Want To Open First Restaurant? How?

[ToussaintV]

Hi,

I’m looking to open my first restaurant; I lack the funds to just open one.

From those who are experienced In the Hospitality sector, which effective steps can I take to achieve this?

All the best,
Toussaint

[Harold Mansfield]

Hi,

I’m looking to open my first restaurant; I lack the funds to just open one.

From those who are experienced In the Hospitality sector, which effective steps can I take to achieve this?

All the best,
Toussaint

Get the money. You cannot do this without money. First figure how much you need to realistically secure a location, licenses, overhead, open, staff, supply, and run it and then double that amount because you will be way short.

It's a big risk, has a ton of unexpected expenses, and payroll, food and liquor orders have to be paid for whether you're making money or not.

Rarely do I ever tell anyone not to go for their dreams, but in this instance being that you don't have the money, I can assume from the question that you don't have any experience or else you'd know the answer to the 1st question, and even if you had both the failure rate is very high even with experienced people.

It's very, very tough, expensive, and can easily bleed money if you don't know what you're doing. From waste, theft, and all kinds of cost over runs, not to mention you really need a solid marketing plan if you are in an area with a lot of competition.

Running a bar/ restaurant is one of the hardest businesses to open and run successfully. You REALLY have to know your numbers and know them well. You can't just wing it, and there isn't much mercy for those trying to learn it all as they go.

I have 20+ years in this industry ( Bars, Nightclubs, Restaurants) in 3 different states at every level from neighborhood joint to casino, chain restaurants, college bars, to fine dining and I've seen and heard every excuse, every reason, and seen pretty much every way that you can fail in this business. I've seen and worked for people who have lost $200k up to $3+ million.

I've also seen people make it with little of nothing but they had a realistic plan, experience implementing it and had a little luck.

What experience do you have in this industry?

[TerriM]

I would also guess that you will need experience in all of the areas of running a restaurant. If you haven't worked/managed someone else's restaurant so that you know the business thoroughly, I'm doubtful that a bank would give you a loan.