06 February 2018 0 Comments Posted By : Denise Deveau

Owning a restaurant is a risky venture — here’s how to up your chances of success

There are times in business when it pays to swallow your pride and start again. In the restaurant world especially, the sooner you can identify that moment, the better.

For seasoned restaurateurs James Iranzad and his business partners at Gooseneck Hospitality in Vancouver, opening a new seafood restaurant concept in the city’s Kitsilano Beach neighbourhood seemed like the perfect idea on paper.

Called Supermarine, it had all the hallmarks for success. Market research showed that seafood offerings were under-represented in the neighbourhood, and they had recently had a round of successes with their other local restaurant ventures. “We were feeling really good about ourselves and felt we were on a roll, so made the decision to start this new project,” Iranzad says.

Despite the research, and stellar revenue over the summer months, the team soon realized the momentum wasn’t going to carry into the fall and winter months.

It turns out the locals weren’t quite as enthused as the summer tourist crowd, and traffic slowed in what was essentially a very casual neighbourhood. “The restaurant didn’t resonate with residents,” he says. “That’s where we failed to see the big picture.”

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