November 10, 2022 | Buying
How to Open a Vegan Restaurant in Toronto
Some of the best vegan restaurants in the world can be found in Toronto. And if you’re dreaming of opening your own place, there’s no shortage of opportunity here.
While plant-based restaurants and food vendors have become increasingly popular over the past decade, it’s still a relatively specialized market. With this in mind, opening a vegan restaurant comes with a few additional considerations beyond traditional restaurants.
When opening any kind of restaurant, one of your first major decisions will be choosing between buying an existing business or building your own from the ground up. To learn more about the advantages and challenges of each path, check out our blog post on the topic here.
Work With an Expert
A hospitality real estate agent is a commercial broker who specializes in supporting entrepreneurs and small business owners. They know the unique elements of commercial real estate inside and out, especially when it comes to restaurants and the hospitality industry.
A hospitality agent is your personal concierge throughout the entire restaurant buying process. They’ll help you discover for-sale assets that fit your parameters and guide you through the complex fine print that comes with commercial real estate transactions.
Once you’ve found a restaurant space or existing business that you’d like to buy, they know the right questions to ask, and essential details to look out for, identifying any potential hazards before they become an issue. Plus, they’ll also have the negotiation expertise to ensure you secure a great place without going over your budget.
Additionally, a hospitality agent can support your business goals before and after the transaction, whether that’s helping you secure adequate financing for your restaurant, or advising you through the details of your restaurant launch.
Ready to open a vegan restaurant in Toronto? We’ve got even more blog posts to help you accomplish your goals.
Finding the Right Spot
Choosing the right location is an essential step in optimizing your restaurant for long-term success. When your restaurant caters to a specific community, demographic, or interest (such as plant-based consumers), location becomes even more critical. It may seem obvious, but it’s nearly impossible to overstate the importance of this detail.
As a bustling cosmopolitan city, Toronto boasts quite a few culinary hot spots. If you’re looking to open a vegan restaurant, it’s important to consider which neighbourhoods best cater to plant-based consumers. Areas like Queen West, King West, Kensington Market, and Ossington Strip have become high-traffic destinations for vegan dining thanks to their neighbourhood identity, ease of access, and popularity among tourists.
Saturation Considerations
In addition to accessibility, selecting the best location for your vegan restaurant should also account for existing competitors. While the number of Torontonians embracing a plant-based diet is growing year over year, there are some micro markets where saturation could be a challenge. Your hospitality real estate agent can help you analyze local markets to ensure your restaurant isn’t dealing with an overly competitive atmosphere right out of the gate,
Start-Up Basics
Once you’ve found the right space for your restaurant, it’s time to hit the ground running on getting your restaurant set up. This is not a one size fits all process as your business plan will be unique. However, here are a few basic restaurant start-up items to prepare for.
– Obtaining all required licenses and permits
– Buying kitchen equipment, business supplies, furniture, and accent decorations
– Connecting with local suppliers to ensure you have a reliable source of ingredients
– Hiring staff
Looking for more resources tailored to small business owners and entrepreneurs in Ontario? Check out these posts from our blog.
Get The Word Out
As you get closer to opening your doors to the public, you’ll want to put together a marketing plan to get the word out about your restaurant. While Toronto does have a sizable vegan and vegetarian community, reaching your audience will require strategic and targeted marketing.
As a large portion of your customers will first discover your restaurant on the internet, having a strong online presence is essential. Before you launch, ensure you have accounts set up on the appropriate social media platforms. After that, find your community and make connections. You can do this online, in person, or ideally both.
Reach out to local plant-based influencers, restaurants or entrepreneurs you admire, and other businesses in your immediate community and invite them for a meal. This is an easy but effective way to begin building word of mouth for your restaurant.
Are you thinking about opening a vegan restaurant in Toronto? As commercial real estate experts, Northern Hospitality can help you turn your dreams into a reality. Send us an email or call 647-280-4404.
