Opening a restaurant often appears to be the next big step for a professional in the food industry, and successful restaurant owners can obtain fame and wealth. However, it is true that success in the restaurant business is challenging, and many who have tried the business have failed. Thus, before a potential owner opens a restaurant, he must compare the pros and cons about opening a restaurant.
Transforms One’s Dream To Reality
People who have the passion for the culinary arts have the possibility of turning it into a career. Many individuals constantly complain of a daily 8-5 routine in their day jobs. Instead of just continuing work as a way to get by, people who believe they can be restaurant owners can start the first step of turning their passion into a business. Opening one’s own restaurant provides the financial freedom as well as the opportunity to pursue one’s passion in the exciting world of culinary arts. If you get excited by food or even stainless steel commercial kitchen equipment, a restaurant business may be right for you.
Dining Out Has Become the Trend
Workers who handle food service grew dramatically from 155,000 in the late 1970s to around 900,000 in 2009. This growth, according to Entrepreneur, is projected to proceed as people become more busy and they tend to eat out compared to preparing their meals at home. Thus, opening a restaurant at the right location can bring money to the table. Moreover, successful restaurant owners become icons in their own respective communities.
Increasing Your Personal and Professional Network
A restaurant is a business that inclines towards people. It is perfect for business owners who derive pleasure in meeting other people and growing one’s network. A majority of restaurant owners often converse with patrons and ask about their experiences when they dine in the restaurant. Individuals who are a “people person” delight in meeting new acquaintances on a regular basis. Thus, opening a restaurant is a great venture for one to explore.
Restaurant owners must have the multitasking abilities to oversee different facets of the operation. Restaurants have people who work in the kitchen area, while others are into customer service. There are instances when both of these departments are understaffed, especially during peak hours. Thus, restaurant owners who are good in multitasking are perfect for this business.
50/50 Success Rate
Opening any kind of business does not guarantee success. This is even so with opening a restaurant. It is a sad fact that many restaurants have to close their doors within the initial years of operation. Whenever a successful restaurant owner meets someone who dreams of being one, the latter often gets excited and tells the former that it is so much fun being an owner. Having fun is a relative statement. Being a restaurant owner might be considered as a calling. People who think they can be restaurant owners often are unprepared when it comes to the stress and amount of work that comes with being an owner.
Ease of Operation Depends on Type of Restaurant
Choosing the kind of restaurant also has its own pros and cons. An owner who buys a franchise will obtain benefits from operating a proven business model. However, he cannot change the operating procedures. On the contrary, if an owner opens a restaurant from scratch and buys a stainless steel commercial kitchen equipment, he often manages his restaurant the way he wants to manage it. However, he might the disadvantage of finding regular clients and will have hardships in establishing the brand.
It is not easy to operate a restaurant business. Owners must be well-versed when it comes to proper equipment to be bought and must have above-average knowledge when it comes to handling food as well as knowing legal health codes. Owners have to conduct a market research as well as a feasibility study in order to see if a specific specialty, which could either be Italian, exotic, Filipino, or Thai cuisine are accepted by individuals in that specific area.
Very Time-Consuming and Very Competitive
Opening a restaurant can be very time consuming. A person who acts as owner and manager is required to be in the vicinity before the restaurant opens and be there after closing hours. It takes time to set up and prepare a restaurant. Moreover, closing time requires submission of reports in order to check if the restaurant makes or loses money. An owner who does not spend a significant portion of his time in to the business will rarely succeed in the venture.