Question:
How to start a restaurant business?
Answer:
Start a restaurant business is hard work and not without risks, but it is also an exciting and satisfying challenge and can give you a good income, providing you are prepared to invest a lot of time and energy into making it successful.
Discover how to ensure your long-term success by understanding business structure; register business names; licenses; insurances; and lots more.
Do you know…
- which business structure will best suit your restaurant business needs? Whether startup restaurant as a sole trader, a partnership or a company, the costs and risks are quite different.
- if you have enough money to survive beyond the initial start-up period? This includes financing the purchase of any stock and equipment and paying your general living expenses while you go through the start-up phase. Starting a restaurant business is one thing but to have enough money to keep it going while you get established, is another.
- if you have enough knowledge, determination, and experience to succeed by yourself? If not, will this affect how you structure your business? Owning a business takes a broad range of personal, technical and management skills and abilities.
- if you need a partner to share the costs and risks of operating your business? How much money they should invest in the business and whether they have the right kind of experience that you need?
- registration with the Office of Consumer Affairs will record your business name and help to prevent other people from using it? Do you have a business name?
- the right type of insurance cover for your food business?
How did you do? Be honest! If you answered NO to any of the above questions,
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Ensure your long-term food business venture success.