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Has anyone opened their own restaurant before? What steps did you take for funding and is it better to find a location that already has a kitchen or design your own?

I'm working on a business plan now and I'm wondering about financing options as well as location.

 

Any advice will help thanks in advance!

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22 answers

Restaurants are a very tricky business!  You will want to have some solid market research before you spend one dollar on a location!!!  Even if you think you have a unique concept or you are similar to another thriving business, it takes alot of startup $$ and an amazing amount of time to run even a small coffee shop.  I would gather some info from your local SBA, Chamber of Commerce and Local business associations or Restaurant Assocations.

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Thank you Jane Taff! I really appreciate the advice!

I will look into that.

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I have run a restaurant and it is not fun. Starting with a franchise is easier because a lot of the work is already done. If you do not have restaurant management experience, a great idea, a great chef and a great location the chances of failure are great.  It is a 24/7 job even if you are not open 24/7.  I you call me I will tell you of my experience in the business. Gary Dario 352.509.4060

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Thanks Gary I will give you a call.

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Shaina, do you have relevant industry experience? 

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Hey Cam, somewhat I managed a restaurant for 2 years.

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Shaina,  It all starts with the menu.  This dictates the equipment you need and the design of the kitchen, even the FOH.  You need to be able to serve a menu that has a point of differentiation from the market you want to be in.  Finding a spot that has existing infrastructure, particularly hoods, walk-in and grease traps (if you will be requried to have them) will save you a large amount of cash.  You will definately need some local professional attorney and/or commercial real estate agent with expereince in restaurant leases.  There are many many aspects to these leases that you need to be aware of before you sign up, for example, you will almost certainly be required to provide a Personal Guarantee.  As for financing, you can try SBA, but there is no doubt restaurants are risky and traditional financing is difficult.  You need to have some cash or your own or be able to provide collateral.    

 

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