3 answers

As a possible restaurant owner what made you take that leap of faith and actually open your business?

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100% of 3 Pros

3 answers

Michael’s Answer

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I ran a restaurant for a number of years as a secondary business. I took the leap because I needed an investment vehicle and tax shelter. It's a tricky business. There is a great deal of competition. Our space was around 4000 sq feet so we did a number of things to drive business into the space. Our location was in Las Vegas Nevada so we were open 24 hours. We closed two days a year. At night we would have live music, and that was a draw for us. The hardest thing for us was driving people through the door, and it turns out that designing a menu and running the kitchen is a bit tricky.

If you are thinking you want to open a place, expect that things will start slow. You will likely run at a loss for the first year as you become known in the community. If your space allows it, there are different things that you can do to drag people into your place so they get to know it. Expect that you will spend a great deal of time at your business. Small businesses take a huge amount of time, and frequently the owner is the catch all for all the things that others can't or don't want to do.

Finding employees in some markets can be difficult. Have you thought about who you would hire? Do you have people you know you can count on on that list? Sometimes family members are not as reliable as you would like them to be. I hope I gave you a few good tips.
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Don’s Answer

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Hi Jordan,

I haven't actually opened a restaurant myself, but here is a great website that gives you information on what to think about:

https://www.webstaurantstore.com/article/40/how-to-start-a-restaurant.html

I hope to possibly open one in the future, and I think the key thing is to really do your research on the people that live around it, and will they come to it frequently. Also look for investors that think it is a great idea as well to help make it a success.

Good luck in the future!

Don

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Michael’s Answer

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For me it was about being my own boss. It was the hardest and most rewarding thing I ever did.
But be prepared. Ownership comes with so many challenges. YOU are responsible for everything.
And best advice....

The fastest way to make a million dollars in the restaurant business...
Start with two million.

Be smart. The margins are slim. And there are a lot of ways to lose money.
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