More and more people are choosing to dine out instead of cooking their own meals at home. Especially these days when busy lifestyles are all the rage, who has time to cook anything that doesn’t come straight out of the freezer and into the microwave?
This is why now is the best time to start a restaurant business. It’s one of those businesses that will always have a market, as long as you get the location and food right. But those are not the only considerations if you want a restaurant that’s both popular and highly profitable.
One of the biggest focuses of any restaurant should be its niche. Just because you’re serving food doesn’t mean everyone will just eat it. There should be a certain niche that your restaurant caters to, specifically. Knowing your preferred niche means knowing what to serve them.
The Millennials (born 1980-2000)
If your market is the millennial generation (gen Y or whatever else they’re called these days), you are targeting a large generation that loves dining out. They are the ones most new restaurant businesses want to please. They like fast food, quick-service items. Approximately 25% of millennial visits to a restaurant involves burgers, and about 12% involves pizza. These customers are also more likely to use the Internet to order food or find a restaurant in their location.
The Gen X-ers (born 1965-1980)
Generation X, meanwhile, is more focused on family values. Their relationship with their children is important, so they would sometimes visit quick-service restaurants and at other times all-you-can-eat joints that serve salads and buffets. If you serve this generation, make sure to get fresh wholesale fruit and vegetables from reputable suppliers like MorCo Fresh. Gen X-ers demand value, a good ambience and comfort.
The Boomers (born 1946-1964)
You need an even more family-friendly and health-conscious restaurant if you are targeting baby boomers. These are the more affluent segment of many societies, as they were focused on building their wealth in their younger years. Now that most of them are grandparents, in addition to favouring upscale and fine dining restaurants, they are also on the look-out for family-friendly places to eat and celebrate.
These do not represent all the people you might be able to serve. There may also be empty-nesters and seniors. The former typically have more money, with their baby boomer kids now grown-up and living their own lives, so they like upscale restaurants with great service. The latter, however, may have declining health, so they may not have a lot of disposable income. They prefer restaurants that offer value, senior discounts, early bird specials and smaller serving sizes.
Knowing which of these generations you would like to serve in your restaurant is winning half the battle.