Opening a new restaurant
i want to open a restaurant during retirement which is 4 yrs away. I ofcourse like cooking and have some enterprenureship experience, though not in restaurant business. how can i learn about challenges and tips for running a restaurant. im aware of high percentage of new restaurants failing so want to cover all my bases before jumping in. are there any books or trainings or websites that can be useful ? tc 450
Keep watching Food Network.
I’d suggest moonlighting in the restaurant industry on the side ASAP. I catered and assisted with weddings on the side before I started my own wedding coordinating business and it was super helpful. Also just curious what age you plan to retire at?
Restaurants is really really hard business. Vast majority of customer come in during Fri/Sat and that too during lunch or dinner hour. So rest of the time you are still paying rents and employee salaries but have no business. The one that works better is close to offices and eliminates this issue or very expensive ones that gets marketed extremely well or fast food style very cheap one with thin margins. One of the restantprenuer had mentioned that unless you employ very low paid labor (aka your family and yourself) and willing to butt out 12 hours a day. Startups have better chance of success than restaurants. My advice would be to avoid such high risk business during your retirement.
Yea like 8 out of 10 new restaurants fail within a few years.
Open a food cart first.
TC?
Updated
How long have been making that salary? And what investments or tips do you have to be able to retire at 55 AND have enough money in the bank to start a restaurant? Teach me
I am late 20s and I also dream of owning a restaurant for myself while I have never worked in the kitchen. So I post photos of my food on my IG & nextdoor for private chef appointment. That’s how I am doing now as a side hustle which I also learn about customer insight. Another successful story, two of my friends who worked in tech quit their jobs and open a casual healthy chicken rice. They max out volume by taking orders thru ubereat/doordash... beside onsite customers. The business is going very well just after a year, and going to open more franchises = $$$$.
Call my boy Ramsay. He knows a thing or two.