5 Ways to Know You’re Ready to Open a Restaurant
Opening a restaurant is a HUGE undertaking to say the very least. There are so many areas to consider, from financing to staffing to picking the perfect location. It’s no easy task, but know that we’re here every step of the way.
At the beginning of your journey, it’s okay to be nervous or hesitant about whether or not you can actually do this. We’re here to tell you that with the right mindset, finances, and leadership, you most certainly can. If you are wondering about whether or not you are ready to take on the adventure of restaurant ownership, consider these five ways to know you’re ready to open a restaurant.
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1. You’re ready to work more than 40 hours per week
Owning a restaurant is a full-time job––often even more than a full-time job. It’s going to require that you work. A lot. Especially in the beginning. More so, you have to be willing to step in wherever your team needs you. Your chef called out sick? Looks like you’re up. Your busser had a family emergency? Looks like you’re cleaning tables. Part of being a restaurant owner means showing your team that you’re a leader.
2. You’re ready to not just be a manager, but be a leader
Let’s get this straight––leadership is a mindset, not a position. Just because you own your restaurant does not mean you are empowering your employees or motivating them to succeed. Being a leader requires strategic communication, accountability, and a positive and empowering attitude. Learn to communicate with and listen to your team. Communicate your expectations and ensure that each team member understands their role. Ask them what their expectations are and try to uphold them in your restaurant. As a team, hold each other accountable for your actions. Ensure every member of your team knows what they need to do and how to do it––including you! Finally, remember that everyone makes mistakes and while we always try to avoid them, we can also learn from them. Maintain a positive attitude to curate a strong team dynamic. It is important to show that it’s okay to make a mistake as long as we provide a remedy.
3. You’re ready to commit to this business for at least 10 years
Business ownership is an investment not just financially, but time-wise as well. To really get the most out of this rewarding experience you need to be ready to commit at least 10 years to your business. That means when you look at yourself 10 years from now, are you able to envision yourself still reaping the fiscal and emotional benefits of being your own boss? Do you have the wherewithal to persist in this industry for a decade? Restaurant ownership is not a sprint, but rather a marathon. While going the distance may seem daunting, it is important to remember that the long-term payout is much greater than other shorter-term investments. When you go the distance for your restaurant, your restaurant will go the distance for you.
4. You’re ready to invest financially (and reap the rewards)
Reality food television often stretches restaurant life as a glamorous way to make a living. We all know there is nothing glamorous about being in the kitchen until 2 am preparing for tomorrow’s rush. Rewarding? Yes. Glamorous? More like a hot mess.
While restaurants can earn a lot of money, it’s important to realize that they also cost a lot of money to open and maintain.
Our premier franchise Mr. MIKES, for example, requires an initial investment of $500,000 and on average up to three percent of revenue annually to maintain. This is due to the fact that if you want to ensure the long-term success of your restaurant you need to have a comprehensive repair and maintenance schedule. In order to uphold the highest standard of quality expected by restaurant patrons, you will need to ensure that all of your kitchen and dining areas are in the best condition with no need for any major repairs. You will also need to factor in other expenses such as wages, insurance, supplies, and more.
While you can expect a high return on investment from your restaurant. You do need to be careful to consider all of your financial obligations so that way you can plan accordingly for the success of your investment.
5. You’re willing to listen & learn
Part of being a franchise owner is listening to your peers who have done this before you and learning from their mistakes and successes.
RAMMP is here to help all franchise owners with 360-degree support program and continued assistance throughout your entire restaurant experience. However, if you want to ensure the success of your endeavor you need to act on these supports and find ways to best implement them in your restaurant.
Opening a franchise restaurant is a great way to diversify your portfolio and ensure your long-term financial success but it is not an endeavor for everyone. Before embarking on this great adventure it is important to make sure that you are ready. Once you are the dynamic team here at RAMMP can help you every step of the way.