Thinking about opening a restaurant? Think you can be successful? Want a place to host all your friends? Owning a restaurant isn't for everyone, no matter how much time or money you have. You'll need to know
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Top Best and Worst Reasons to Open a Restaurant
Top Worst Reasons to Open a Restaurant:
- You think it will be fun! The restaurant business is serious work, takes a huge commitment and you better be ready for that. There will be fun times but, doing it for merely the fun of it is very wrong and you're sure to be highly disappointed.
- You have lots of money. Money is just the start of what you need to get a restaurant up and running and you'll probably end up losing most if not all your money when that's all you have or think that's all you need.
- You think you'll make lots of money. Money is a byproduct of owning a restaurant but, it takes a while to earn respect from customers and staff to grow your business to the point of success and profit.
- You want your own business. There are many other businesses you could open that aren't half the amount of time or work besides opening a restaurant. Take a laundromat for example: once it's set up, most of your time will be checking on your machines and equipment and you'll need minimal staff to man it. It's also a cash business unlike a restaurant which the majority of sales are mainly credit cards.
- You think it's glamorous and want a place to host all your friends. You're better off renovating your own basement or other area of your home and hosting grand parties there than having the responsibilities of a restaurant.
- You think it's easy. One in three restaurants fail within the first three to five years and that's not because it's an easy business to run.
- You need a tax write off. Tax deductions are only one part of what you'll experience with any business and not all of your expenses can be written off. There are better ways to take advantage of tax breaks and deductions than owning a restaurant.
In my experience, those are the top worst reasons you should consider in opening a restaurant since it takes more work than many people are ready to put into it. That's not to say that you couldn't be successful if you try it but, consider these best reasons you should open a restaurant and determine if it's a right fit for your work and occupation below and then decide.
Top Best Reasons to Open a Restaurant:
- You've been thinking, dreaming and planning on your own restaurant almost all of your life. Successful restaurants most often have been in the works for years, even decades, before they become real.
- You live for customer service. Without customers, your business is doomed. If you aim for the highest level of customer service, you'll have one of the key components needed for a successful restaurant.
- You've worked in the hospitality industry for most of your life. When you've spent a lifetime working in the field, you have a great understanding of all the important components of running a successful restaurant and can avoid many of the problems you've witnessed yourself.
- You've built a network of social and business relationships. Your relationships will help you either in obtaining financing your space, working with vendors, hiring the best staff, increasing your customer base and growing your business week after week, month after month and year after year.
- You LOVE preparing, cooking and sharing unique food and have the recipes to prove it!
- You aim for beautiful presentation on your food plates, in a soothing and comfortable atmosphere and strive for the best taste of each recipe.
- You have business knowledge with your current background and work experience. You'll need knowledge of how business works and all that goes into running a company in order to be successful in a restaurant.
- You have good leadership skills. You'll need to harness every leadership skill you have and use on a daily basis if you plan on being successful.
- You're ready to make the commitment to every aspect of your business to ensure it's success.
Read The Commitment Engine: Making Work Worth It to learn more.
Having only one or two of these qualities on each list is not grounds that you shouldn't or should open your own restaurant. Rather, you should be looking at each item as it will become extremely important to whether you are successful or if you will join the statistics of those that have failed shortly after opening. Study this list, go back and read it again and begin the process of thinking if you have what it takes to own a successful operation.
Read more of our tips for a successful restaurant and share your comments below. Cheers!
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