What Does It Take to Become a Restaurant Owner?
Gain hands-on experience in all jobs of the restaurant business.
Seek employment in a restaurant and start at the bottom of the career rung. Learn the jobs of the dishwasher, busboy, server, bar back, bartender, prep cook, line cook, host, baker, and any other positions you may find in the particular locale of your employ. Even if you are not offered a particular position, ask if you may volunteer your off time to learn the other jobs. Remember that you are not looking to make a career out of that particular job, but instead you are trying to get a paid hands-on education about running a restaurant of your own. Gaining experience about each job that needs to be filled in your future restaurant will enable you to make good hiring and budgeting decisions in the future.
Take business and hospitality classes.
As a restaurant owner---especially when you are just starting out---you are intricately involved in the back office business work as well as the front food service. You must be able to tell if the food is properly prepared, whether the ingredients are of acceptable quality, and also if your pricing scheme is making you money or causing you to lose money. Although it is tempting to simply concentrate on the business and marketing aspects, remember that a failure to also have a thorough understanding of cooking techniques and presentation methods will leave you at the mercy of your cook and waitstaff. Several institutions of higher learning now offer online programs for aspiring hospitality managers and restaurant owners, and you may be able to combine these courses with your day job at the restaurant; check the Online Education hospitality management selection of schools (link is provided in the resources) for a program that might meet your needs.
Choose your restaurant venue.
Carefully decide what kind of restaurant owner you want to be. You may choose to start your own venue from the ground up. This is perhaps the most expensive and also risky way to go. Conversely, you may choose to purchase an already established restaurant. It is a bit cheaper to go this route, and a perusal of financial reports will indicate if you are taking a big risk or not. A bit of a compromise is the choice of becoming a restaurant chain franchisee. There is still the risk of starting a new branch, but since you are selling a known product, you are more likely to attract and instant clientele. The Restaurant Franchise website (see the link below) offers a comprehensive overview of a variety of available franchises and the initial investment required. Even if it does not answer all of your franchise-related questions, it is a good source to get started and see what is out there.
Get a small business loan or take on business partners to finance the venture.
Determine the startup capital you need to open your restaurant. Prepare a business plan and contact your bank to discuss a small business loan. You may also choose to take on one or more business partners to decrease your personal responsibility for funding your restaurant. A great first source of information on the financial end of becoming a restaurant owner is a visit to the Small Business Administration website (a link is posted in the resources section). There, you may find alternative funding sources and maybe also learn a thing or two about starting your business with government-backed loans.
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