The "Pop Up" restaurant can save an entrepreneur a lot of money and possibly avoid a business failure by testing the market, explains Cyrus Batchan.
Office of Cyrus Leon Batchan, Business Consulting (N/A:N/A)
SHERMAN OAKS, CALIFORNIA, UNITED STATES, February 3, 2019 /EINPresswire.com/ — Cyrus L. Batchan, in his newest published article, discusses a concept that can save new entrepreneurs a lot of money and possibly a business failure, the “Pop Up” restaurant. The complete article is available on the blog for restaurant entrepreneurs of Cyrus Batchan at https://cyrusbatchan.blogspot.com/
Opening a new restaurant can be a costly endeavor. According to a member survey from www.restaurantowner.com, the median cost of opening a new restaurant is approximately $375,000. While the actual figure will vary greatly depending on each project, it should come as no surprise to anyone familiar with the restaurant industry that opening a new restaurant takes a lot capital.
What makes the financial investment even more daunting for a potential restaurateur is that often the food and concept may be untested and only planned out in theory. While veteran restaurant industry insiders may feel comfortable with committing substantial investment based on theoretical planning or limited testing, new chefs or someone entirely new to the restaurant industry may feel apprehensive about diving head first based on an unproven concept or menu, probably for good reasons.
Creative minds in the restaurant industry have come up a trend that may provide an answer to both problems: Pop Up Restaurants. While the nomenclature of “Pop Up Restaurant” is relatively new, the idea dates all the way back to the mid 1900’s when some traditional restaurants or venues doubled as social clubs and were called “Supper Clubs”. For example, a famous chef may hold a “closed door restaurant”, serving only those in the know about the event. The concept has certainly evolved over the years and now encompasses chefs who open different locations around a city for few days at a time or those who may open a location for a few weeks or months at a time. Even the world-renowned chef Thomas Keller utilized a form of the pop up model to keep his staff working while his Michelin three-star restaurant French Laundry was closed for renovations.
The central idea behind a Pop Up Restaurant is providing the chef with a temporary space to test out a concept or menu. Location can be anywhere from an existing dining space such as a restaurant with off days or even a recently closed restaurant. Or enterprising restaurateurs can partner with a related venue like a winery, brewery, or farmer’s market to provide food services at those locations. Some cities also have dedicated space for rent to Pop Up Restaurants as well.
Instead of installing a full-fledged kitchen, Pop Up Restaurants will often utilize mobile kitchen or rent minimal equipment as necessary. The idea is to keep the cost down without long term investment so that the concept or menu can be tested and refined with minimal commitment.
Pop Up concept can also be utilized to develop brand awareness and attract investors. Popular Pop Up Restaurants have used their popularity to ease their transition to a permanent location. Some restaurateurs have also utilized the success from a pop up location to not only attract traditional investors, but also run successful Kickstarter campaigns. When utilized correctly, Pop Up Restaurants can be a powerful tool for an aspiring restaurateur to test and fine tune their concept before committing to a permanent location.
Note: Photographs of Nightshade restaurant by Eater Los Angeles, Wonho Frank Lee.
*** Cyrus Leon Batchan is a business consultant in Sherman Oaks, California. He has significant “hands on” experience with businesses. Currently, he is involved in the hospitality businesses Lock & Key, Nightshade, Skylight Nha Trang, and East-West Brewery (as Advisor). Mr. Batchan grew up in a restaurant family and worked every job from dishwasher, cook, delivery driver to bartender. Initially, he managed an investment fund developing real estates all throughout the greater Los Angeles Area. In 2013, he opened Lock & Key, an upscale lounge, in Los Angeles. Most recently, he has been involved in Nightshade, the first restaurant for Top Chef winner Mei Lin along with partner Francis Miranda of N°8. The expansive space, which goes into the former Cerveteca, will feature a pan-Asian menu infused with modern touches and California sensibilities, with Lin herself calling the experience “fine food in a casual setting.” Think fine dining touches and plating with flavor influences from Italy, Japan, and China.
Lock & Key is a new speakeasy in Koreatown (LA) (Cyrus Batchan)
Source: EIN Presswire