Thanks to shows like Food Network Star, Chopped, and other cooking shows, owning a restaurant has been elevated to a way to reach stardom instead of a regular job. When you see what the other chefs are doing, it can be straightforward to forget the physical activity, stress, and high blood pressure that can come with owning your own restaurant. From the fast pace, which certainly gives you your exercise and quota of physical activity to help prevent heart disease to the chance that your refrigerator and freezer will stop working in the middle of dinner service, running a restaurant is hard and not for the faint of heart.
However, if you love to cook and have always dreamed of owning your own restaurant one day, just the act of getting to realize your dream and the physical activity it involves can help improve your health and put a smile on your face. But, how do you know when you’re ready? Read on below to find out.
You’re ready to quit your day job and be self-employed.
The biggest sign that you’re ready to start your own restaurant is that you’re ready to quit your day job and become self-employed. Ask yourself these questions to ensure you’re ready. Are you the sole breadwinner in your family? Do you have health insurance to cover your family if you quit your day job? Can you afford not to have a paycheck coming in until your restaurant opens and you’re making money? If you can answer these questions comfortably and know how you’re going to accomplish it all without a full-time job, then it’s time to follow your dream.
You have a solid business plan.
Opening a restaurant is more than just purchasing an oven and a reach in refrigerator and opening the doors; you have to have a solid business plan in mind and writing. While you’re certainly going to need a commercial kitchen along with a commercial refrigerator and freezer with a compressor that works well, you can’t get lost in your dreams of stainless steel refrigerators and freezers and forget to write up your business plan whether you’re opening a bakery, a diner, or a gourmet restaurant you have to have a plan. A solid business plan forces you to outline things like your budget and things that could go wrong.
You know your location.
Choosing a location for your restaurant is one of the most crucial signs that you’re ready. If you already know what location you’re going to put your restaurant in then, you’re about ready to get started. Just remember that the wrong location can kill a business like a restaurant before it even gets started, so you need to do your research and be certain you’re making the best possible choice. During your research, keep in mind accessibility to the eatery, local competition in the area and on the same street, and how much it will cost to rent or purchase the space.
You know who you’re going to hire.
While it may be tempting to do so, unless they’re going into the business with you as a partner, you truly don’t need to hire family and friends to work in your restaurant. Too many things can happen, feelings can be hurt, and you can be left in the lurch with no one to help you come opening day.
These are a few signs that you can look for that will tell you if you’re ready to open your restaurant or not. Remember, location is key, and a solid business plan is necessary if you hope to succeed in the restaurant business.