Starting a restaurant is one of the best things you could ever think of doing provided that you have planned it out well and strategized well. It is common knowledge that ninety percent of restaurants fail in their first few months and this is solely because they are not planned out well enough by their owners before they are started. If you are planning on starting a restaurant within the next few months or even within the next year, you are going to want to start thinking about planning for it immediately.
Create a budget
Whether you start a small home based catering business to start with or whether you plan to start a fully-fledged restaurant, you will want to start with creating a budget for it to know how much you will need to start the restaurant and also to run it for the first few months. One of the biggest mistakes that new restaurant owners make is that they budget only for the starting of the restaurant but they do not think about the first few months and this is where they fail. You will need to start by getting pricing for locations, for commercial fryers for sale, for staff as you will not be able to manage it all on your own and of course all of the other small expenses that you will need to incur during that first month. You will also need to make a calculation to see how much you will need to sell in those first few months in order to cover base and cover your basic costs.
Your goal in those first months should not be to make a big profit but to survive and to grow.Usually, things like unique commercial equipment should be available to you on installment or credit basis where you will be able to use the money that you make from the restaurant to cover costs of the equipment. However, you cannot predict that the restaurant will make big profits and therefore, you will need to have money in the bank to back you up in case you do not make profits.Make an effort to start the restaurant with as little costs as possible which means that you will need to do the work of two or even three people in order to avoid hiring another person in those first few months. Once you are established and you are making profits, you can look at the option of getting more people on board to help you out.