First Decide if Business is For You Before Deciding on the Restaurant Business

If you are considering going into the restaurant business there are an enormous amount of factors that you will have to deal with. In this series of articles we will start from the beginning and follow through to opening.

The first thing you need to consider is if going into business is really what is right for you. Lets look at why you think you want to go into business in the first place.

The most common reasons for thinking about a business are:

1. Tired of working for someone else and want the freedom of being able to set your own schedule.

2. Want to make a lot of money.

3. Hate paperwork.

4. Looking for something more secure and stable.

5. You have just lost your job or retired.

6. A financial advisor or accountant said you should open a business.

7. A friend or family member has opened a business and is successful.

8. Want to spend time with your family.

Let me try to clarify some of these reasons for you:

1. Your schedule as a business owner is that of the business. Calling in sick isn’t an option.

2. Businesses are risky. Yes, you can make a good amount of money, but a large percentage of business fail for a variety of reasons and you can also lose your shirt.

3. You had better learn to love paperwork, or at a minimum find key personnel that love it.

4. Security and stability is found in blue chip stocks and government bonds, certainly not in businesses.

5. Your financial security is paramount in making it in today’s business world. If you are just looking for something to keep yourself busy pick up golf.

6. You should find a financial advisor that is out for your best interest not their continued employment. A good financial advisor would warn you of the risks of business.

7. Success in business is not infectious or contagious.

8. A vacation would be a great idea if you want to spend time with your family. A business would not only create a separation, but it can become totally consuming.

Still with us? Well that is just some things that you need to look at before you consider even thinking about going into a general business. The food and beverage business is even more demanding than almost any other. The restaurant business is one tough cookie.

The next installment will deal with the restaurant business in more specifics.



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