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THE SEVEN MOST COMMON MISTAKES PEOPLE MAKE WHEN OPENING UP THEIR OWN EATING ESTABLISHMENT: Part I

restaurantOpening up your own restaurant is not just about finding the right supplies and restaurant equipment like pots and pans. The biggest resource you have is your own shop. Unfortunately, many beginners to the restaurant ownership world make lots of mistakes. I am here today to prevent this from happening.

Below is a two-page list of suggestions to help guide you in your restaurant endeavor. These are all designed to create less headaches and save more money.

1)It’s never a good idea to be skimpy on the business plan. Your business plan is your “living and breathing” wheel of your design. You need to factor in everything. If you are planning on growing at any point in time, you need to have the plans to do so. Within your business plan you need to have specific goals to be accomplished within a specific time period. The more specific and laid out your plans are, the more of a hope you have for getting them accomplished.

Think of your business plan like a seeing cows in a field:

“You and the cattle can wonder all you want within the field. Once you hit the fence, you are done”.

Which is why you need to build a really developed business plan. You also need to be flexible with your time, money and goals. Some goals might not happen right away. It doesn’t mean they won’t happen. It just might take a bit longer. Keep your mind and eyes open.

finding a restaurant2)Your marketing strategy is going to be everything. It sometimes is more important than your whole business plan. You can’t plan your business first, then the marketing. Your marketing needs to be planned first, then comes the business aspect.

Everything about your story needs to be viral. This happens in cases of small eateries going into a larger pond. Say you are building a business with 150 people in mind. This 150 person team needs to be your actual plan, not the customers coming into your establishment. You need to plan for every possible payroll expense out there, from marketing to publicity. Plan ahead and accordingly.

3)You have to be flexible in every way, shape and form. Yes, you do want to stay true to your original idea. At some point though, you are going to need adjustments. Stay as flexible as possible, even if it means rewriting your original concept for the restaurant. Staying flexible will ensure you stay in business a lot longer.

4)Don’t expect your investors to be as happy and crazy about your restaurant dreams as you are. Many business owners learn this lesson the hard way. Hopefully you won’t have to. In some cases, you do have to dial it down. Sometimes showing over enthusiasm is going to turn off a potential investor. Many business owners have learned this the hard way. It’s better to read about their mistakes and learn from them, instead of living through them yourselves.

continue on to page two…..