Owning A Restaurant

(The Good, The Bad and The Ugly)

Owning a restaurant can turn out to be a very lucrative business. Initially, most owners work very long hours. However, the truly successful restaurant owners build a business that runs whether they are there, or not. Unfortunately, many rookie restaurateurs don’t own a restaurant, it owns them. They haven’t started a business, they’ve bought a JOB.

(To read how I turned owning a restaurant into quite an adventure click here)

Tips For Owning A Restaurant

owning a restaurantInitially, the owner must make sure every detail is in place. For example, things like items to be ordered, customer and staff complaints, and staffing schedules. Bookkeeping, maintenance, government compliance, advertising, marketing, promotion, etc.

Many first time restaurateurs wish to add the personal touch to their business. They are there to greet patrons, help in the kitchen, and make sure the operation is EXACTLY what they want. Other veteran restauranteurs try to stay out of the limelight and let the business create its own unique identity. The choice is totally up to the individual.

Owning a restaurant means you have a project that is never complete.

The life cycle of most establishments is just a few years. Many restaurant owners don’t realize they have to be constantly updating and refreshing their customer’s expectations and experience. If a customer comes back a second and third time that’s great. That is called repeat business. When a customer comes back 20 or 30 times, they will expect to see something changed, updated or revitalized, or they will become bored and go elsewhere.

Owning a restaurant is not for the faint of heart.

Successful owners realize their operation is either getting better, or declining. There is no middle ground. Realize that your new business will need your constant attention. It is an important consideration when deciding whether or not you’ll be owning a restaurant sometime in your future.