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If you have or are currently working in the restaurant industry for a while, you may have started to think that you should start your own restaurant. You see things that you would like to try similar to where you have worked and also areas where you would do things differently. Maybe you have never worked in a restaurant but you love feeding people and want to be an entrepreneur. You should read below for the pros and cons of opening your own restaurant.
Lack of Profits
The first year of owning your own restaurant is the hardest of all. Some brand new businesses do not make it out of the first year for this reason. There is so much money that goes into opening, furnishing and hiring in the beginning, that you are likely to not see any profits at first.
Once you have your menu sorted out, you will need to purchase restaurant equipment that will allow you to cook the food in large quantities. This equipment is generally not cheap, but it is an essential part of the restaurant. Then you need to find nice dining room fixtures.
Lack of Accountability
Going into the restaurant business is really going into the people business. Hopefully, you are good at reading people and their energies. One of the hardest parts of owning a restaurant is being able to trust that your employees will be accountable and reliable.
As the head person in charge, you will need to be able to complete each task that your business requires to be successful. If you have a bartender who is out sick or overslept and will be extremely late, you need to be able to jump behind the bar and make drinks. The same thing goes if one of your cooks quits or you are short-staffed, you have to be able to cook everything on the menu.
Lack of Boredom
A wonderful perk to working in a restaurant and especially owning one is that you will never have a dull day. Each day has the potential to bring a new and exciting experience if you let it. One day you may have a group of bachelorettes celebrating their friend’s upcoming nuptials. The next day could be a biker club that is hungry after a long ride.
In this business, you are sure to meet people from all walks of life who can teach you something new. If sitting at a desk all day is not your thing, this can definitely be a big plus to owning a restaurant. You will have the chance to be spontaneous and branch out of your comfort zone.
Lack of Supervision
If you dream of being your own boss and not having to answer to someone else every day, owning a restaurant is a wonderful way to do that. Of course, there are government policies you will have to adhere to such as capacity laws, food and alcohol certificates, and health department expectations. But besides that, you are in charge.
You decide what the vibe of your business will be, what the dress code is, what hours of operation work best, and what is on the menu. This can be a great thing, and also daunting if you have no restaurant experience.
Lack of Hunger
Most restaurant managers and owners get to eat from the restaurant on a regular basis. Not only that, but you will have the opportunity to do a lot for your community. What will you do with your leftover food? Of course, you can throw it away, but what about giving to the less fortunate?
Owning a restaurant offers you the ability to give back and serve your neighborhood in many ways. You can sponsor local sports teams, hire people to work for you who have not been given many chances, and donate food to good causes. These are all great ways to warm your heart, but it is important to keep in mind that consumers favor businesses that are charitable.