How to Become a Restaurant Owner

Video Transcript

"You become a restaurant owner if you love the restaurant business. Number one, you have to be sure about that. Number two, you need to make sure that you're capitalized fully. You have to be, you have to have enough reserve cash to make sure that you can operate for at least six months without any money coming in that door. That is the leading cause for restaurant failure. Things pop up and you have no idea what's going to what's going to happen. You can plan for things. It's kind of like a no-battle plan survives the opening shot and it's the same deal in a restaurant. You have to make sure that you dot all the I's and cross the T's, making sure that you get all of your permits, all of your, you know, sometimes there's a different permit for you to sell beer versus veer, versus wine and spirits. And sometimes it can be tougher just to get your beer permit. You have to make sure that you're complying with all of the employee regulations as far as if you're hiring anybody who is a a minor, you have to make sure you're complying with the the work laws as far as that goes, the time that they can work and the number of hours per week. You want to make sure that you build as great a relationship as you can with your purveyors. When you start out a restaurant, typically you're on a cash on delivery and that can be, that can be quite rough for a lot of people, especially the first couple of orders because you're just getting, you know, you're getting things rolling up. Those'll be quite expensive. You want to try to work out good terms with them, say a two-ten net twenty or two-ten net thirty even where you if you pay within ten days, you get a two percent break, but then your full, you know your full payments due at the end of say the twenty days or the thirty days, which is tough to get. Most places start off about two weeks. You want to make sure that your staff is trained fully before you open the doors. I know that people tend to try to push out they'll they'll pick a date, which they shouldn't do and say we're going to be open on this day and I can understand where the pressures of a, of a rent being due and other money going out and wanting to get the money coming in. It is so important that you get your traf, that they get your staff fully trained, front of the house and back of house and have some soft events. Have some friends and family, have some invite only type of events to try to work through the kinks so that when you do open the doors to the public and Jo Schmo coming off the street who doesn't know you from anybody who's not going to cut you any slack just because you opened, because you've only been open a couple of weeks. You better be on game when when it's time for them to to open up."