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Courage to start a small restaurant business?
Please give me courage and confidence to start a small restaurant business of my own..
7 Answers
- Anonymous10 years agoFavorite Answer
The presence of business sense and acumen is essential while starting a business and becoming a successful businessman, whatever may be the kind of business. The restaurant business too, is no exception to this rule. Consistency and quality are the two most essential things which you should inculcate in yourself, in order to become a successful restaurateur. Your initial days in this business might be very tough or hard, and you may have to face heavy financial losses. The main reason behind this is that you would have to compete with the established and famous restaurants in your locality, with very few resources, employees and capital. Reputation is of prime importance in this business as people prefer to go to only those restaurants which offer quality food and a fair deal for the money spent. Mentioned below are some tips on how to start a restaurant business.
Capital
Initial capital is necessary for restaurant business, as this can be used to set up the basic infrastructure of the restaurant. You can apply for a loan from a bank that has a low rate of interest, which will make your initial journey easy. You can buy useful items like chairs, tables, grocery, kitchen equipment, eatables by using the cash credit facility. Choose a good location for your dream restaurant, which will help to increase your business turnover substantially after a few years. The selected location should be ideally in the heart of the city which will be good for you from the business point of view. It is mandatory to secure the essential permissions and licenses in advance for implementing your restaurant business plan from the concerned government authorities.
Designing and Recruiting Staff
Be very particular when it comes to designing the interiors of your restaurant. Have good finishing for the walls and quality flooring such as Italian marble flooring for your tiles. If your budget is high, you can have POP's and artistic paintings for the walls. The plates in which food will be served should be colorful, nice and attractive. You can have a unique lighting system with round lamps fitted in the ceiling. Have a good menu card and try to make available all those food items which people in the nearby locality like to increase your business. While recruiting employees, be very careful because hospitality and good reception is the key to success in the restaurant business. Train your employees in all the aspects related to the smooth functioning of the restaurant like cooking, serving, receiving guests. You should yourself take keen interest in the designing of your restaurant. Make sure that you are not compromising on the quality of your food as this can drive away your customers permanently. Also, you should avoid looting your customers.
- Anonymous10 years ago
Courage is important because restaurants have the highest rate of failure of any business. Banks will not in many cases lend to people looking to start a restaurant because the odds of failure are staggering. You will need alot of courage because you probably will need your own money, a private investor, angel investor, or pay a very high interest rate through a lender that specializes in restaurants. Most of the restaurants I see fail because right from the start the service stinks. I just went to a grand opening of a restaurant and had to wait for 30 minutes for my food....uhhhh well guess what...they went out of business. Good quality healthy food, good service, a menu that doesnt have a gazillion options on it and not too expensive, a good theme, great location, outdoor dining with a view, area where people have disposable income and can afford to go out to eat....if you have all those things you definately will make it.
- NONELv 410 years ago
If you are a good cook, have good management skills, know how to keep food fresh, are friendly, know how to take criticism and use it to make your restaurant better, and keep customers happy while being able to handle the bulk of the finances on your own, you can do it. Restaurants aren't a small business. Although they might seem small, many small restaurants have at least $500k invested if they open in a location where they have to do minimal remodeling. The larger places often have $1million+ invested. Restaurants rely on word of mouth and good service, convenience (sufficient parking spaces, ideal location, etc) and good, fresh food at reasonable prices. You can make $1m+ profit annually, but you can also lose $1+ annually
- Elaine MLv 710 years ago
In this economic time, it's a bad bet. They say flat out that restaurants, small grocery stores and liquor stores are the three worst businesses to start now.
However coffee shops and small bakeries are on the rise and doing fairly well.
Your first step should be to contact your city's small business association (The SBA, they're in the phone book). They mentor new entrepreneurs and can walk you through this free of charge.
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- ?Lv 710 years ago
It takes more then courage. You need Experience in management, cooking, training staff and cash.
Do proper research and increase your odds of succeeding
- 10 years ago
What are you afraid of really? Dont listen to anymore bullshit from negative people. you can do it and it will be tough at first but it will be worth it.