Owning a restaurant takes luck, hard work, and a willingness to take risks. Most restaurants fail, and the ones that stay around don’t make a profit before three years. It takes significant planning and investment to get started, and once you’ve started, you will have to pour in more investment and work to keep it afloat. The first step in starting your own restaurant is to devise a plan. Your plan should consist of a food concept or general idea of how you will present your food and what you menu should be. Next, analyze the costs of starting and operating your business. How much will you need to invest to get started, and when can you expect to see a profit? After you have a basic cost analysis and a location, you can craft a business plan, which organizes all of your balance sheets and statistical analysis into one coherent layout.
Once you have a plan, you have the key to your whole operation. Next, you can start sorting out all the legal aspects of your business—complicated issues like zoning laws and business licenses. Only after you have a plan and all of the legal aspects of owning your own business can you seek funding for your project. Investors want to see planning and commitment.
Ashton Cobb, an NFL free agent, is training for the opportunity to join a professional team. In addition he plans on becoming restaurant owner living in Lexington, Kentucky when he is finished with professional football.
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| Ashton Cobb |
Once you have a plan, you have the key to your whole operation. Next, you can start sorting out all the legal aspects of your business—complicated issues like zoning laws and business licenses. Only after you have a plan and all of the legal aspects of owning your own business can you seek funding for your project. Investors want to see planning and commitment.
Ashton Cobb, an NFL free agent, is training for the opportunity to join a professional team. In addition he plans on becoming restaurant owner living in Lexington, Kentucky when he is finished with professional football.
