Restaurateur on understanding your customer base

  • by Sam Lewis 

Interview with...

Greg Pryor
Age:
-
CV:
Owned eight restaurants previously, been in the restaurant industry for 40 years and a certified chef for 25 years
Business name:
Warehouse Sport Bar
Goods/services:
Sports bar offering food including pizza
Location:
Lebanon, Indiana
Trading for:
Two years
 
Restaurant for sale

Greg Pryor on the importance of understanding your customer base...

“If you don’t understand your customer base than you don’t have an understanding of what your business is, and I don’t see how you can possibly be successful.

I would venture to say a failing to understand your customer base is probably one of the key elements missing from a lot of operations that ultimately do fail

“In fact I would venture to say that failing to understand your customer base is probably one of the key elements missing from a lot of operations that ultimately do fail. These business failures are generally undervalued, underfunded and they don’t understand their market.”

On what to look out for when setting up a restaurant...

“I would advise you to find someone with a proven track record and experience in this industry, and I would advise you to sit down with them and present to them your vision for your restaurant.

“Ask this person to review your start-up costs, budgets, operating projections, menu and your food costings. If you get any of those out of whack it’s like having bad wiring; you’re going to short out and you’re going to fail.”

On where to go for industry research...

“Here in America we have a number of small business resources, such as the National Federation of Business, who offer mentoring classes. I know there are numerous opportunities with that same mentoring opportunity throughout the US.”

“Never hesitate to ask someone. You could ask someone for their opinion and the worst that could happen is they say 'no'.”

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