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Tech
startups, transportation startups, financial startups — these are the new
companies that make headlines. However, around the world, tens of thousands of
restaurants open every year, most on shoestring budgets with skeleton staffs,
but rarely do restauranteurs receive equivalent help and resources to their
more popular startup brethren.
Running a restaurant might be more
difficult than managing any other type of business. If you are eager to open
your eatery’s doors, you need to slow down and think ahead, especially when It
comes to your budget. Until your restaurant becomes financially stable, you’ll
need to scrimp and save wherever you can — but definitely in the following key
categories.
Build Out
As much as you might dream of a purpose-built space that uniquely matches your brand and restaurant identity, you don’t have the cash for that yet. In fact, if you can move into a space that has already been a restaurant, you might want to avoid as many build-out costs as possible. Construction and remodeling costs a restaurant somewhere between $150 and $750 per square foot, depending on the upgrades needed, the quality of materials, etc. This means if your restaurant is in the average size range of 1,000 to 10,000 square feet, you could be paying $150,000 to $7.5 million just for build out, alone. For restaurant owners with small budgets, staying on the lower end of that spectrum is imperative.
Unfortunately, many restaurant owners don’t
know where much of their build-out expenses go because they hire a contractor to
manage the job. While this is undoubtedly convenient — and ensures a quality of
finish higher than you can produce yourself — it also often obscures where your
money is going. A better strategy is to hire individual tradespeop… Read More
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