Name: Finding the niche for your new restaurant business
Uploaded: 2024-06-24T17:17:43.010Z
Duration: 228.26

SYWRR - 2 Finding your niche_V2.mp4

SYWRR - 2 Finding your niche_V2(1).vtt

English

{{00:00:00}}
So you want to open up a restaurant.

{{00:00:01}}
It's going to be really important that you find your niche.

{{00:00:04}}
What we mean by that is, what's the concept?

{{00:00:07}}
What are you offering your customer?

{{00:00:09}}
Where is your unique selling proposition?

{{00:00:12}}
Your point of distinction.

{{00:00:26}}
What is going to be really important is that you are either identifying a target customer.

{{00:00:32}}
And identifying a location where that target customer lives, works, , frequents,
or you've got a concept in mind, right, a niche down, a niche down concept,

{{00:00:43}}
something very specific, and then you have to go out and find that location.

{{00:00:46}}
In order to develop that, I think it's, Important that we really get into the mind of our
consumer and really look at competition, look at who's doing well, look at who's struggling.

{{00:00:59}}
One of the first things I do is you're likely have a general area that
you're looking, you're not looking at an entire state or an entire country.

{{00:01:07}}
You're looking at a city, a County.

{{00:01:10}}
So start there.

{{00:01:11}}
Do some searches online of best restaurants in this area.

{{00:01:14}}
Or if you already know, like we're going to be in the Italian,
we're going to be in the pizza, we're going to be in the.

{{00:01:21}}
Casual hamburger, steak, whatever world you're going to roughly be in.

{{00:01:25}}
If you already know that, then maybe niche down on that, right?

{{00:01:29}}
Best steak restaurants, best hamburger restaurants in town, but go deep.

{{00:01:33}}
Look at their pictures, look at their Instagram, look at their social media.

{{00:01:37}}
Now on the reverse side, the worst, what are the worst restaurants in town?

{{00:01:40}}
Go to Yelp, go to Google, go to wherever you can and find out what are the commonalities
between the ones that are struggling between the ones people are complaining about.

{{00:01:48}}
What are the commonalities between the ones that are doing well, the ones that people like?

{{00:01:52}}
And then try to find that gap.

{{00:01:54}}
If you can fill that gap, if you can fill the gap of: I can provide the thing better than what
the people are complaining about and I can be different than the ones that are already doing well.

{{00:02:06}}
That's a sweet spot that you really want to live in.

{{00:02:10}}
Once you kind of develop that a little bit, right, this
is really known as your unique selling proposition.

{{00:02:15}}
What are you going to do unique and different than everybody else?

{{00:02:19}}
Better than is not a very good model.

{{00:02:22}}
I hear a lot of times people say, well, 'my food's going to be better than theirs'.

{{00:02:25}}
Okay.

{{00:02:25}}
But they're established.

{{00:02:27}}
They have a customer base.

{{00:02:28}}
They have a clientele.

{{00:02:29}}
They have history that you don't.

{{00:02:30}}
Maybe you are better than maybe you're better than in your
mind, but you're not better than in your customer's mind.

{{00:02:39}}
A place that I like to live is not in the better than I like to live in the different then.

{{00:02:44}}
How are you different?

{{00:02:45}}
What do you do?

{{00:02:47}}
That when I crave that, I can't go anywhere else except to your restaurant to get it.

{{00:02:53}}
If it's a specific menu item, a sauce, an experience that I feel in your restaurant.

{{00:03:00}}
Do research on that customer, right?

{{00:03:04}}
Who's going to be frequenting this and what are their needs and desires?

{{00:03:08}}
What do, what is difficult for them now that you could maybe make easier?

{{00:03:13}}
What is boring for them now that you can maybe make exciting, right?

{{00:03:16}}
And so if we find that combination of.

{{00:03:18}}
This unique concept, this different concept in this location that's
maybe underserved for this particular food or this particular concept.

{{00:03:27}}
And then this group of people that is maybe not being served because whatever reasons.

{{00:03:34}}
You could make it easier, faster, more exciting, cheaper, more expensive, whatever that is.

{{00:03:39}}
That's that niche where you want to live.

It's going to be really important that you find your niche.

What we mean by that is, what's the concept?

Where is your unique selling proposition?

What is going to be really important is that you are either identifying a target customer.

And identifying a location where that target customer lives, works, , frequents,
or you've got a concept in mind, right, a niche down, a niche down concept,

something very specific, and then you have to go out and find that location.

In order to develop that, I think it's, Important that we really get into the mind of our
consumer and really look at competition, look at who's doing well, look at who's struggling.

One of the first things I do is you're likely have a general area that
you're looking, you're not looking at an entire state or an entire country.

Do some searches online of best restaurants in this area.

Or if you already know, like we're going to be in the Italian,
we're going to be in the pizza, we're going to be in the.

Casual hamburger, steak, whatever world you're going to roughly be in.

If you already know that, then maybe niche down on that, right?

Best steak restaurants, best hamburger restaurants in town, but go deep.

Look at their pictures, look at their Instagram, look at their social media.

Now on the reverse side, the worst, what are the worst restaurants in town?

Go to Yelp, go to Google, go to wherever you can and find out what are the commonalities
between the ones that are struggling between the ones people are complaining about.

What are the commonalities between the ones that are doing well, the ones that people like?

If you can fill that gap, if you can fill the gap of: I can provide the thing better than what
the people are complaining about and I can be different than the ones that are already doing well.

That's a sweet spot that you really want to live in.

Once you kind of develop that a little bit, right, this
is really known as your unique selling proposition.

What are you going to do unique and different than everybody else?

I hear a lot of times people say, well, 'my food's going to be better than theirs'.

Maybe you are better than maybe you're better than in your
mind, but you're not better than in your customer's mind.

A place that I like to live is not in the better than I like to live in the different then.

That when I crave that, I can't go anywhere else except to your restaurant to get it.

If it's a specific menu item, a sauce, an experience that I feel in your restaurant.

Who's going to be frequenting this and what are their needs and desires?

What do, what is difficult for them now that you could maybe make easier?

What is boring for them now that you can maybe make exciting, right?

This unique concept, this different concept in this location that's
maybe underserved for this particular food or this particular concept.

And then this group of people that is maybe not being served because whatever reasons.

You could make it easier, faster, more exciting, cheaper, more expensive, whatever that is.

That's that niche where you want to live.

So you want to run a restaurant

Best Practice

'Everybody is not your target demographic!' 
This is what the restaurant "Boss" Ryan Gromfin says about the importance of finding your niche. Well, this and much more!
In episode two, Gromfin talks about the crucial step of finding your niche when opening a restaurant. He shares key insights on how to go about identifying your target demographic and researching the ideal location, including great tips on how to understand customer needs and desires. 