You have an awesome recipe... you love to eat out... you are in awe of some restaurants and wonder how others stay in business... you want to be self-employed... you want to own and operate a restaurant business that's a sure success...
That's a noble dream and it's by all means possible; just do your homework, your due diligence. What do you need to do? It's all laid out for you in Frank Stocco's book How to Open a Restaurant: Due Diligence, which you really should get your hands on. You can also check out ideas and trends at Nation's Restaurant News and other professional publications.
In a nutshell,your homework includes:
- Your concept and vision, menu, restaurant name
- A business plan, broken down by categories (eg. concept and vision, players, key employee needs, philosophy, geographical strategy, and others)
- Financing options
- Site selection; factors and negotiations
- Design team needs
- Contractors needed
- Equipment choices, bidding, purchasing
- Employee decisions, needs, policies, hiring, training
- Grand opening ideas
- And more...