Opening Restaurant In Bad Economy

Stuck in Customs Opening your own restaurant in economy crisis may be the rewarding investment or the riskiest also. In this articles, some of the top chefs - and successful entrepreneurs as well - will share with us their advice on how to help your newly-opened restaurant survive in foodie world.

Wolfgang Puck, 59, is an Austrian chef-restauranter with his Beverly Hills celebrity haunt Spago and a restaurant empire. He is the author of six cookbooks and the licensor of numerous cooking-related products. Try your experience at others’ restaurants first, so when you open your own, you don’t have to pay for those mistake and will be better off.

Be patient, work hard, creative and waiting for the right time to open yours. Daniel Boulud, 53, is the famous French chef in New York. A business can go well if only you raise enough money for the first three months without expectation of profitability, so a careful business plan with sound finance source is a must. Make sure you can control well the cost of rent, food and payroll.

If you tend to open a restaurant, you should have something special to offer your customers - an image or restaurant reputation - to make them come back again and again. The most important thing is fitness so keep it small, value-driven, and in a beautiful setting so you can control it and create something of value.

Success will come to those who know how to create extraordinary value, based on a pure formula, so never forget to do extra research, create new and fine dishes. Annie Somerville, 56, the head chef of Greens restaurant in San Francisco. Customers come to your restaurants for food, but besides being a fine cook, you have to have a great business sense, too. If you find that you don’t know well how to control the money flows, find an experienced partner.

Another advice is when you start go into an existing restaurant space - it helps you save huge of capital. Chef Todd English, 45, run Olives restaurant and Todd English restaurant chain from NY to Las Vegas. Make sure you have enough finance to cover your first several months, and your first year if possible.

If you do not witness profitability in your first months is not a big problem, but if it lasts for 6 month, you are in big risk. Mario Batali, 48, the chef-owner of a series of 14 restaurants in New York City, the former host of the Food Network’s Molto Mario and Ciao America and the author of six cookbooks.

When the economic dives, the good and bad restaurant business will be divided clearly. So you have a chance to success if you can define your customer base, always remember to create food and service from the heart, not the textbook. I am the economic expert and analyze the economic situations in the world. Currently, I often address lectures on economic solutions to students and supply advice for companies and firms.

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