Being your own boss is said to be one of the best things you can do for yourself. You don’t have to answer to anyone else, and you will be in charge of making all of the decisions. You will know what is the best thing for your company, and you won’t have to deal with listening to people who think that know better.
Even though starting your own business will bring you a lot of freedom, it also brings a lot of hard choices and unexpected costs. If you plan on opening a restaurant, you should know that things are not as simple as they seem to be. Unfortunately, the statistic shows that more than 80 percent of these places will fail in their first year, and if you make it past the first 12 months, you may stay in business for decades to come.
The reason why too many places have to put a lock on the door for good is that the owners are not aware of the costs and the things that can go wrong. We believe that we need to worry only about the big things and the fees that we know about. The reality is, there are a lot of hidden costs and unexpected fees that we forget to consider when thinking about the overall budget.
In this article, we will give you some information that will prepare you for opening up your own restaurant and starting your business with ease. Know that the costs and fees may vary depending on your location, so it is always best to consult an attorney or a financial advisor before you make any hard decisions. Working with professionals will save you a lot of trouble, and you will learn how to get things done with ease instead of risking losing your company.
1. Did the previous owner get everything done?
The first thing that you should take care of is checking if there were any issues with the previous owner. Most of us purchase a place that was already used in the same industry, and when we get a deal for it, we believe we’ve tricked the system. The reality is, when companies go bankrupt, not many of the owners take care of all costs and issues they had. You should check all the reports that were previously done, and closely inspect all the contracts. Note that a lawyer will be able to help you out with this, and they can point out if there were any troubles with the place in the past.
It is said that you should also consider doing alien search, and make sure you are not purchasing a place with a troubled history. This will save you a lot of money in the long run, and you will know that no one will come knocking on your door asking for you to pay for the mistakes of the previous owner.
The next cost that we tend to disregard at the beginning is the remodeling that you will need to get done. It is said that you should not invest all of your money on this right away and that you should first check to see if everything is working properly and if you can save up something reusing things from the previous owner.
Know that by talking to a private contractor before you purchase a place can save you a lot of money. Talk to them about the changes that you want to make and how much would that cost. This way, you won’t have to spend tens of thousands that you didn’t plan on, and you will have an idea of how much would the whole project cost.
3. Cleaning and maintenance
Don’t forget that you will need to take care of all the things that you have in your place. If you don’t clean and maintain all the equipment you have, you risk things getting damaged or broken quickly, and you risk losing your permits. It is said that when owners of restaurants don’t take care of their kitchens, they risk losing customers by the day.
Know that for this part, you don’t have to do everything on your own, and there are a lot of places that will help you finish these tasks. According to www.greasetrapsanjose.com, the grease trap cleaning is the most important part of keeping your place open, and if you don’t do that, you risk serious diseases and infections.
You will have to clean the whole space at least two times per day, you will have to make sure there is no dust or dirt, and you will have to thoroughly clean the kitchen as often as possible. Talk to a service that can help you take care of all of these things, and know that this is not the part where you should try and save money.
4. Insurance and permits
Last, but not least, we are going to talk about insurance and permits. If you don’t want to end up losing all of your money, even if something happens to your business, you need to have it insured. Know that this will also help you in case someone decides to sue you, and know that customers sometimes try to be unfair to places, and they try to get money by blaming the staff for doing something they haven’t done. It is said that there are cases where the customer sued the business because the coffee was too hot or because they had any issues in the restroom. Take note of this, and know that when you get insurance, you will save yourself a lot of trouble.
Don’t forget that you need permits for pretty much everything, including the business license, food, and liquor, as well as fire certificates and music licenses. All of these things are crucial if you want to keep your place open, and you need to take care of them at the beginning.
These are some of the things you should be aware of, and if you don’t think you have the needed knowledge or experience, you can always talk to a professional, and ask them to help you out with the whole process. Take things slowly and consider your every move.