Firstly, you’ll need to obtain a business license. There are various licenses and permits you need in order to open a restaurant business in the US. Most restaurants put a markup of around 300% on the food they serve. You’ll need your stock to be competitively priced, as well as good quality. On average, these are the average restaurant salaries for typical staff members:Īnother important consideration is sourcing your ingredients. In the U.S., the federal minimum wage is $7.25, however this figure varies from state to state. Your staff are an integral part of any business, so when putting your business plan together it’s important to think about how many employees you’ll need to run your restaurant, and how much money this will cost you every month. Initial supply of food and beverages - up to $8,000.Specialist kitchen equipment and bar equipment - up to $115,000.Rent (not including security deposit) - $10,000 to $12,000 per month.Some of the main costs restaurant owners need to consider are: While some premises will come fully kitted out, others will need extensive renovations before they’re fit for purpose, and you may need significant investment in new equipment. Rent is usually charged per square foot, so it is pivotal to assess exactly how much space you will need. The equipment and resources you’re going to need will depend on the type and size of the restaurant you’re opening, and on your proposed premises. Use our custom startup cost calculator to get a better idea of your initial expenses for your restaurant (please note these costs are indicative, and you can alter the figures for your own requirements). If this isn’t an option for you, a solid business plan will boost your chances of securing outside funding. Around 82% of entrepreneurs cover the initial costs themselves, or rely on their friends and family for funding. It’s important to be realistic when calculating your startup costs, and remember that you’re likely to spend a large proportion of your budget before you’ve even opened your doors. This includes details of potential funding requirements, and the general costs for starting and running a new business in the restaurant industry. The most important element of a business plan is the financial forecasting. In order to give your new restaurant the best chance of success, take a look at our guide on managing your startup costs, and how to get your business up and running.īefore you plan any menus, launch any websites or hire any staff, you need to write a comprehensive business plan. food and drink industry in 2018 now boasting a combined annual turnover of $766 billion, there are some potentially life-changing benefits for entrepreneurs who get their business model right in this industry. If you’ve decided to start your own restaurant, you’re entering into a particularly competitive field as the number of restaurants and quick service restaurants and franchises now open in the U.S. In order to ensure you’re not one of the 50% of small businesses that fails after five years, as a new business owner you need to do your research and make sure you’re fully prepared for the challenges that lie ahead. Launching a new business venture takes time, money and a lot of energy.
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