After my severance package came in I was thinking of starting a business. The only thing I was really interested in was my restaurant. I didn’t know if it was the right time to start my dream. Once I crunched the numbers and planned everything out, it seemed I still wasn’t ready. I decided to just find another job and save up a little more cash before I could make my investment. If you’re thinking about the cost of opening a restaurant, a few of the things you should consider are the location, the equipment, and the menu.
Restaurants need visibility. Especially the ones that are just opening up to the public. No one knows about your product and so you will have to generate interest by being accessible and getting the word out that you’re open. Do you want your place to be a quick dinner off of the highway, an elegant dine-in on the water, or a fancy steakhouse place downtown? Either way, all of these places have to be planned accordingly to make sure you’re pulling in all the traffic you can get. Is the building already setup from a prior restaurant or will you have to have a whole new build out? Renting out prime locations will cost a little more, so be prepared.
Be sure to research all the things you will need for your kitchen area. The grills the oven and other cookware and storage. You must also consider the eating and serving materials, as well as dining furniture. Your electronics, such as cash registers, payment systems, and software will need to install. You will also need an office computer setup to keep up with your accounting system. You will want to be on top of vendor invoices, any financed equipment, inventory and customer payments. I planned to see if I could finance a couple of milkshake machines Seattle WA.
You will need to decide what types of food items you would like to prepare. It’s best to keep a simple menu, especially upon first opening. You will need to get comfortable managing the crowd as well as making sure you or whoever is doing the cooking is comfortable managing several dishes. The menu should be organized and easy enough to follow. It also should be nice to look at, so you may want to set aside some cash to have a professionally created waterproof menu.
Opening a restaurant is a great idea when you’re fully ready. If you’re buying into a franchise that’s a whole different list of things to worry about, but if you are starting your own private place, you will need to at least consider the location, the equipment, and the menu. If you are taking over an existing restaurant layout, it might be a good idea to find out what happened to the last owner before you commit to the spot, in case there is anything you need to reconsider.