10 things You Should Know About Opening a Restaurant «

10 things You Should Know About Opening a Restaurant

Getting ready to open a new restaurant can be overwhelming. There are some many different areas to consider, from financing to staffing. Read on for 10 basic areas you should understand before opening the doors.
1. Owning a restaurant is a job. This should be a simple enough concept to understand. Owning a restaurant means you will be at work a majority of the time, especially in the beginning. Do you like weekends, holidays, and your kids’ birthdays? What about romantic dinner out on Valentine’s Day or attending a fun New Years Eve party? Well too bad, because chances are you get to work those days. Those are work days. Read more about what it’s really like to be a restaurant owner.

2. Never assume customers will flock to your restaurant.[/b]It takes a certain amount of self-confidence to start your own business, especially a restaurant. And that’s a good thing. But don’t get ahead of yourself. Opening a restaurant isn’t like the movieField of Dreams. If you build it they might come. Or they might just say they will come. Or they might show up once and never come back. I don’t mean to sound well…mean, but people will lie to you without thinking twice, if they think that is what you want to hear.

3. Think twice before hiring family and friends Even though there are many successful family-owned businesses, including restaurants, you should be careful of hiring from either group. You change the whole dynamic of your relationship when you become a family member or friends boss.

4. Have a clear business plan. A business plan is especially helpful to those new to the food/restaurant industry. As you research information for your restaurant business plan, you may encounter problems you hadn’t considered previously, such as licensing, health codes and tax laws. Read more about how to write a restaurant business plan.

5. Understand the financing options available for opening a new restaurant. Many people dream of opening a new restaurant. However, finding enough financing for a new restaurant can be a major stumbling block for many people. So here is a step-by-step guide for those serious about opening a restaurant. Read more about financing a new restaurant.


  • New ETFs From Scottrade - No Brokerage Fees

    There's no doubt that there are more exchange traded products now than ever.

    classy, black-and-white Corsair Graphite 600T case that says sci-fi, not hot rod. I want to get like eight of these things, ...
    Read More
  • 14 ETF Trading Strategies

    You may have heard of ETFs and some of you even have them in your portfolios, but not many investors are aware of the diverse ETF trading strategies these assets have to offer.

    Read More