Here is a great story about two brothers who decided to start a restaurant and have managed to pull it off successfully.
There are two great lessons in this story that every aspiring restaurant entrepreneur can learn from and should take note of if they want to reach the same goal.
The first is that if you are smart and determined you don’t need a ton of money to start a restaurant. You do have to make certain decisions that support that goal, such as not having a super fancy interior makeover and using used equipment instead of new and not getting the A location you were hoping for but making the B or C location you can get work for you.
If you are serious though you can do it and find success and then you can always upgrade later or open a second location that is more in tune with your true desires.
Here is the first part of the article:
When jobs are tough to find, some people create their own.
That’s what brothers Tim and Steve Moody did after both lost their jobs due to company downsizings.
With help from sister Linda Moody-Ivey, the brothers launched Momma Mary’s Navajo Tacos on Springfield’s west side, using their mother’s recipe for the authentic Navajo frybread they grew up with.
“The toughest part was the very limited financing we had,” Tim said, recalling the Thanksgiving Day launch of the restaurant. “We opened with only $8,000 to work with. We do everything on a real tight budget. We’re doing this on a wing and a prayer.”
The restaurant concept — a Native American theme mixed with artifacts from Route 66 — has been a hit.
Sales doubled after the siblings could afford to advertise, and they’re already thinking about adding more seats.
As you can read, they are already growing and building on their initial success. A lot of people in their position (very limited funds) might have given up or decided to wait until they had more money to start. The thing is, however, that time might not come. The other thing is, if you’ve only invested $8,000 then you have less to lose if it doesn’t work out rather than investing $50K or $250K and having that not work out.
Not working out really wasn’t an option, however, for two reasons. One is that if you work it hard enough it will work out one way or another. The second is that if you have a solid restaurant business plan worked out, like they did, then you can be a lot more confident when you go in that you will be able to make it work.
Here’s the second part of the story:
Start with a plan
Their success is a reminder that someone with a good sense of what people want can turn that into a thriving small business.
According to statistics from the Small Business Administration, more people in Greene County received SBA startup loans last year than in the previous nine years as they sought to become their own bosses.
“Our requests for counseling are as high now as ever,” said John Fleming, past chairman of SCORE, a volunteer group that works with the SBA to help small businesses get on their feet.
(SCORE originally stood for Service Corps of Retired Executives. It kept that name but has expanded in scope.)
“A lot of people we’re seeing are people who have to have some source of alternate income, either because of a layoff or their company shut down.”
Starting with a plan will dramatically increase your chances of success. The reason is simple. You can work through a lot of the decisions and problems on paper, for free, before committing to the idea.
There will be plenty of unforeseen problems and decisions you have to make anyway- leaving the ones you could have made ahead of time undone and trying to run the whole thing by the seat of your pants virtually guarantees you will spend more, accomplish less and take twice as long getting there as if you had a plan and those overruns of time and money are usually enough to bankrupt just about any project before it gets off the ground or shortly after it opens the doors.
You don’t need a ton of money to get started in the restaurant business but you do need a business plan that proves you can make it work and a financial plan that makes sure you spend the money you do have wisely. Put these elements together with a will to succeed and there really is no way you are not going to make it if this is truly what you want to do.
Quoted Article Source Link: Google