5 things to consider before opening a restaurant

I've heard the words "I want to open my own bar or restaurant" so many times in my career. 

Experience
The most important thing you need is experience. If you are lacking in experience, you will need partners or employees with experience. Hospitality as a business is harder than most industries to be successful. In 2018, we saw many established and popular businesses crumble and fall.

I joined my company with the experience of running bars but not a business. We were lucky that while learning how to run a business as we went, we didn't make any mistakes that cost us everything. We came close more times than I wanted, but our knowledge of what we were selling and how we were selling it got us through. With a lot more experience, we now make better decisions.

Don't start by over-spending
With the first site, never spend what you want to spend. There's a cheaper way to do it, and you will run out of money quickly if you don't compromise! Ideally, always spend other people's money when you can. Have a finance partner or a debt facility that gives you a plan B.

Always work hard
Work hard, lead by example and don't get complacent. There'll be time to sit back later as the business grows if you like that!

Gain knowledge where you can
Next, never stop learning. See what your competitors are doing and always question why they are doing these things. Sometimes they don't know what you know and sometimes vice versa but never assume you are right, question everything and then believe in yourself. Most importantly, develop yourself through reading business books, paradigm-changing books, coaching and seminars. Spread them out to avoid burnout.

Surround yourself with experts
Lastly, people - the people you have around you are even more important than you. You can't do it all alone, and you become more and more effective the better the people you have around you. Ideally, all will be better than you in at least one aspect that is critical to the business.

Do it. Don't talk about it as just one day. Set a deadline and do it.

For more expert advice, check out our How To Start A Restaurant guide by clicking here!