The security of your restaurant is incredibly important to keeping your investment safe. Starting a restaurant requires finding resources for funding, but securing those is more about business sense and plans for financial security. Without a baseline of physical security, you cannot build a thriving business. Here is what you need to know about using security to increase the safety of your restaurant.
As Concordia St. Paul has noted, the commonly held notion that “90% of restaurants fail in the first year” might be a bit exaggerated; the true number is closer to 60%, a common rate for businesses across many industries. While this is encouraging for many prospective restaurant owners, it is important to remember that the threat of failure still exists, especially if a new venture is ill-advised or badly managed.
According to a survey of restaurant owners published on Forbes, it might take three years for an average restaurant to lock in a profit. While some new restaurant owners may already have the resources to fund their new business, it’s very common to underestimate costs and run short.
One of the most common reasons for the failure of new businesses in general is a lack of capital. The restaurant business may be particularly vulnerable to this risk.
Michael Philippou & Victoria Philippou are the Co-Founders of Frozen Fruit Co. Frozen Fruit Co makes FroFru, a revolutionary vegan friendly soft serve made just from fruit and natural fruit sugars.
Please provide some information on your background and how you got into the food business?
Our journey into the food business began back in London, England. We were training as lawyers and as part of this our Law Firm sent us to do an MBA, before we starting our training at the firm. It was during this year that we both met and it planted the seeds of wanting to start and grow our own business.
Of course, we had no idea what business we actually wanted to do and furthermore we were tied in with our law firm in London for the next two years. It took about two years to come up with our concept. We were constantly searching and looking for gaps in the market. However, somehow we always came back to food. [Read more…]
Interview with Restaurant Technology Consultant Stephen Ronnow
What services does a technology consultant provide to restaurateurs?
It can be an array of things. One of my solutions is a “smart management assistant” that acts like a general manager in the cloud. The “GM in the cloud” provides insights to the restaurant that can increase revenue, enhance the guest experience and save time for operators.