Several individuals have asked me over the years, "what do you think Nick, I would really like to open a restaurant." I'd reply, what do you know regarding the restaurant business? Virtually they all said they knew nothing about the business but they knew that they might make a ton of cash owning and running a restaurant.
This is one in all the most important myths that have been circulating within the restaurant business for years. Okay, you do not have to know something about restaurant startup or buying a restaurant or restaurant food cost, however you can rent a restaurant guru who knows how, and he will hire employees, hire a bookkeeper and manage everybody and everything. Voila! Now you're in business. This can be great if you have a ton of money to pay like Donald Trump. But if you've got the fervour to induce your hands dirty and operate it yourself and maybe with a family member who is enthused about it as you're, then you must begin with "restaurant planning."
You might suppose that opening a restaurant is an straightforward task. Such thinking may account for the reason that therefore many folks try to turn their dreams into reality every year. But dreams can become reality solely for people who are willing to acknowledge that along with reality comes arduous work! It takes onerous work not solely to run the new restaurant, but additionally to set up a successful new venture.
The National Restaurant Association keeps no statistics but in some states like New York's Restaurant Association reports that in their state 75 p.c of all restaurants fail or amendment ownership inside five years of opening. So, many dreams are shattered, perhaps as a result of prospective restaurateurs are uninformed about what they are obtaining themselves into. Several hear and believe only the myths regarding the restaurant industry. Somehow, the realities of the business stay unexplained or ignored.
First and foremost! Like they say in real estate. Location, location, location. Do your homework. Research the demographics. Is your space a appropriate location for your restaurant to be a hit?
Planned construction and renovation. Call your native zoning commission, village, town or county and raise them if there is visiting be any planned construction or renovation in your space for the next 2 years. If they say yes, realize another location because your 1st 2 years in business are crucial to your business surviving. You don't wish to start out off broke.
Think about what will be your menu. Can you be serving full course meals in a very casual dining restaurant, or hot and cold sandwiches like in an art caf? restaurant? In different words, what kind of restaurant do you wish to work? A full service restaurant that serves steaks and seafood, goes to be a a lot of tough venture because there's a heap of preparation to be done like making ready salads, soups, entrees, etc. Whereas a restaurant that serves portion control meals like hamburgers, hot dogs, hot and cold sandwiches, will have less preparation and its food value can be lower.
Simply as a result of you are a cook or a chef does not mean you're going to be successful during this business. Create sure you've got a sensible CPA and an attorney to require care of the business that you do not need to try to to yourself. Once all, you are busy in the kitchen, bartending and greeting your guests. Bookkeeping and legal work should be assigned to someone else you trust. I simply said "trust". Keep that in mind. I had a successful restaurant and bar business for 17 years that I bought from my father. I used to be young and didn't question my father's alternative of a CPA as a result of my father owned several restaurants, and that his CPA was his friend also. Lo and behold, when I took over the business, I was getting billed each month for a balance sheet fee that I did not need. I used to be a small operation and didn't want this extra expense.
Conjointly, it's important to stay your operating expenses at a minimum. You're continually going to possess your fastened operation expenses such as your electrical and telephone bills, but alternative expenses like advertising can be very costly. There are continually salesmen that can be calling on you especially after they realize out you are the new child on the block. They can try to sell you snake oil, although it is not on the menu. Attempt advertising in your local newspaper if you're operating during a suburb or village. Be part of your chamber of commerce and obtain involved meeting alternative business folks in your town. Word of mouth is your best advertising. Hope this helped.
Author Resource:
Jeff Patterson has been writing articles online for nearly 2 years now. Not only does this author specialize in Restaurant Industry, you can also check out his latest website about
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