It never ceases to amaze me the amount of people who buy restaurants and hotels with no real experience of the hospitality industry. The restaurant business is very competitive; the hours are typically long working 12 -15 per day 6/7 days a week. Unless you are cash rich most restaurant owners have to be very involved in their business if it going to succeed.
What also it never surprises me on the lack of research new restaurant owners carry out, location is very important and you certainly want to offer something new.
What amazes the most is a lot of new restaurant owners fail to protect their investment; the restaurant business is a tough way to making a living for every $1 you take in sales less gain less than $0.10 in profit that is a slow return for your investment. It is important that as new inexperienced restaurant owners you employ the very best people available to protect your investment. Sure they may cost you more but in the long run will save you money by keeping operating costs to a minimum and creating the right experience for guests to become regular customers and build up a great reputation.
It is common knowledge that a high percentage of new restaurants that open close with a two year period, it is important you find the recipe for success early on as opposed later when it perhaps it’s too late.
I do admire people willing to take the risk to open a restaurant, I have many years experience in food and beverage, right now the economy being what it is, and it takes a braver person than me to make that step from operator to becoming a restaurant owner.
No comments:
Post a Comment