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This 5 page Document was uploaded by an elite notetaker on Monday December 21, 2015. The Document belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 7 views.
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Date Created: 12/21/15
Get A Restaurant Loans Restaurant Start Up QuickGuide Email: firstname.lastname@example.org Contents ƒre you ready for the challenge? How much profit should you expect? Franchise or Not? Email: email@example.com Are you ready for the challenge? Firstly you need to be passionate about your business. If you are not passionate about coffee, don’t get in to the coffee business. There are many days when you will question why you choose this route and you will need to be able to fall back on this passion. Are you prepared to work harder and longer than you ever have before ? During Your first few years of operation you will invariably find yourself working sixteen hours per day , six or seven days per week. Are you a multi‐task ? Few industries have as many moving parts. As a restaurateur you will have to wear many different hats. It is not just about serving Great food; you will need to understand Marketing , HR, Finance , the Law etc. Finally don’t forget that the nature of the industry means that you will be providing Entertainment for people on their time off , so you will find yourself working while Your friends are playing. A Scary Stat Restaurants have the highest attrition rate of any type of business. According to Latest figures only 34.2% of hotel and catering businesses started in the UK in 2003 have survived. Email: firstname.lastname@example.org How much profit should I expect to make? A well run restaurant or cafe typically make between 5% and 8% profit. While every restaurant is different, typical after tax sales are distributed inline with the graph below. Email: email@example.com Franchise or Not This is probably the number one question that we get asked by people thinking of entering the food business? Are you better off taking a franchise in an already proven concept or should you develop your own concept? In simple terms franchising involves paying someone else for the right to their concept. So what are the advantages and disadvantages of franchising? The Advantages An Instant Business‐ A restaurant franchise offers you an instant business. You don’t have to worry about the name , the décor , the menu or the marketing. It’s all done for you. Support‐ A restaurant franchise comes with support from the head office. If you have questions or concerns, you can always ask them. This can be very helpful for new restaurant owners, who don’t always know what to do when they encounter certain problems. Better Buying Power‐ Restaurant franchises have bigger buying power. Food and Other inventory can often be purchased far cheaper than your local independent restaurant. Name Recognition ‐Name recognition is a huge benefit of a restaurant franchise. You don’t have to worry about start‐up costs for advertising Email: firstname.lastname@example.org
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