What a week I have had perusing restaurant listing after restaurant listing for my client. I would say most of them belong on Kitchen Nightmares, so I decided to start looking for a vanilla box as a second option. And ohhhh what fun that would be to see him do it from scratch, my ultimate dream come true!
To continue the top reasons that restaurants fail in my opinion...............................
#4 Being closed-minded in concept
Be open to new ideas. Any type of business owner always has a dream or a picture in their head of a certain outcome. But just remember to keep an open mind about every last detail. Sometimes what is imagined can’t be fulfilled due to space configurations or other unexpected reasons. The end result just may in fact be better than your original plans you had envisioned. ;-)
This is perhaps the most common mistake for new restaurant owners. Underestimating a restaurant’s startup costs can result in bankruptcy. Having a great concept doesn’t prevent you from running out of money. It is always better to overestimate your costs then underestimate. Common problems during startup may include construction delays or changes demanded by building inspectors. To cover such unexpected problems, money should be set aside for working capital which should cover up to one year of rent. In addition, contingency money should also be set aside for any other unexpected problems that may arise. The norm is to set aside 10%-15% of the total investment required for contingency. A good practice is to remain conservative in forecasting your sales and the amount of investment required. Lower your sales forecast and slightly increase the amount of money required.
If you have any clients that need help with restaurant questions, feel free to send them my way!
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