So you’re thinking of opening a business, and you’ve chosen a restaurant. You believe you can turn it into the next big thing – and have it franchised. Sounds simple enough, but it actually isn’t. A lot more restaurants close down before its first year than those that survive. Before setting it up, here are a few things you need to keep in mind.
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| Image source: colourbox.com |
Invest in the best equipment
It may seem counterintuitive, but putting a lot of money in the brand new, top-of-the-line equipment can save you and your business a whole lot of cash in the long run. With the best equipment, you no longer need to buy extra ingredients, or even hire new staff. Consider that staff salary is the biggest expense in the restaurant business, investing in high quality cookware can be one of the best ideas you can come up with.
Stocking vs Overstocking
If by after a week your restaurant still has its old stock of food, then your overstocking. Drinks last a little longer though – more or less a month.
Expansion comes first
You may have mused which was more important – increasing sales or cutting costs. In business, increasing sales always comes first since it leads to expansion. If your restaurant is cutting costs but decreasing sales, then your business is headed in the wrong direction.
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| Image source: rmflagg.com |
Kingstown Capital Management is a freelance consulting firm that provides quality consultancy for business owners. For more on the firm, check out this website.
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