It is important for you to identify the reason, or reasons, for wanting to start a restaurant business because this will become your major motivating influence and will impact the goals you set for the restaurant business and the risks you are prepared to take in order to achieve those goals.
RECIPE FOR SUCCESS INGREDIENT CARDS
INGREDIENT 1: Starting a restaurant business
Question:
Why start a restaurant business?
Answer:
Some of the many reasons and benefits that individuals have given for going into business are:
To earn a better living/make more money for yourself
If your business is a success, then this may be the eventual outcome, but there are likely to be some hard times in the initial stages.
To be independent and be your own boss
You will be independent, in fact, you may well be on your own most of the time. You will also be responsible for all the decisions and probably most of the work, but don’t think you will be your own boss; the customer is your boss! Without customers you don’t have a business!
To have flexible working hours
You certainly will. Take your choice out of the 24 hours. Being in your own business means working long hours with little in the way of breaks or holidays. You may be able to arrange your time to suit other interests or activities, but somewhere along the way you will still have to do the work!
To be able to develop your own creative ideas
Your ability to be innovative and market your ideas will become an essential part of your business success.
Because you see a need in the market which you can satisfy
This is really a requirement rather than a reason. If there is no need for your product or service in the market, then there will be no business.
To produce a better quality product
If you provide a quality product, you will surely earn a reputation for it and so your business will profit. In today’s competitive market, quality is paramount.
To build a business you can leave to your children
A great idea, but make sure your children agree. They may not be interested in your business; after all it is yours.
Because you love your hobby
Perhaps the reason you enjoy your hobby is because it is a form of relaxation and ‘time-out’ from work. If your hobby becomes your job, will it continue to bring as much pleasure?
Because you always dreamed of having your own business
Dreams can come true, but in this instance, only through careful planning, management, and hard work.
Because it is an alternative to being unemployed
It is a very worthwhile alternative and could turn your life around if properly planned and implemented.
Because you want to try something different
Careful research into the viability of succeeding in ‘something different’ is essential before making a big decision.
It is easy to relate to the comments listed above, however, the question you should be asking yourself is whether your reason for starting a restaurant business is realistic. It will be necessary to have the skills, determination, and drive to succeed against experienced business operators and demanding financial conditions. This requires greater motivation than a desire “to be the boss” or “to work at what I like doing”.
Method:
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