Do You Have What It Takes to Start A Restaurant?
When you decide to start a restaurant, you need to ask yourself some questions to determine whether this is the right path for you.
These Four Questions Can Help You Decide!
1. Do you want to work for yourself or own your own business?
While working for yourself does mean having your own business, the distinction is that you’re relying on your skills, talents, or resources for your income. A great example is owning a hot dog cart. You’re working on your own, have a great corner location, and your income is dependent on your ability to serve the best hot dogs in a timely fashion!
By contrast, if you were to choose a restaurant whether it is a full service or fast food you will need a staff to run your business. You’re still working for yourself, but the “thing” is you’re relying on other individuals to work, while you’re putting time and effort into your restaurant. Your income is now reliant on others.
To help you answer questions 2 and 3 Down Load my FREE Strength Assessment, a worksheet that will give you understanding where you belong in your restaurant and who you will need to hire when developing your concept and staff.
- What are your personal skills and talents?
Everyone has marketable skills and talents. By creating a list of your skills and talents, as you evaluate different responsibility’s and opportunities in owning a restaurant, you’ll more quickly be able to assess who you’ll need to hire or acquire to be successful, and if it’s at all realistic for you to start a restaurant at this time. Take everything into consideration. It needs to be a fact-based list without emotion attached to it. Even if you don’t understand how a particular skill or experience could be beneficial write it down. Rate your skills and talents based on how much you enjoy doing each of them:
I LOVE doing this!
It’s not my first choice, but I’m good at it, so if it needs to get done, I can do it.
Neutral, I could take it or leave it.
While I’m good at this, I don’t want to do it any longer than it takes to replace myself.
I’d rather chew glass than do this skill for any length of time; it’s a deal breaker.
Being aware of the skills you can bring to your restaurant and how you feel about each of them helps you make long-term and short-term decisions and set goals. It gives you a clear and definite idea of who you need to hire when looking at what you want to or can do and decide what you can’t and don’t want to do in your restaurant.
- What are your hobbies, passions, and experience?
Owning a restaurant is exciting. Making a living owning your own business you love doing is even better. That’s when your work doesn’t feel like work. For this reason, listing your hobbies, interests, and topics, so you’re aware of niches and industries you have some advanced knowledge in and if they complement the restaurant industry.
There’s no interest that doesn’t count. Here are a few ideas to help you brainstorm.
Hobbies-Do you have hobbies about which you’re passionate? Perhaps you’re a water skier. Are you an artist? Do you play any sports? Do you love to travel? Are you an avid photographer?
Education-Do you have a degree or certification in anything? Do you have a psychology degree? Did you get a certification or training program in something else?
Profession– Are you or were you at any time a counselor? Have you worked as a waitperson? Did you work in a flower shop? Do you have experience in event planning? Have you worked in real estate?
Everyday life– Do you follow the current music scene? Are you interested in politics? Are you a parent? Are you a corporate executive? Are you an E-bay extremist?
These are just a few examples to get your juices flowing. Trust me, if you have something you are passionate about or interested in, there are tons of other people who are, too. There very well may be a restaurant that will be a success for you, so be thorough!
- What are your financial resources?
Financing a business is always considered the deal breaker. It doesn’t have to be! In my 3 Core Component E-book Series, Let your concept Be Your Guide I give first-hand advice on how I started out small(minimal finances) only to grow into the business I had initially wanted within three years
Your first step is to take inventory of what capital you could draw from should you need or choose to.
Then ask yourself: Are you good at managing money?
In my opinion, whether or not you’re natural with managing money isn’t as important as knowing whether you are. So whether you’re “good” or “bad” with finances is less important than whether you have a realistic understanding of your strengths or weaknesses in this area.
If by chance, you tend to be bad with finances, you can be on the lookout for an account that can help you put a financial plan in place.