Should My Family Open a Restaurant?

July 22, 2015

Dear Cathy:

My family would like to open a restaurant. What are some of the things we need to know before we go into this venture? Future Restaurateur

Dear Future Restaurateur:

All businesses are risky but opening a restaurant is a business that is on the top of the list. Over 7 out of 10 restaurants go out of business. Don’t pick a location simply because another restaurant was located at that same spot. 

That might have been the reason the restaurant went out of business in the first place. Was it surrounded by 4 or 5 other restaurants that provided better services than that particular restaurant? Do your research and find out why other restaurants do not succeed. 

The biggest problem with most restaurants is they open their doors and don't even have the menu ready or the chef in place. Before opening your doors have employees trained in customer service; have menus ready; and advertise by using coupons and discounts especially in your local newspaper to draw customers to your restaurant. And don't forget to buy a sign for your car.

If patrons have to go a mile or two down the street and take a U-Turn to come back to your restaurant then they will not want to come to the restaurant so accessibility will be key. Make sure the location is easily accessible from the freeway with plenty of parking in a crime free area. Women especially will not come out if they don't feel secure. 

For more info on how to set up a business read “How To Take Control of Your Own Life: A Self-Help Guide To Starting Your Own Business” – available as an e-book and paperback book.