You’re finally going to do it. You’ve done the 9 to 5, and you’re only going to take orders from one person for the rest of your working days: you. Owning and operating a restaurant franchise can be a lucrative business with the security of an already established brand. While your passion and drive are
How to Open a Restaurant with No Money
Opening a restaurant is tough. According to a study conducted by Ohio State University, 26% of new restaurants fail in the first year, and 80% fail within their first five years. There are variety of reasons surmised for these disturbingly high statistics — from inexperience and poor customer service to larger economic woes and the
Employee Turnover: How to Lower Restaurant Labor Costs
Three of the next four employees you talk to in your restaurant won’t be with you this time next year — that is, if hospitality business statistics bear out for your business. Industry turnover rates are at 73%, and it’s more than just the hassle of rehiring that restaurants have to deal with. Restaurant labor costs
How Much Does It Cost to Start a Restaurant?
New ones seem to pop up all the time. That empty storefront that used to be an insurance office — now a bustling sandwich shop. The vacant lot you never thought would get filled — now a Southern-themed family restaurant. Entrepreneurs left and right are looking for opportunities and spaces to build out their dreams
Minority Owned Business Financing and the Restaurant Industry
America is growing and changing, inching ever closer to a true melting pot of people, places, and business — and the restaurant industry is no exception. In recent years, we’ve seen minority owned business continue to flourish, despite obstacles in their way. So, how have things changed in the last decade? What do these changes
Menu Management: How to Control Restaurant Costs Dish by Dish
When times are tight, where do you start cutting restaurant costs? The natural inclination for many restaurateurs is to look at your two biggest expenses — staff and COGS (cost of goods sold) — and slash from the top down, until you can make ends meet. But a savvy restaurateur knows there’s more than one
Cost Control: Managing Your Restaurant’s Inventory and Food Waste
When trying to exert cost control in your restaurant, it can be easy to assume you need to make sweeping changes and that quality will be necessarily lowered in the process. However, saving on or eliminating expenses altogether could simply be a matter of consistency in use and limiting food waste, and there’s no better
A Truly American Service Industry: Veteran-owned Restaurants
According to the National Restaurant Association, there are over 250,000 American military veterans working throughout the food industry, and about 14% of veterans working in restaurants hold supervisor positions. The role of veterans in the industry is essential, and many transitioning from service to civilian life are choosing to take on the great adventure — that
Falling into the GAAP: Generally Accepted Accounting Principles
A good amount of restaurant owners and managers don’t come from strong financial backgrounds. Maybe you started off cooking. Maybe you’re more about the bigger picture brand concept. Maybe you’re all about interpersonal employee communication. But even if you come into the job without a lot of accounting experience, learning how to handle your finances
Practical Magic: How to Navigate Your Restaurant’s Charitable Giving
Bell ringers. Kids going door to door. Countless envelopes arriving in the mail daily asking for your end of the year donations. Even customers and staff get in on the ask. They all want your charitable donation. They probably all represent excellent causes that deserve your support. But you can’t do it all, can you? With
