Elliot Young ⋅ Brooklyn, NY Uniworld International Associates Inc ⋅ 25 years experience

That business is brutal for sure. Learn how to read 3 documents. P&L statement, balance sheet, and cash flow statement. Do when you put your business plan together and submit it they don't see right through you. Also when you pick a location make sure you do an ESRI report so you know who is in your neighborhood. Don't do anything or spend a dime if you don't know how to read this docs and use that report. If near a hotel(s) then add a STAR report. Always hire a professional manager not family or friends. Hire waiters from agencies and always have a computerized order system that takes orders by a tablet or smatphone and prints to the kitchen. Get bevintel or Bevinco it's called now. Squeeze ever dime. Download John Taffers (Bar Rescue) App too it's great for the bar area. Tells you everything you need get turbotap for your beer tap too save you thousands a month. Hope I helped you. Good luck.

David Akre ⋅ New York, NY A NYSE listed financial company ⋅ 25 years experience

If you’ve never worked in a restaurant, do that first. It’s a brutal business. Best of luck.

Robert Rahni ⋅ White Plains, NY Fordham University ⋅ 13 years experience

Hi Kashawn,

Thank you for posing this question. In addition to the valuable advice Bill provided, I wanted to add, it may be advantageous to conduct a business feasibility study and generate a small business plan; I’ve included resources on each important battle plan so-to-speak, respectively below:

https://www.thebalance.com/write-a-complete-business-feasibility-study-3515139

https://www.thebalance.com/a-comprehensive-business-plan-outline-for-small-business-2951557

You’ll find templates/examples of each sub-section/area in the articles. I hope they prove to be helpful as you take the next steps toward owning/operating your small business.

Best of luck!

Best,
Rob

Bill Blair ⋅ Holiday, FL Legacy Venture Group ⋅ 35 years experience

Kashawn:
most restaurants fail within 5 years - banks will not loan $ for an initial purchase -there is no collateral. You'd do better borrowing the $ from family or friends to buy an existing business that has a profitable track record -rather than starting from scratch -a hood, for example, can cost $25k. For the initial investment in kitchen equipt. you could buy a biz in Florida and the owner would finance up to 1/2 the purchase price. if you can't leave the snow up north -call a business broker and get his advice about buying a restaurant - take a minute and research this about financing a biz in Florida
https://imabusinessbroker.com/financing-options-3/
Good luck Bill Blair Realtec Business Brokers