Money, money, money. It’s part of what makes the holiday season so challenging and fraught with anxiety for so many people — small business owners and restaurateurs especially. Even if you’ve just had the best year of business yet, profit margins are small and the coming months are looking unpredictable. And then there’s bonuses. A
Second Life: How to Start Planning for Your First Restaurant Expansion
Whenever a restaurant finds success and a solid customer base at its original location, the idea of expansion usually starts creeping into the restaurant owner’s mind. Expanding into a second location has its pros and cons, depending on the health of your business right now and the strength of the market at large. Opening a
How to Avoid Clashing with Your Restaurant Business Partner
Somewhere in-between “Two heads are better than one” and “Too many cooks spoil the broth” is the secret to a perfect restaurant partnership. As owners, it can be frustrating at times to have to deal with not just employees, vendors, and customers, but also the demands of a partner to whom you owe your loyalty
Buy or Lease? How to Know What’s Right for Your Restaurant
It’s not controversial to say that owning a restaurant is a very expensive proposition. There is an enormous amount of expense and a very thin profit margin — often as little as 5 percent — so managing every cost down to the penny is critical for success. This is especially true for restaurants just starting
Open Book: Building an Open Culture for Your Restaurant Employees
Who wants to talk money? Often enough, the answer is nobody. Especially not when it comes to profit and loss at someone’s restaurant. But the reality is, so many of the decisions you make every day as a restaurant operator comes down to how that choice will impact the financial success or failure of the
How to Calculate How Much Money a New Restaurant Might Make
The idea of opening a new restaurant can be daunting. On top of finding and securing a location, executing an interior design, and finalizing the menu, you also have to set realistic revenue goals, decide how much staff to hire, and plan out your overall finances. Every new restaurateur needs to plan ahead for their
The Difference Between Sales, Revenue, Profit, and Cash Flow
All too often, we are at a loss for words when it comes to talking finances. It’s no surprise. Money is one of those few things our mothers told us was impolite to discuss in public. More than that, discussing money can make a business owner feel vulnerable and open to scrutiny — especially if
7 Hidden Pockets of Profit for Your Restaurant
Figuring out new ways to increase your restaurant sales is a big part of what it means to be a successful manager. Your team looks to you to direct their efforts. Your owner (if you are not one yourself) looks to you to increase their bottom line, but identifying profitable ideas that organically build on
Does Your Restaurant Have the Right Insurance?
Getting your restaurant running can be an exciting time for a new owner. Every decision seems like a new adventure, and one step closer to achieving your dream. However, it’s easy to become overwhelmed when it comes to your new restaurant’s insurance. And it’s just as easy to push off setting up the right insurance
When Should Restaurant Owners Pay Themselves?
Owning a restaurant business is tough. It requires long hours and what can feel like an indefinite hiatus from what used to a more “normal” life. In many cases, it’s not uncommon for restaurant owners to go without paying themselves a full salary — or anything at all — for an extended period of time. Being
