HOW TO FUND YOUR RESTAURANT IN A FEW EASY STEPS
I think it’s safe to say that most of us have worked in the restaurant industry. Out of all of us, almost half of us make the choice to open up our own place. Are you one of these people?
1) There are three things you have to begin your own eatery with. You need the chef, location and concept. If you don’t have all three of these things, you are done.
Some say there is such a thing as a “destination place.” I say this is garbage. People who say this only say this because their location and concept is bad. You have to have all three, or it’s not going to work.
2) Make sure your working capital will last you for about a year. People get surprised at how quickly the money goes. Do not blow all your cash in reserve. This is your safety net. The honeymoon period is not going to last forever. It will be over very quickly. You need a plan to get you through after that. The cash in reserve is only there for emergencies.
SOME OTHER THINGS TO THINK ABOUT FOR YOUR PLACE
Always have some extra cash on hands to treat the guests. Your guests are a very big part of your demographic. Some owners like to be cheap in this side of things. This is one way to have failure coming knocking on your door. Figure out how much you need for your guests and put the money aside.
You also need to be ready to move forward. This happens especially with the people who are working for you, like a chef. Your workers are not going to want to do what they do for the rest of their lives. Some of them are going to want to move up. Some of them might even want to open up their own shop.
What plan of attack do you have for this? What about your plans to move forward. It’s never a good idea to stay in the same place all your life. The rest of the world will be passing you by, as you sit there in your little world.
Talk to your staff. Find out what they want to achieve in their life and dreams. If it can help benefit you and your place, find a way to help out.