| As a multi-concept restaurant owner and author, I | | | | and worst case scenario. |
| know the sleepless nights you spend thinking of | | | | 3) Prepare a marketing plan that covers at least |
| serving the masses great food or rubbing elbows | | | | the first six months of operations. |
| with your congenial guests in a packed pub. It's a | | | | 4) Lack of capital causes more restaurant failures |
| dream of all smiles, aromas and full tables of | | | | than any other single cause. Make sure you are |
| satisfied customers. | | | | prepared. |
| Reality is much different. People can warn you | | | | 5) Get all the input you can from accountants, |
| over and over about the difficulty of starting and | | | | attorneys, other restaurateurs and anyone who |
| owning a restaurant, but the dream is too strong. | | | | will listen. |
| You will do it anyway. | | | | 6) Location is the second most frequent reason |
| At the very least give yourself a chance to | | | | restaurants fail. Know why and how your location |
| survive. Remember a restaurant is a business like | | | | will work with the demographics of your guests. |
| any other and food has less to do with it than | | | | Notice I don't have anything about "good" food |
| you think. When my first restaurant business | | | | and catchy menus. The fact is that few |
| started off with total focus on serving exceptional | | | | restaurants fail because of bad food. Most food |
| food, I was satisfied customers would soon come | | | | related issues are due to lack of understanding |
| by the dozens. They didn't. | | | | what your prospective customers' expectations |
| Fortunately, I had previous entrepreneurial | | | | will be. |
| experience and a history of running businesses. | | | | Plan every detail. Know your guests and get as |
| My first plan was to re-write the plan. and that is | | | | much help as possible. The hospitality business is |
| the beginning of a long process that should have | | | | difficult. Just ask the owners of the 60% of the |
| started on the day I decided to turn my dream | | | | new restaurants who fail every year. Follow these |
| into reality. | | | | simple guidelines and learn the business before |
| If you want to give yourself a chance to survive | | | | you embark on your adventure in the restaurant |
| here are a few basics; | | | | business. |
| 1) Write a comprehensive business plan. | | | | Improve your odds and keep that dream alive. |
| 2) Include a cash flow statement on a best case | | | | |