Q: Is this a bad time to start up a new restaurant with a slow economy?
Q: Is this a bad time to start up a new restaurant with a slow economy?
More important to the potential success of a restaurant than the national economy, is your local economy. While the national news bombards us with doom and gloom messages of recession and job loss, the unemployment rate is still relatively low, and particular cities have economies that are thriving. An example would be my city, Wichita, KS. Our economy is driven by the aircraft manufacturing industry. Local aircraft manufacturers have booming business right now, and it radiates through our economy, which is very strong.
Regardless of the general economic picture in our country, there is opportunity to make money out there in the restaurant business. The industry will grow this year, as it always does.
There are restaurants that won't make it through the year. There always are. They will blame the economy, cheap customers, thieving employees, greedy vendors, gas prices, and everything else you can imagine, except themselves. You can't base your opportunity on the experience of others. We all have our own individual challenges within our businesses. You have to evaluate your situation seperate from anyone else and determine if there is still opporunity there for you, and whether or not the risk is worth it.
Q Is this a bad time to start up a new restaurant with a slow economy - To learn more about this author, visit Brandon O'Dell's Website.
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Slow economies have traditionally been very good for quick service restaurants. Eating out is usually the last part of the budget that a family sacrifices on. They do however change where they are eating out. Restaurants that offer exceptional value benefit from the increased consideration of value in the decision making process of a family or individual.
More important to the potential success of a restaurant than the national economy, is your local economy. While the national news bombards us with doom and gloom messages of recession and job loss, the unemployment rate is still relatively low, and particular cities have economies that are thriving. An example would be my city, Wichita, KS. Our economy is driven by the aircraft manufacturing industry. Local aircraft manufacturers have booming business right now, and it radiates through our economy, which is very strong.
Regardless of the general economic picture in our country, there is opportunity to make money out there in the restaurant business. The industry will grow this year, as it always does.
There are restaurants that won't make it through the year. There always are. They will blame the economy, cheap customers, thieving employees, greedy vendors, gas prices, and everything else you can imagine, except themselves. You can't base your opportunity on the experience of others. We all have our own individual challenges within our businesses. You have to evaluate your situation seperate from anyone else and determine if there is still opporunity there for you, and whether or not the risk is worth it.
Q Is this a bad time to start up a new restaurant with a slow economy - To learn more about this author, visit Brandon O'Dell's Website.
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 Q: Is this a bad time to start up a new restaurant with a slow economy?
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 Brandon O'Dell (Visit Brandon's Website) Brandon O'Dell is an independent food service consultant and owner of O'Dell Restaurant Consulting. O'Dell Restaurant Consulting offers general consulting services to restaurants, colleges, private clubs and most other food service types. Our focus is on helping business owners create operational systems within their businesses that help them become more profitable and earn more free time. Work to live, don't live to work. Areas of specialty include teaching owners to price by gross profit instead of budgeted food cost percentages, and helping them develop unique selling points and implement emotion based marketing tactics. Please visit our blog at b log.bodellconsulting.com for articles, Q&As, conversations and best practices. You can also learn more about our services through our website at w ww.bodellconsulting.com. Brandon O'Dell O'Dell Restaurant Consulting b log.bodellconsulting.com ww w.bodellconsulting.com brandon@bodellconsulting.com office: (888) 571-9068
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