RSS
Home
Develop a plan for your restaurant
Print
Email
RSS
Subscribe
(Author's note: This is the second of a three part series on 'So you want to own a restaurant'.)
There is an old saying in the sport of yachting that the to happiest days in a sailor's life is when he buys a boat, and when he sells it. Having owned numerous boats I can attest to the comment and it is true.
And, having owned an equal number of restaurants I can also attest to the fact that the same holds true for the restaurant business. The two happiest days fit the buying and selling scenario perfectly.
I believe that everyone should own at least one of each - preferably at separate times – in one's lifetime. The adventures that both a sailboat and a restaurant offer are very similar. Rough water, smooth sailing, constant maintenance and repair, difficulties in finding both crew and staff and of course the ups and downs of both rides offers such intestinal and financial flutter that the feeling frequently turns to nausea. And coincidentally, when seas are choppy it is difficult to sleep.
That being said, I am sure the person whose course is set on owning a restaurant will not be swayed anymore than I was by the fact business is tough. It offers no fancy frills and profitability is as distant in many cases as sailing through the Panama Canal.
Gilbert Sonet has owned three restaurants in San Francisco's east bay. His track record with his French eateries is impressive.
"Restaurants are about being social. The people you work with, and the people you meet. The thin I loved most about being an owner is that I never got bored. I always could grow and change and do something exciting." Sonet said.
Today Sonet sells restaurants. And, he thinks the future for the American restaurant owner is bright. "Things have changed. Americans are willing to try new things. In France it takes forever for people to change." "Ten years ago everything here was sweet. The coffee, the bread. Everything. But today things are saltier. More savory. It's great."
Today Sonet is a restaurant broker. And, he believes that ownership is a great profession.
The most important part of the journey, just like a sailing adventure is to develop a plan. Now more important than a business plan, which anyone can write these days, you will need a personal plan that you develop and adhere to. Although the captain of a ship communicates with his crew he does not necessarily explain everything to them at the onset of a journey. Within your plan you will need to find a location, and as I said yesterday there are three ways to acquire space.
Once the location is set and the lease is negotiated you will need to create a concept. Many people develop their concepts first and then look for space. This works for some but in most cases a neighborhood demographic will decide the concept for you long before you even have a chance to open the door. That is why I am a firm believer in first finding space and then creating an idea to fill it. If you look at any neighborhood in most cities you will find an array of food styles competing with each other, usually successfully. You need to assure yourself that your concept and menu will appeal to the neighborhood and those who make the neighborhood a destination.
When you finally decide on a concept the cost of development is another factor to weigh before you announce to the world you are going to compete with Ted's Montana Grill. There is nothing more frustrating for an owner, the staff, and a clientele than a half completed concept. Make sure that you have adequate financing to complete your project before you start or else your days will be spent raising money. And that takes times, diligence, focus, and money. The process can eat up your nest egg faster than you would believe.
Do not try to force a concept. If you have a them in mind but it just doesn't seem like it would work in the space that you have just signed a lease on, develop another concept that will work in that space. I opened a restaurant once in San Francisco and the concept did not fit the neighborhood. I knew that from the beginning but I opened it anyway not listening to of all people, my landlord. It didn't take me long to sell the place and recoup my money but the journey was treacherous.
Listen to you advisors. You don't need to implement their advice but absorb it. It may come in handy later.
And finally remember, a concept is more than a look, a menu, or a food style. The three elements come together to offer a central theme, a design and ambiance that flows together and pleases the customer, the staff and your investors.
Just like any other journey, owning a restaurant is a trip that often offers trouble but is well worth taking. Plan a course of action, find a space, create a concept and you are ready to shove off on an adventure of a lifetime.
If you want more information on the restaurants Gilbert has or sale you can contact him at :gilbertsonet@gmail.com
Tomorrow: Raising money through your exit plan.
Related Articles:
Add a Comment
Stress is a monster. Having to deal with it, to live with it, and to focus on work or business, while grappling with it, often changes the way one …
t's almost like we are feeding horses. Value oriented customers are analyzing ounces and piles of potatoes while making a decision on where to …
