First of all running a restaurant is hard work. It is not all glamor and fun, although it can be quite rewarding if you can make it through the beginning stages. If you ask anyone in the food business they will tell you about the long hours and hard work they have put in. The reality is, the failure rate is high, costs can soar, and the hours are long. As the owner of the restaurant you will be responsible for everything, from the menu and cooking, to bookkeeping and advertising.
If you are truly passionate about opening a restaurant, and believe you have what it takes, then go for it. Here are some things to consider before making your decision.
First of all you have to decide on a concept and a style of cuisine. Next you will have to find a location, taking into consideration demographic, traffic, and parking availability. Your location will make or break your venture.
Planning your menu early on is important because your choices will dictate the kind of equipment you will need. Most importantly you will have to get a solid business plan together in order to find the necessary funds. Many new restaurants fail because of under anticipating funding.
So how much does it cost to start a restaurant?
The cost of starting a restaurant can vary, but you can expect at least $200,000 if you are building it from the ground up. Realistically anywhere between $125,000 and $550,000 depending on your concept, size, and location. The failure rate for new restaurants from 3-5 years is believed to be around 60% in the U.S.
As you can see opening a restaurant takes a lot hard work, time, and money, not to mention a serious commitment from the owner. Owning your own business can be very rewarding and profitable, you just have to make sure you are 100% committed to it.
There are many new business models that have come about as a result of technology and the internet, private franchises that cost anywhere between $500 and $5,000 to get started. Many home based business, requiring only a computer and cell phone, are providing average people with more than full time incomes with very little start up cost.
According to IDC, a top national research firm, there are between 34.3 million and 36.6 million home office households in the United States alone. Entrepreneur magazine estimates that $427 billion is generated each year by home-based businesses. So as you can see this is a serious industry with a big earnings potential and a fairly low investment.
Opening a restaurant sounds really excitingpop over to this website, but you have to ask yourself if you are really up to the challenge, and is it worth the risk?
To find out about alternatives to opening a restaurant while still running your very own business please visit: [http://www.neweconomysecrets.com]
Johnny Wall is a home based business builder, Internet marketer, and trainer with a passion for showing others how to create real and lasting freedom for themselves through entrepreneurship and a practical approach toward personal growth. Johnny works with a group of inspired entrepreneurs who are committed to contributing to the new economy and to empower as many as possible to achieve personal and financial success in their lives.
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