are the lunch crowds during work and school hours? These are all things that you need to consider and, depending upon the type of establishment that you want to start, you need to go where your customers are. For example, if you are targeting the lunchtime crowd or you are opening a very relaxed, family-friendly restaurant, find a location that is close to schools and businesses. On the other hand, if you want to have a successful bar or lounge, you need to target neighbourhoods and cities where young people go out to have fun every night.

Decorate Your Space to Suit Your Clientele

If your clients are families, you need to decorate your space accordingly so that it is a really family-friendly space and you so that do not scare anyone away. But if you want to attract hip, young college students and 20-something adults, your bar should be clean, ultra modern, dimly lit, and filled with comfortable seating and bar stools so that these customers can stick around.

The Right Menu is Key

Of course, you cannot forget how important a great tasting menu is. And if you own a bar, you need to come up with delicious signature drinks that people can't get anywhere else. Work with esteemed chefs and bartenders to create a menu that will consistently draw a crowd and will make you stand out from the competition in your area.

Opening up a restaurant or bar is definitely challenging. From the location to the décor and the menu, planning the details ahead of time is key.

The author of this post is Kobe Leeds, an employee at ARTeFAC, leading suppliers of restaurant chairs in Toronto, Canada. Kobe loves playing basketball and going to the games with his buddies.