I know starting a business is hard. Would opening a restaurant be worth it in today's economy? Would I make money or just loose it?
Why on Earth are you asking a bunch of strangers in an internet forum? You'd be better of asking someone in your locale.
Is there a need for a restaurant in your chosen location?
Are there other restaurants already there? (competition factor)
Have you researched your potential client base?
Have you worked out rent/wages etc against a potential income stream?
Even in a down economy, some people still have the money to eat out. Whether they will eat at your restaurant or not I have no idea.
You'd stand a better chance of making a profit by taking your capital to Vegas and putting it all on red. Research the statistics on restaurant failures.
I had a similar thought and reviewed it, just don't have the funding to do so.
There is a place right around the corner from me, it has had at least 6 owners in the last 10 years. I found it to be an excellent place that would be best suited for a Breakfast and Lunch kind of place. No serving after 3pm.
I would have the rest of the day. Could serve $3.00 breakfasts and $5.00 sandwiches or grinders, and create a nice profit.
I don't have the funding to attempt it. But, I can see it.
I don't see why you wouldn't be able to do the same. As long as you run efficient and maintain costs, you would do well.
Zaiden, starting a business is a risky venture no matter what the economical climate is. The startling truth is this: 60% of all start-up business fail within the first six months. Of the remaining 40%, most just struggle to hang on. The owners work long hours and essentially have no life outside of their work.
As to if your business would succeed or fail - nobody knows. There's a hundred different factors that come into play.
My suggestion, first write up a complete business plan. When I say complete, I mean complete. Draw out your financials (break-even analysis, profit margin ratio, etc.), your marketing strategy (how are you going to get people to the door?), your start-up costs, your standard operating procedure, etc. etc. Once you have this all done, then and only then you will know if the business has a chance to make it. There are hundreds of plans that you can download. Simply change the information to suit your needs and calculate all the financial information and you should be go.
Most businesses that start out with a business plan have a good chance of making it. If you don't know where you're going, how will you know how to get there?
Do your research and everything will start to become clear.
You must ask yourself a few question before open a business. Why are you doing it? What is unique about your business? What is the operating cost? And finally..location, location, location. A good study case is 5 Guys chain-they are build up so fast in this economy.
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