09/30/2019
It's well known that around 60% of new restaurants, bars, and similar retail businesses close within the first year of opening.
To help alleviate some of your pre-opening jitters, we've compiled a list of 3 underlooked items every entrepreneur MUST evaluate before open date:
1. Hire the Right Employees
Thinking of hiring your third-cousins sketchy nephew?
Think again.
Your business plan can't be executed without the right team. In fact, hiring the wrong individuals may actually set you back financially.
Evaluate your candidates and think hard. Will they work hard for you? Will they execute your grand vision? Are they reliable? If your answer is no to any of these questions, it may be worth to spend more time looking for the right employee.
2. Guest-first Attitude
What's important is that the guest leaves your establishment with a sense of satisfaction, whether it be the service, the food, the atmosphere, or because they were accommodated beyond their expectations.
Your customers are the lifeblood of your organization, especially early on. So do all that you can to retain them as a loyal fan and they will return the favor big-time.
3. Consider Programming
Most retail entrepreneurs are surprised when they realize the return rate of their customers is lower than they expected.
Is the product underwhelming? Did you market effectively? Is the location poor? If the answers to these questions are no, then you should consider adding TV programming to your value proposition.
Customers need a reason to come back to your establishment, especially during critical moments (like when football is on). In terms of satellite programming, DIRECTV is a favorite among business owners. DIRECTV has the easiest install and lowest initial costs, plus most major sports programming.
If your customers want DIRECTV, you'd be doing them a disservice not getting it.
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