Starting your own resturant?
What are some tips/advice for starting your own restaurant? My dad talks about how neat it'd be for my mom to quit her current job and then they'd open a restaurant. I think it'd be a cool idea. I'd for sure have an income then because I could work/help at our resturant. But I don't know how to start this. I'm sure it'd be costly, right? We'd need a space to form it, we'd need tables, cooking machines, drink machines, etc... plus we'd have to hire more help. How much exactly would it involve and how successful could it be?
Yeah that's what I'd be afraid of - going in debt, having no successful, etc...
Yeah my dad doesn't really get it I don't think. I agree it'd be nice/fun, but I know it'd be a huge expense and a ton of work/responsibility. To him, you just buy a space, put a bunch of tables and chairs in it, get some cookers and start inviting people in. He doesn't get the "inside scoop" on what it REALLY takes I don't think. My mom use to work at a restaurant so she knows what goes on. It's not exactly a walk in the park.
It would involve a lot of work and depending upon size and scale of restaurant (i.e., small casual diner, large fancy restaurant) could be anywhere from $75,000 to millions of dollars. Note that 80% of all restaurants go out of business within 5 years. Also, lenders will provide only about 75% of the start-up costs - making believe you were opening a restaurant in a blank space and needed $250,000 to furnish and provide 6 months worth of operating expenses, the bank would lend you maybe $180,000 to $200,000 and you would have to come up with the other $50K out of your pocket.
In order to get a lender interested, you will need a business plan that you can present to the lender.
half of all restaurants fail within 2 yearsby willie mammoth - 1 year ago
First thing to do is either Mom or Dad gets a job in a restaurant to learn how it works, what is needed and types of food people enjoy. Owning a restaurant means working 14 hour days and no days off. Parents need a business plan in order to take a business loan to get started.by Ariaread - 1 year ago