Is Now the Right Time to Start a Restaurant?
H e r e ' s H o w t o K no w I f Y o u ' r e R e a d y .
S t a rt ing a r e st a ur a n t c a n be a r e w a r ding v en tur e , b ut w he t he r i t ' s a good t ime de p end s on v a r io us f a c t o rs : Ma r ke t D em a nd : A ss e ss t he loc a l dem a nd fo r dining o pt ion s . R e s e a r ch tr end s in y o ur a r e a , incl u ding p o pu l a r c u i s ine s a nd dining e xp e r ience s . E conomic C ondi t ion s : C on s ide r t he economic clim a t e . I n t ime s of economic g r o wt h , p eo p le t end t o sp end mo r e on dining o ut , w he r e a s r ece ss ion s migh t le a d t o r ed u ced di s c r e t ion a ry sp ending . C om p e t i t ion : A n a l yz e t he com p e t i t ion in y o ur a r e a . A s a tur a t ed m a r ke t migh t be ch a llenging , b ut u ni qu e conce pts c a n t h r i v e e v en in com p e t i t i v e en v i r onmen ts . C o sts a nd F u nding : E v a l u a t e y o ur fin a nci a l s i tu a t ion a nd t he a v a il a bili ty of f u nding . R i s ing co sts fo r ing r edien ts a nd l a bo r c a n im p a c t pr ofi t a bili ty .
I f y o u h a v e a s olid conce pt , a cle a r b us ine ss p l a n , a nd t he r igh t m a r ke t condi t ion s , i t co u ld be a g r e a t t ime t o st a rt ! H e a l t h a nd Sa fe ty R eg u l a t ion s : S t a y info r med a bo ut a n y he a l t h g u ideline s o r r eg u l a t ion s t h a t co u ld a ffec t o p e r a t ion s , e sp eci a ll y in ligh t of r ecen t glob a l e v en ts . P e rs on a l R e a dine ss : A ss e ss y o ur p e rs on a l p a ss ion , s kill s , a nd r e a dine ss t o m a n a ge t he dem a nd s of ru nning a r e st a ur a n t .
H OSP I T A L I TY N E WS A PR | Pa ge 65
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