It is the dream of many to own and operate
a restaurant, but most people don"t realize the amount of time, money and
stress that is involved in order to make this dream a reality. The fact of the
matter is that running a restaurant is a huge, demanding job and the chance of
success is far lower than failure. For those who find this hard to believe,
consider that over a quarter of all startup restaurants flop the first year
they open.
Of course, this doesn't mean if you are
aspiring to run a restaurant that you shouldn't pursue your goal, it simply
means that you need to improve your knowledge of the industry and make sure you
have a good understanding and realistic view of what to expect in terms of
cost, management, restaurant equipment and supplies, laws and so on.
To help you determine if starting a
restaurant business is the ideal path for you, take the time to honestly answer
these three vital questions:
Can you manage your finances effectively?
One of the most important aspects of
starting a new restaurant is to be prepared financially. Regardless of how you
intend to obtain the money you need to begin your business (i.e. your own personal
funds, taking out a loan, entering a partnerships, etc.) it is crucial that you
have your personal finances in order. If you already have debts and don't have
enough funds in the bank to keep you afloat during the harder times when you
are putting more into your restaurant than you are receiving, you'll need to
postpone your endeavor for a while until you become financially stable.
Are you a good decision maker?
Opening a restaurant means making a lot of
important decisions that could make or break your success. Therefore, you need
to have a plan of action and have a good idea of the type of establishment you
want. This means choosing an ideal location, selecting proper restaurant
equipment, supplies, furniture, etc.
Are you prepared to put in long days at work?
As a new owner you should expect to work
long hours. In order for your restaurant to thrive it needs to take precedence
over everything else. Furthermore, keep in mind that you will be required to
work during the night, on weekends and on holidays, as this is when you are
likely to make your most sales because theses are the times in which people
primarily go out to eat and enjoy themselves.
Finally, if you want to run a restaurant
and be happy, you also need to make sure you will be able to balance your
professional life with your personal life. If you believe you can accomplish
all of this, success may very well be yours.
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