Restaurant Real Estate Advisors
helps you open a restaurant, lease a restaurant or sell a restaurant at low cost, low risk and high profit.
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.
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…]
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.
Guest Post by Sara Sugar
Making the decision that your restaurant is ready for a POS system can be a hard enough call to make. Add the additional pressure of having to choose the actual system, and it’s no wonder you clicked on this headline. Though not an easy task, deciding which restaurant POS system to implement at your business is one of the most important decisions you will make over the lifetime of your restaurant. Choosing a quality system will not only allow you to quickly and efficiently accept transactions at the point of sale, but it will also improve inventory management, enhance customer marketing, and provider access to sales performance insights for your business.
But since you’ve already made the decision to invest in the future of your business with a POS system, let’s take a few moments to discuss where you go from here.