Sure the economy is sluggish, but some people won't let it get them down. Either they need a job so they decide to open a restaurant, or they know people that want to invest because they want to diversify in such an economy, or they are just plain itchy to make money. After all, haven't you noticed that people are still eating out by the droves. We have to make reservations to eat out or we wait for 2 hours and that's in Minneapolis which isn't that big. One of our main eating areas is in a thriving suburb, Maple Grove. Have you been there? Restaurants galore and they are all full.
I'm working on projects in Toronto, FL, Texas, Virginia, Arizona, Indiana, Illinois, New Jersey, New Hampshire, Minnesota, California, Connecticut, and Maryland. You can see it's happening north south east and west.
So how do they do it? They meticulously micro-manage their cost/sales ratio. But that's after they are open. Before they opened they practiced working up the cost/sales ratios for a hypothetical restaurant. They made projections and considered all the costs, the competition, the location and traffic, the demographic... They did their due diligence which has paid off greatly in this economy and they are the ones that haven't gone under.
Watch for my book coming out in the next couple of months which has everything you need "to do" to be successful at opening a restaurant. But, if you can't wait for the book at least give me a call so I can give you some valuable information, just contact me at National Restaurant Design.
It may or may not be feasible for you, but you won't know until you do your homework and I can help you to know what that is before you stick your money into a win or lose concept and establishment.
Should you open a restaurant? Think about it sure, but start getting information. That's your first assignment.