If it was easy, everybody would do it, but fortunately, there is a reason why 90% of the new restaurants fail. The competition is insanely high in the big cities, not to say that most of the people have already their favorite place where they go to grab something to eat.
It's definitely not a business for a beginner, that's for sure. There are tons of problems that can go wrong all the time, from fire hazards to food poisoning and you don't want to be the owner when they happen.
111 is correct. 90% of new restaurants fail within the first year. The restaurant industry, has so much that needs to be managed, it makes it difficult for people who are new to it.
Is that to say that you can't make it? Absolutely not. NEVER get discouraged. I've got plans to open up a restaurant in Nashville <5 years. A solid plan, and executing that plan, will certainly help. It's not a guarantee by any means, but it will keep you on course. The biggest thing, in my opinion, is to have your plan all laid out before you even contemplate starting up.
* Investment money
* Accounts set up
There are so many things that you need to consider when starting a restaurant. My advice to you, if you're actually very serious about this, begin writing your plan. After that, go around to your favorite restaurants in town, and ask to speak with the owner. Tell him/her that you're in the process of writing your business plan for your new restaurant, and would like to sit down with them for 15 minutes if possible, and pick their brain. Keep it professional. Tips on how they became stable, tips on how to stay strong during the start up phase. Don't take advantage of them. Their time is very very valuable, and they expect it to be used wisely. Try to gain as much knowledge as possible before you embark on your journey. It will never hurt. After that, all you can do is put forth 100% effort and grind it out. They're hard work, and they take dedication, but if you have a passion for it, nothing can stop you.
I've not had a restaurant biz of my own but I grew up in one. Literally. We lived upstairs; my parents and grandparents owned/ran the diner and my sister and I spent most of our time in the kitchen or learning how to wash the dishes and wait tables. This was the time before dishwashers.
It was a TON of work and long hours with almost no days off ever but they did very well. They provided good food at good prices and terrific customer service. It paid off handsomely for them.
If you're prepared to put in the work, provide great food and atmosphere, and maintain a strong customer focus, you could do well.
I haven't ventured into restaurant business yet, but I am planning to do so in the future. I absolutely love food, so it does suit me well. Anyway, I think every business, regardless of what it's all about, is never easy to manage. You have got to put a lot of time and effort in making it a successful one.
@dyanmarie25, this is accurate, however; in "most" businesses, you don't have to worry about all of the stuff you do with a restaurant, or a bar, or nightclub.
Food, drink, employees, orders, maintenance of buildings, equipment, POS systems, distributors, people in the building, permits, licenses, etc. I know this is a terribly quick list thrown together, but I know for my business, I have:
myself, equipment, permits, ordering new equipment/product. That's it. There's a lot that goes into a restaurant or bar that people don't see. The fights in bars, the disorderly people, the vomit from people who are too drunk, over serving, etc. It's a nightmare. I've got a few friends who own/operate bars and restaurants. They're special people lol.
On the flip side, you are correct; every business is difficult to manage. That's why if entrepreneurship was easy, everyone would do it. I think we all know that's not the case
I've never had this type of business, but I've watched enough of those types of shows to get the idea of how difficult it can be to run one. I wouldn't go into restaurant type business. Just isn't for me.
I grew up in the restaurant business, a business my father had for 53 years (1943 to 1996). He made it a premiere upper middle class supper club and nightclub in central New York, near Syracuse (Liverpool, NY). I left the family business at 23 (1976) to manage a high profile restaurant and nightclub in Boulder Colorado.
Over the years I have watched the high mortality rate of restaurants and it is typically because of lack of experience, lack of demographic research, and being underfunded.
Business or Entrepreneurial questions? BizWarriors is completely FREE - paid for by advertisers and donations. Click here to join today! You can now use your Facebook or Twitter account to regsiter or login. If you're new to the BizWarriors Forum, we highly recommend that you visit our Guide for New Members.