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Question
Starting up a small restaurant!!! 1 small question!?
I'm trying to do things wisely. See I know that 67% of all independently owned restaurants fail within the first 2 years. So I'm going to school; culinary management school. Gaining my associates in cooking, supervision, marketing, menu management, production cost, ect. HOWEVER, I'm considering also getting my bachelor's in business administration because of the entrepeneurship side that they're NOT going to be teaching us. I was just reminded this was all going to cost me a lot of money; which I hadn't given a thought to because I've been using Sallie Mae. Am I being smart about this or not?! If I'm nuts, please say so because I just want to be able to be sucessful and not put myself into a terrible misfortune by accident. Thanks and God bless.
2 months ago - 4 answers
Best Answer
Chosen by Asker
Congratulations on your dreams to fruition!! You sound like a level headed person and I think you can make a go of your business if, realize you are going to go through a VERY stark 3 to 5 yrs. You should have a backup of triple the amt of money it is going to take to open. I would suggest going to a bank and getting an S B A loan. You can get buisness directives from the S B A (U S Small Business Assoc.) I don't think you need a B A in business just use your head and take your directions from the S B A. U can write me if needed, I will be happy to help and God Bless You...
by greeter7
2 months ago
Asker's Rating: 
Other Answers
Dreams are good to have and dont ever let anyone tell you you are nuts for trying. You can get student loans to help pay for school and the more education you have, the better of you will be. Never give up on your dreams..."reach for the moon, the worst you can do is catch a few stars!"
by lilbits- 2 months ago
im not sure all that school will help you in the long run. 1 cent of every dollar is profit in a restaurant. good luck!
by bmorekd- 2 months ago
Your education will be very valuable but you will also need the practical side. After school travel around (to get some ideas( and work at every job in a restaurant (cook, prep, dishwasher, wait staff, greeter, manager, bar, etc.) so you know all the functions of the business. I formally sold food to restaurants and learned a lot about what makes them fail. 1) Owners who try and cook and manage the restaurant. It does not work. 2) Lack of support from their family. If they are not behind you it will fail. 3) People who get themselves in way over their head in rent and over head. In a big city rent can be $200 + a sq foot. That is a LOT of money for a restaurant. If you are not full every night it will not pay the bills. Also consider a small restaurant in a small town with great food, rent in a small town can be $3 a sq foot. Best of luck
by Peter B- 2 months ago