1. Owning a restaurant is a job. This should be a simple enough concept to understand. Owning a restaurant means you will be at work a majority of the time, especially in the beginning. Do you like weekends, holidays, and your kids' birthdays? What about romantic dinner out on Valentine's Day or attending a fun New Years Eve party? Well too bad, because chances are you get to work those days. Those are work days. Read more about what it's really like to be a restaurant owner.
2. Never assume customers will flock to your restaurant.It takes a certain amount of self-confidence to start your own business, especially a restaurant. And that's a good thing. But don't get ahead of yourself. Opening a restaurant isn't like the movieField of Dreams. If you build it they might come. Or they might just say they will come. Or they might show up once and never come back. I don't mean to sound well...mean, but people will lie to you without thinking twice, if they think that is what you want to hear.
3. Think twice before hiring family and friends Even though there are many successful family-owned businesses, including restaurants, you should be careful of hiring from either group. You change the whole dynamic of your relationship when you become a family member or friends boss.
4. Have a clear business plan. A business plan is especially helpful to those new to the food/restaurant industry. As you research information for your restaurant business plan, you may encounter problems you hadn't considered previously, such as licensing, health codes and tax laws. Read more about how to write a restaurant business plan.
5. Understand the financing options available for opening a new restaurant. Many people dream of opening a new restaurant. However, finding enough financing for a new restaurant can be a major stumbling block for many people. So here is a step-by-step guide for those serious about opening a restaurant. Read more about financing a new restaurant.