Okay, so your grandmother makes the best meatballs you have ever tasted and you have had a few restaurant jobs in your past. Maybe you even have some restaurant management experience. So you think “I can do this myself and make tons of money selling meatballs.” Not so quick. With the failure rate of restaurants being alarmingly high, it’s best to stack your deck with as much expertise as you possibly can prior to jumping into the restaurant business.
According to the National Restaurant Association, 30 percent of new restaurants fail in the first year and of those that survive, another 30 percent close in the next two years.
While franchising is an option that provides you with a set of strict guidelines, parameters and training for your operation, there are some inherent drawbacks here, namely that you are subject to someone else’s decisions about how the business is managed. If you decide to go your own way, you might want to consider adding a professional consultant to your operation, at least for the start up phase. You can always tap into that resource down the line as your restaurant begins to mature and different challenges confront you.
What can a consultant help you with you ask? Here is just a short list:
1. Develop a Business Plan. This comprehensive document needs to take into account every aspect of your proposed start up including projected costs and earnings, market analysis, demographic studies and more. Without this document you will never get financing or get the business going on the right path. A consultant will help you draft and perfect a plan for future success.
2. Feasibility Study. A competitive analysis and marketing study is crucial before starting any business, especially a restaurant. A consultant can help guide you through this analysis and help gather the information you will need.
3. Permits and Licenses. A consultant can not only advise you as to what you will need prior to opening but can also help you with the application process.
4. Training. A consultant can help you with policy booklets, training manuals, job descriptions and more, all of which you will need prior to opening as well as each time you hire a new employee.
5. Coordination. There is so much to be done prior to a soft launch or grand opening. A consultant will not only advise you along the way but also help you juggle the many balls you will have up in the air prior to opening. You will not only avoid costly mistakes but also keep your sanity along the way. A professional consultant’s assistance will prove invaluable.
For more information please visit our website at www.thealdierigroup.com or call our office at 661-799-7876. Ask to schedule a free one-hour consultation.