Submitted by: Greg Garner
Have you ever dreamed of owning your own restaurant? If I had a penny for every time I heard someone say that, I could open a whole chain of restaurants. What is it about owning a restaurant that appeals to so many people? For one thing, you could be your own boss doing something that you enjoy. Owning a restaurant can be a very profitable affair if it is done correctly. It is certainly not a dull profession. You get to meet new people and you make people happy. What more could you ask for in a business. Owning and operating your own restaurant is a worthwhile dream that is attainable if you go about it the right way. Let’s take a look at some of the things you will need to fulfill this dream.
A Physical Location
The first thing you are going to need to own and operate your own restaurant is a good business relationship with a bank. Unless you happen to be rolling in dough, pun intended, you would need money for a location, furnishings, and supplies. You may as well get used to the fact that your restaurant will be co-owned by you, the bank, or your financial backers. Your bottom line will have to be divided by however many silent partners you must accumulate to see your dream come true.
If you are going into the restaurant business, it would probably help if you know how to cook. While this is not necessary from the business aspect of being a restaurateur, it it wise if you know something about it or are going to hire someone who does. You will need to know what equipment to obtain and will have to stock your restaurant inventory to get started. Waiting until someone orders something from your menu is too late to figure out what you need to prepare it. You need kitchen equipment and a cook who knows how to operate it. Having a business degree is also a plus when starting your own business. Again, it is not necessary but unless you have a natural head for business and already know plenty about it, you will need some kind of formal education in the matter.
What kind of staff you will need to operate your restaurant depends largely on what kind of restaurant you want to operate. For the purposes of argument or instruction, lets say you want a standard, walk-in and be seated restaurant that serves a wide variety menu for adults and children. At this point in the game, it is wise to decide if you will have a lounge or bar with a license to serve alcohol. You will need the following:
Cooks Assistant or kitchen manager
General Help or labor.
Co-Management Is A Must
Having an experienced assistant is just about vital to your success. You cannot be there 100% of the time, although I am sure there will be days when you will feel like you are. You have to have someone who knows the business and is able to make responsible decisions in your absence. Your best bet is to look for someone who has the same goal that you have, one day owning his or her own establishment.
This is just a simple outline of a few of the things that you need to consider before you begin to pursue your dream. There are a thousand and one decisions that have to be made beyond this. However, if you have dreamed of owning and operating your own restaurant and you know in your heart that you have what it takes, you can succeed.
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