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CHICAGO, July 24, 1998 - Just because people have
to eat doesn't mean they will choose to eat in your restaurant! According
to hospitality professor, bartender trainer and restaurateur, Roy Alonzo,
"A common misperception about restaurants is that they can endure the worst
of economic times and even survive poor management. Restaurants follow
the general business model of roughly 80% failing within the first five
years of their existence. Others do extremely well."
Alonzo acknowledges that no one has come up with a formula that works in every case. "The best you can hope for is that with training, experience, good planning and a lot of hard work, you stand a chance of succeeding." To increase your chance of succeeding, Alonzo recommends learning from the experiences of others. In "The Upstart Guide to Owning and Managing a Restaurant" ($15.95, Upstart Publishing Company) Alonzo shares some of the secrets and success strategies he has developed over many years in and around the restaurant business. Here are a few of his tips for starting smart and maintaining an attitude
of watchfulness to spot potential problems before they blossom into business
failure:
"You needn't be a genius to have a profitable restaurant start-up. You do need common sense, and should be willing to face and accept your own limitations," say consultants and coauthors Peter Rainsford and David H. Bangs, Jr. Success in the restaurant business comes from detailed planning before the first meal is served, according to Rainsford and Bangs. "Since the process of starting a restaurant is long and complex, be aware of the benefits of allowing yourself the full amount of time recommended -- a year or longer -- before making one of the biggest investments you'll ever make (both financially and personally). Using this time wisely allows you to modify your initial idea, acquire skills, discover what will set your restaurant apart from the ordinary and avoid the most common pitfalls." Here's some of what you need to do when, based on The Restaurant Start-Up
Guide's proven timetable:
By writing your restaurant business plan in detail first, according to the authors, you will need to make only minor alterations to turn it into a first-rate financing proposal. "The difference between a business plan and a financing proposal is one of emphasis rather than design. The main focus of your business plan is to enable you to understand and master the complexities of your business, whereas the function of the financing proposal is to show your prospective backers that you not only know what you are doing but will also make their investment as risk-free as possible." Here are some of the ways a banker might be able to help out cash-strapped
entrepreneurs:
Roy Alonzo is a professor of food service management at the University
of New Hampshire, and a food and beverage consultant. He has also served
as partner and general manager of a full service restaurant, managed a
faculty club and campus restaurant. He is the author of "The Upstart Guide
to Owning and Managing a Bar or Tavern."
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Also See:
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Cornell Hotel School will be holding the Restaurant Executives Program / May 1998 |
Foodservice: Counting on Food Courts / Frank H. Andorka Jr. / April 1998 |