many restaurant go bankrupt and yet it attracts many people. They just open up and gone next 3 months. If I have a business I could do well but who knows it's just my dream. what should I do? should I do it or not?
Restaurant business is relatively easy, as long as you handle stress well and know how to make people like you.
Biggest reason restaurants go out of business, the owner doesn't understand overhead.
As soon as you have a concept. Like a pizzeria or a buffet or a high end, southern style bar that sells seafood. You need to figure out how much it's going to cost to get the food, how much it's going to cost in payroll to do the prep work. Ie. If you're selling shrimp, is it deveined or des it need to be cut out? Is the shell still on it or do you need to do that too? How much time is needed to take the shrimp out of the package, clean it, sort it, do any kind of marination or pre-cooking required, and date it? Is it too much for one person to do or are you gonna need an extra person in the back, maybe one comes in later than the first.
You need to think about your electric bill. Guess how much it costs to keep a 5,000sqft building with 12ft high ceilings and a commercial kitchen air conditioned. It's a lot, getting your fridges which will always break down will be another challenge.
You need to create a concept, and figure out what the prep and expenses are and then you'll find out how much business you'll need. Then you can start figuring out where to cut corners,
The other thing you need to be ready for is how much hard work it is. Be ready for teenagers wanting to get high being the reason you have to go to work on 5 minutes notice. Be ready to walk into your fridge that could easily be holding over 10k worth of assets and find out it hasn't been blowing cold for the last 10 hours.
That's still only scratching the surface.
You wanna open a restaurant? Well you can make money but you just have to know that you'll be tied to that business for life and you'll be constantly working. My parents know a couple who runs a successful restaurant and they hardly ever go on vacation they work even when the restaurant is closed because they need to order new stuff do inventory do bookkeeping and administrative stuff it's a never ending task. And if you're not down for that then you'll probably fail because some other person with a restaurant will work harder than you and push you out.
So I’m a waitress currently and from what I’ve heard it takes about 4 years for a restaurant to start making profits because of bills and loans that need to be paid off. It really depends on how successful the business is as a whole. You are going to be one tired business owner though because being a restaurant owner is a huge commitment with work load unless you hire a manager , which you would have to have lots of trust in
mostly in the post covid world it's a risk... a lot went out... a lot more will go out as our government is against small businesses.
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Let's get serious...
Restaurant business only depends on 2 things
1. Quality of service.
2. Hunger of people for new Instagram posts at new locations.
For the first thing you need a better staff
For second one
You need a strong social engagement and exclusiveness
Like events or guest artists or band or anything that can feed the hunger of likes and share of these people
Otherwise it's normal to go out of business
Renovating restaurant every now or then also encourage people to revisit
You can also introduce some reward system for regular or referral customers
If it's in US then forget it. But same US business in third world will sell like hotcakes.
I know because in my country Pakistan lots of people have done this. Open a small branch in US. Register in US like Layers bakery and then open branches in Pakistan and make money off of it.
Plus US laws on food are Kuch stricter than third world country laws. If you can pull this off then you are the Queen of the industry.
PS: don't forget that lots of people despite having less income buy Starbucks in my country just to show off 🤣
Restaurants are coming and going unless you have a Unique Cuisine then you could give it a try, i wanted to give it a try in Uk but there are too many from my home country, so i don't think i stand a chance. But i might like to give a shot to my Romanian Cuisine in US, CA, Australia, or New zeeland. Anything else appart from cuisine you could go for Gym, that would work, or Opening yourself a Construction Company and Getting jobs in Private sector, that is Good Money. 🤷♂️
Profit margin is very thin and there's a ton of places out there competing with you. If you can bring something different (and not just because your mom says so) then it's worth investigating, if you're just another cookie cutter place then you might as well play the lotto.
You can do it if you are smart about it. Know your market, don't put all your eggs in one basket, and don't put yourself in a sink or swim situation with the competition. Like the other guy says, it can take over your life. You have be able to delegate responsibility.
i wouldn't. Probably a bad investment.
you're limited to the number of customers you might have.
Which translates to seats
But there are a lot of folk who love serving food to strangers. weird in my opinion
but there's othr reasons to invest in something besides profits
Nope. You will never have a social life, see your family etc. You will be financially bankrupt, probably have to see your stuff. You will pour you life into something that will most likely close within a year.
No. The problem is if you don't get it right from day one the internet reviews will kill your restaurant in less than a month.
It is really difficult to make a restaurant successful, and triply so if you don't have experience in the business.
A restaurant is probably the worst thing that you can invest in 8 out of ten are gone within a year
It's gonna depend on where you set up i would think and what type. i know Mediterranean cuisine is huge where i live currently.
I'd probably try learning the business top to bottom first. Get a job as a restaurant manager first and see how it goes
It can be incredibly difficult to establish one that lasts, which is why many people instead purchase a franchise.
It’s a 50-50 chance, my friend that was an ex restaurant. Owner said he wouldn’t do it again at these times
No. Tough business, unless you’re just going for prestige.
Very hard competition in the restaurant field. Very expensive. You'd have to already have a fan base to give you a boost in popularity.
Do you have extensive restaurant experience? If not you have no business trying to run one yourself.
NO, they are going out of business here left and right
No, my former workplace did well but I'm sure that place was a laundry
Yes, it is worth the investment to locate and start investing
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