Research shows that 89% of café and restaurant businesses fail within the first five years of opening, and yet the successful hospitality businesses are amongst some of the most lucrative businesses in the world! You can often find a heaving restaurant neighboring one that is completely empty; the location is the same, so how can this happen?
The successful restaurant is meeting expectations, whereas the unsuccessful one is not. In short, only one has done their homework! Extensive research and preparation is vital when you start a new restaurant business. It is the only way to lay the foundation for success; and a business management toolkit can be a useful way to avoid the early pitfalls to which many new restaurant businesses succumb.
Of course, as with any new business a suitable location needs to be found, investment and budgets prepared and the nature of provision needs to be determined. … Read More..