Many young people wrongly believe that if they had the money, they would be able to successfully start and run a restaurant of their own but they are very wrong. Starting and running a restaurant goes far beyond having the money to do it. In fact, it is a known fact that over ninety percent of all start up restaurant fail. This is not because the owners did not have the money for the restaurant but because they did not plan well enough and saves up money for the future. You cannot expect your restaurant to be instantly successful and therefore, it is vital that you have enough money to run the restaurant for a minimum of six months without expecting profits off the restaurant. You also need to decide what kind of restaurant you will have.
Choosing the perfect concept
You need to start well ahead of time by speaking to a number of companies that do hospitality fitouts in Sydney to find out what kind of concept you can go for with your budget. The concept will also depend strongly on the kind of food that you are choosing to sell. While you can have a high end start class restaurant that sells burgers, ideally, for a burger joint, you will want to have a relaxed, vibrant atmosphere in order to attract a younger audience.
A chat with a few club hospitality builder will be able to give you a price comparison between having a fine dining, high end restaurant and a comfortable, casual burger joint or a diner.
It would also depend on other factors such as whether you will be selling alcohol, whether you will have a bar and the cuisine you will be serving. You will need to be very wise when it comes to choosing the perfect location for your new restaurant and this too would depend on the concept that you have chosen.
You will need to make sure that the location that you have chosen has people living around the area as well as parking space for a number of vehicles. Believe it or not, lack of parking is one main reason for restaurants losing a big amount of business. You will need to choose a great catchy name for your restaurant that is short, easy to remember and goes well with your cuisine or concept. You will need to write out a detailed business plan for your new business and look at how it would be financially viable on the long run.