Target your market

To begin, a market study is necessary for your project. This study will give you the opportunity to make sure your plan is feasible. Your strategy needs to be structured, distinct and detailed. Take the time to do necessary research to obtain relevant numbers and important data.

The data gathered will be useful for your analysis. To retrieve your data, ask yourself these following questions: how many businesses are in the same filed as yours? Am I able to gain a portion of the competitions business?

As soon as the similar market segments are completely analyzed, the ability to target your customers depending on certain attribute such as their age, location and profession will be provided to you. You will be able to evaluate the spending budget of every person. This way, you get a monthly average allowing you the opportunity to make projections over the year. Thereafter, the same process will be available to apply for the second and third year.

What kind of activity will you have?

It will be important to establish the market segments you wish to operate into. You will have to decide if you will be acting like an independent proprietor or franchisee.  A franchisee consists of being under an existent banner while an independent proprietor is most of the time working on a unique project. Moreover, the establishment can depict the hours of operation needed. If your specialty is serving breakfast, the schedule will differ from a place serving burgers and beers.

The Ideal location

The location of your business is crucial. Normally, restaurants tend to establish themselves near boulevards, crossroads or even highways. Thanks to the traffic flow near your business, the opportunity of having more customers will increase. This decision will eventually help you decide between renting a space or investing in your own building. We also recommend having enough parking space to serve your clients. Finally, a nearby bus route is also something to consider.

Branding work

It is important to work with specialists or marketing agencies to create a brand image that will enable you to distinguish yourself from the competition. You will need to choose a good name and logo colors that are eye catching and separate you from the others. We suggest keeping the numbers of colors of your logo to a minimal, ideally two colors are recommended.  To make your printing, screen printing and embroidery simpler, your logo needs to be easy to reproduce.

Picking the right POS (point-of-sale software) for your business

The point-of-sale software you will be using will need to be fast, effective, and reliable. Clients do not want to wait a long time to make their payments and/or place their orders.

Veloce POS, powered by PayFacto, develops and perfects management systems to meet the needs of your clients. We are offer all the necessary functions to manage your business and have unique functionalities that distinguish us from competitors. Check out our Veloce POS system.

Our team is easily accessible and available to optimize your management processes, purchases and decisions. We have reliable payment providers, online ordering solution, reservations, loyalty program solutions, accounting modules, payroll systems, data managements and hotel integration. We also are specialized in liquor control systems for bars and restaurants, a solution totally integrated with our point-of-sale software.

Opening marketing plan

All good scheduled openings need strategic planning. First and foremost, we suggest building a website and creating all social network accounts such as Facebook, Instagram, Twitter, and LinkedIn. Secondly, choosing an opening date. You will be able to send press releases to radios, local newspaper and invite media specialist to participate for your event.