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Written by Michel Casady
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Starting Your Own Wing RestaurantA wing restaurant is one of the most popular types of family style and bar style dining. These restaurants often are packed with people who expect to come in, relax with a cold beverage and hope to eat a few great wings while they are watching their favorite local sports team win the game. Starting your own restaurant like this can be lucrative, though you will need to take into account the area, the costs, and the process of getting into this business. The good news is that in the right area, the wing style restaurant can be a welcome retreat for people from all walks of life.
How To Get StartedBefore you can open a wing restaurant, you need to consider the area specifically. Is the area you wish to open the restaurant a good place for this type of business? In order to know this, take into consideration the restaurants around your location. Is there direct competition from other wing restaurants? Sports bars, pubs and family style dining locations should also be considered. The more competition you have, the harder it will be to be a profitable in this business. If there is competition, visit the location and look around. What difference would your restaurant offer to the community that isn't already being offered? Being different is one of the most attractive qualities for a new business: people like something new and fresh.
Once you have a location picked out, you'll need to consider profitability. What is the average price of a meal in your area? If most of the local restaurants are affordable dining locations, it may be difficult to put in a high-end wing restaurant with expensive prices. Taking what you know of the area, consider the costs you will have in running your business including:
- Franchise fees if you will buy into a pre-established wing restaurant chain
- Operating costs including keeping the restaurant's electricity, gas, and other expenses paid, including rent or mortgage payments
- Employee wages: consider what the local going rate for staff is, including wait staff, kitchen staff and managerial help.
- Advertising costs are also an important part of operating a business and should be taken into consideration.
- Additional costs including inventory, loans, fees, and taxes
Considering these costs, can you make a profit in your area? To know this, you'll need to consider the price you would need to place on an average meal. Then, you will need to see just how well that compares to the prices of other restaurants in the area. This process may seem long, but it is in fact one of the best ways to know if your business can be successful in the area. |
