If you are planning a new restaurant initiative you should be aware that you will need a considerable plan or vision and be prepared accordingly before you even start out. New owners typically make the same mistakes and learn the hard way that this is not the easiest of businesses to be in.
Think twice before you run with your restaurant initiative -- are you sure it will work? You will need a very well-prepared business plan and be prepared to take a cold, hard look at everything. The business plan can be a big chore to put together but you should definitely plan to tap the brains of some qualified professionals at this point. Money spent now is a great investment for later.
It is true in real estate and it is doubly true when it comes to a new restaurant initiative. You must choose the right location and don't forget to match your concept to your locality. Understand that your business plan will project an ideal scenario based on the best location, so never be tempted to compromise and choose an alternate location if it does not work as perfectly as the original.
As in any business and definitely with your new restaurant initiative, cash flow will be king. Working capital will be required and don't forget that there will be a number of unforeseen circumstances that you will have to address. Put aside 10 to 15% of your capitalization towards these contingencies.
If you seek out they help, those who have been in the restaurant business for a while will be only too pleased to give you an idea of direct operating costs, labor input and the ideal cost of food for your restaurant initiative. Always take these with a pinch of salt, however and never rely on them, especially during your first few months in business as everything and everyone will be finding their feet and it will take time for you to settle down into a regular pattern.
When you are setting out on your entrepreneurial path, it is common to take things all on board and keep them there. You must get others involved as it is not possible to operate as a one-man band. Your restaurant initiative should not be in your head, it should be on paper. Training policies and best procedures should be available and you should make sure the other key people in your organization are fully up to speed with them. Don't forget, that you will be absent due to travel or even illness from time to time and you will have to rely on others to keep your baby kicking.
You can expect many unforeseen problems, that it is the nature of the beast. You should be prepared for these before you even start. Don't be tempted to rush into the opening of your business, even though you may be aching for some cash injection. It is a good idea to try out some soft openings and you can invite friends or family along. These will expose any major issues right away and it is best for you to see them now, rather than later.
You can never get too much professional advice when you are in the early stages of your restaurant initiative and you should seek it as often as you can. Bank managers, accountants, legal advisers and code officials should all be consulted for their relevant input, but restaurant marketing specialists are also available with direct and very relevant tips.
Think twice before you run with your restaurant initiative -- are you sure it will work? You will need a very well-prepared business plan and be prepared to take a cold, hard look at everything. The business plan can be a big chore to put together but you should definitely plan to tap the brains of some qualified professionals at this point. Money spent now is a great investment for later.
It is true in real estate and it is doubly true when it comes to a new restaurant initiative. You must choose the right location and don't forget to match your concept to your locality. Understand that your business plan will project an ideal scenario based on the best location, so never be tempted to compromise and choose an alternate location if it does not work as perfectly as the original.
As in any business and definitely with your new restaurant initiative, cash flow will be king. Working capital will be required and don't forget that there will be a number of unforeseen circumstances that you will have to address. Put aside 10 to 15% of your capitalization towards these contingencies.
If you seek out they help, those who have been in the restaurant business for a while will be only too pleased to give you an idea of direct operating costs, labor input and the ideal cost of food for your restaurant initiative. Always take these with a pinch of salt, however and never rely on them, especially during your first few months in business as everything and everyone will be finding their feet and it will take time for you to settle down into a regular pattern.
When you are setting out on your entrepreneurial path, it is common to take things all on board and keep them there. You must get others involved as it is not possible to operate as a one-man band. Your restaurant initiative should not be in your head, it should be on paper. Training policies and best procedures should be available and you should make sure the other key people in your organization are fully up to speed with them. Don't forget, that you will be absent due to travel or even illness from time to time and you will have to rely on others to keep your baby kicking.
You can expect many unforeseen problems, that it is the nature of the beast. You should be prepared for these before you even start. Don't be tempted to rush into the opening of your business, even though you may be aching for some cash injection. It is a good idea to try out some soft openings and you can invite friends or family along. These will expose any major issues right away and it is best for you to see them now, rather than later.
You can never get too much professional advice when you are in the early stages of your restaurant initiative and you should seek it as often as you can. Bank managers, accountants, legal advisers and code officials should all be consulted for their relevant input, but restaurant marketing specialists are also available with direct and very relevant tips.
About the Author:
Expert Jose L Riesco teaches the most effective methods for getting more visitors to your restaurant at www.myrestaurantmarketing.com. Discover your restaurant initiative here.
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