Z
Zacchaeus
Guest
Re: Restaurant advice
I too am in the same boat (looking to open a restaurant). I think you should go for it. You will soon run into problems though, which will in turn help you figure out if this is really what you want or had thought it was going to be like. Do you have your location picked out? Do you know how much you'll need to get started? Have you worked out your break even point? I think getting a part time job in the industry would be advisable but the best way to learn is by making mistakes! Obviously try and avoid these in the first place but some are inevitable. As long as you are doing it for the right reasons (primarily to make money). I think the reason for the high failure rate (which is actually something of a myth) is that people get in to the business of a coffee shop/sandwich bar/restaurant thinking that just because they eat out all the time or know a few people in the business, they could do it as well as the next person. Also there is something of a romantic notion about owning your own place, especially a pub or restaurant. Another big problem is the fact that most successful places are just that because of the owner. No one is going to be as committed to your business as YOU. This leads to the problem that when you’re sick of working late nights and weekends in a high pressure environment, your business usually takes a step back in profit as you try to step back from it. Have you looked into a franchise?? This is a much safer way to enter the market and would give you great experience in the running of your own place. Also it is much easier to step away from (if you wanted to pursue your hotel or shipping dreams) as they are run on a strict set of guide lines and rules. I could talk endlessly on this topic but feel I should leave it there for the moment. Hope this is helpful and good luck with what ever you do.
I too am in the same boat (looking to open a restaurant). I think you should go for it. You will soon run into problems though, which will in turn help you figure out if this is really what you want or had thought it was going to be like. Do you have your location picked out? Do you know how much you'll need to get started? Have you worked out your break even point? I think getting a part time job in the industry would be advisable but the best way to learn is by making mistakes! Obviously try and avoid these in the first place but some are inevitable. As long as you are doing it for the right reasons (primarily to make money). I think the reason for the high failure rate (which is actually something of a myth) is that people get in to the business of a coffee shop/sandwich bar/restaurant thinking that just because they eat out all the time or know a few people in the business, they could do it as well as the next person. Also there is something of a romantic notion about owning your own place, especially a pub or restaurant. Another big problem is the fact that most successful places are just that because of the owner. No one is going to be as committed to your business as YOU. This leads to the problem that when you’re sick of working late nights and weekends in a high pressure environment, your business usually takes a step back in profit as you try to step back from it. Have you looked into a franchise?? This is a much safer way to enter the market and would give you great experience in the running of your own place. Also it is much easier to step away from (if you wanted to pursue your hotel or shipping dreams) as they are run on a strict set of guide lines and rules. I could talk endlessly on this topic but feel I should leave it there for the moment. Hope this is helpful and good luck with what ever you do.
. i am looking at the moment to possably buy an existing business with existing cash flow so I can hit the ground running. I am not opposed to starting a fresh and do have ideas of where I want to go.