“Restaurant business is a high returns giving one, I want to open one”.
How often do you hear this statement.
As an owner of a Restaurant I have heard this from a Bank employee to a Software engineer, from a Politician to a Film Star and from a Tendulkar to a Tata.
The fact is, out of 10 Restaurants which opens, 6 gets closed down in the first year itself while 9 out of the 10 closes down in the first 3 years.
In India, after Bollywood, Cricket and Politics, a Restaurant owner seems to be the most popular one. He is discussed among people. Hence maybe the attraction towards having our own Restaurant.
But are the efforts worth it?
Those who have come to me with some Project or the other have been discouraged, warned, tried to show sense behind the business, the challenges involved, but alas have fallen on deaf ears. Each one comes with an amazing positiveness about succeeding and doing something which no one earlier had done.
Often the results after that are frightening.
Some face financial loses, some get into depression loose their confidence while others spoil relationship with their near ones.
Does this mean that Restaurant business is a gamble?
Could we establish some laws which can help us guide or give some basic insights into this Profession.
With the experience of more than 25 years, I have arrived into 5 factors which might eliminate some failure reasons and increase the chances of success.
You might still fail. But this is an attempt to have at least some anchor points which will enable us to go ahead with our plans.
Let’s know about it in the series of next 5 blogs.
If anyone has any inputs on this subject please do share.
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