I want to open a restaurant but have no money nor education, what do i do?

Question

I am a bartendre/server now and half of the time I come up with ideas or end up giving advice. I just don't know the financial aspect and I feel I am looked down upon because I am only 21.

Answer 1

I hope you are either a brilliant chef or have a good head for business. No one will give you a loan unless you can sell them on the idea that it will work. Even then it will be hard to convince anyone to take a risk on you.

Answer 2

I think to be easier for you open your restaurant if you are already a chef or have the talent for cooking. If I were in your place and could cook I would start offering catering services. This way you would be able to make the money you need at the same time you make your clients. You could also ask to your clients during the catering work their opinion about their favor dish and use it to make your menu. Now, if you can't cook I would not take the rick of opening a business where the work isn't your field of specialization, or lack of talent.
Most people whom open restaurants without being chefs are investors offering the money needed to open the business and collect their part when the business become independent of a outside investment.
Here in NY we see investors doing this all the time if they believe the person is talented. Robert de Niro and some others famous people have done the same. Investing on restaurant's business by a partnership established with the chef, once in a while we see some news about an eventual split of the partnership and close the restaurants as can be seem on the case of Robert de Niro and his Japanese chef at his Nobu restaurant, this because the chef realized the power he has on his hands by the success of his cuisine and sooner or later Robert de Biro (the investor) has to renegotiate their partnership deal.

Answer 3

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* The Restaurant Business Start-up Guide by Paul Daniels
* Restaurants That Work: Case Studies of the Best in the Industry by Martin E. Dorf
* Restaurant Financial Basics by Raymond S. Schmidgall
* Opening a Restaurant or Other Food Business Starter Kit: How to Prepare a Restaurant Business Plan and Feasibility Study by Sharon Fullen
* Upstart Guide Owning & Managing a Restaurant by Roy S. Alonzo
* The Restaurant Managers Handbook: How to Set Up, Operate, and Manage a Financially Successful Food Service Operation by Douglas Robert Brown

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 4

1) restaurant success has almost NOTHING to do with cooking great food. Just ask Mcdonald's.
2) you need to get out from behind the bar and get on the management track - start applying for assistant manager jobs anywhere you can. The big chain places are really good because they have a system down where you can learn from the leaders.
3) as you probably already know... a bartender can make more than an assistant manager. Either take 2 jobs or prepare for years of living cheap and saving every penny.
4) you will need investors. not just for the money, but also for the business expertise. so as you meet people now, get in the habit of asking "what do you do for a living" and find ways to make friends and keep in touch. Think of yourself as the maitre d' who knows everything about everyone.
5) since you won't be taking vacations or going out partying any more, spend your (limited) free time at the library (it's free) reading everything you can find on business, management, success, etc. subscribe to every (free) restaurant industry trade journal you can, and read them all. Quiz the vendor reps endlessly about what they see, who they know, what's working. Attend every (free) industry seminar/conference you can, and a few that you have to pay your own way to. As you learn new things, find a way to put them to work in your current job. (don't lose you job by breaking HQ's rules though!)

Answer 5

Be patient it won't happen overnight. My girl friend did just that. She started by working as a waitress worked hard learned the business as she went. She worked her way up to assistant manager learning the ins and outs of ordering food handling and preparation. You also need to know how to handle your staff. There is a lot to running a restaurant. It isn't just cooking and serving. How much do you charge to cover the cost of the food, waitress, dishwasher, cook, electric, insurance, and still get a profit. You have to have good contacts to buy your food and supplies as cheaply as possible without giving up quality. And by all means keep the place immaculate, nothing turns off your clientele as quickly as a dirty restaurant or a rude waitress. It takes dedication, long days and nights, understanding and coping with different personalities. If you truly want this go for it but always go slow and build
set small goals to reach your big goal. Many fail because they try to move too fast slow and steady is the way to go. Be thankful for each day, each accomplishment and before you know it your dream will come true.

Answer 6

With no money, you won't have to be burdened anymore with the thought of starting a restaurant or any other like business. Consider yourself fortunate, because without the education to operate a business, you were destined to fail and lose alot of money in the process.

Answer 7

start working in the type of restaurant you want to open... learn how to operate the business while saving money and get connections...

Answer 8

first, look for a rich guy..
second, set up the restaurant with all his money & know-how..
third, outsource ppl to run it for u..
fourth, divorce him and live from the business profits..

Answer 9

Marry a rich chef.

Answer 10

go 2 college