We all dream of the kind of career we want to have. For some of us, it is working at a Fortune 500 company. For others, it works from home. And still for others, it is owning our own business.
If you fall into the third category and your desire has always been to own and operate your own restaurant, then you have come to the right article. That’s because we’re going to share with you some of the pros and cons of owning a restaurant below so you know what it takes to run that type of business below:
PRO: People will always want to go out to eat. One of the best things about owning a restaurant is that it provides a lot of job security. That’s because people eat every day and sometimes want the convenience of going to a restaurant so they can.
CON: Many restaurants close their doors within the first year of opening. One thing you need to think about is the fact that, according to many reports, many restaurants only stay open within a year. There are a few reasons why this is the case. Some restaurants find themselves close to some pretty stiff competition. Some restaurants do not have a menu that customers find impressive enough to frequent regularly. And some restaurants just underestimate how much it costs to run a restaurant.
PRO: It’s a great way to establish yourself within the community. Supermarkets, dry cleaners, and restaurants are just three things that establish themselves as part of the community and that’s a really good thing. Businesses bring in money, and money is what helps communities continue to prosper.
CON: There is usually a lot of staff turnover. The reason you need a really good restaurant manager is because you want to hire someone who will keep your staff happy. When it comes to many restaurants, since pay isn’t always as much as employees would like and scheduling can become a real challenge, sometimes that translates to a high churn rate. And when you spend time training new staff, that tends to slow down productivity.
PRO: You can build your own dream. If you asked My National Grocers about one of the benefits of opening a restaurant, one of the things they would probably say is that there is nothing more satisfying than having a dream and being able to see it come true. By far, that’s one of the best things about owning and operating a restaurant.
CON: Restaurants can be a difficult business to operate. No doubt about it. Owning a restaurant is hard work. It’s demanding, challenging, and hours are typically long seven days a week. Therefore, you should definitely think about how much time, effort and energy it will require of you before entering the field of restaurants before opening one.
