Alberta restaurateurs are reaping the rewards of their investments, as the province’s dining industry is more lucrative than ever. With a long-standing reputation as a profitable province for business development, it’s not a huge surprise that many Albertan entrepreneurs have made it big.
Boasting a booming economy and a population who’s known to work and play hard, Alberta is home to some of the most prosperous restaurant chains across Canada. Albertans are eager to support new business ventures and have encouraged numerous successful franchise opportunities. Many of the most recognizable dining establishments have hailed from Alberta, where humble beginnings escalade rapidly into nation-wide chains.
Other regions of the country haven’t been so fortunate. Many provinces face economies fraught with high taxes and high unemployment; provinces where diners are wary to budget for unnecessary expenses. But preferable business conditions aren’t the only reasons for the province’s successful restaurant industry.
Like any prosperous enterprise, restaurants have to diligently research their market and implement a rigorous business development plan. Without sufficient preparation, businesses won’t be able to survive if unforeseen costs arise. We’ve compiled a few tips for prospective business owners that mimic the footsteps of successful Albertan enterprises below.
DO YOUR RESEARCH
No matter how great your new restaurant concept may be, it won’t be profitable unless you put the time into researching every aspect of the idea; disaster strikes when good ideas collide with poorly executed plans and mis-information. Diligent research takes time and effort, it’s not the sort of project that can be completed overnight.
LOCATION, LOCATION, LOCATION
It’s a realty law for a reason; it’s important! Knowing your clientele and their spending habits is crucial. The location of your restaurant has to embody the spirit of the local patrons and their neighborhood. Don’t expect people to travel across the city to your venue- you need to gain the patronage of the locals before trying to expand your market and cater to larger population demographics.
KEEP IT SIMPLE
It doesn’t have to be simple neccesarily, but it does have to be identifiable. And relatable. As cool and hip as your new establishment may be, customers shouldn’t be expected to pronounce/understand foreign words that appear in the business name. The effort should be focused on retaining the establishment name, not briefly capturing interest based on it’s obscurity. Even if the business is upscale and caters to a niche crowd, make sure the name is identifiable to the target audience and relevant to the local patrons.
For more information, check out this article published by The Globe and Mail: