All of us have dreams about the kind of career that we want to have. For some of us, it’s working at a Fortune 500 company. For others, it’s working from home. And still for others, it’s owning our own business.
If you happen to fall into the third category and your desire has always been to own and operate your own restaurant, then you’ve come to the right article. That’s because below, we are going to share with you some of the pros and cons that come with being the owner of a restaurant so that you know what comes with running that kind of business below:
PRO: People are always going to want to eat out. One of the best things about owning a restaurant is that it provides plenty of job security. That’s because people eat on a daily basis and sometimes they want the convenience of going to a restaurant in order to do it.
CON: Many restaurants close their doors within the first year of opening them. Something that you should think about is the fact that according to many reports, a lot of restaurants only remain open within a year. There are a few reasons why this is the case. Some restaurants are located near some pretty stiff competition. Some restaurants do not have a menu that customers find to be impressive enough to patron regularly. And some restaurants simply underestimate how much it costs to run a restaurant.
PRO: It’s a great way to establish yourself within the community. Grocery stores, cleaners and restaurants—these are just three things that establish themselves as a part of the community and that’s a really good thing. Businesses bring in money and money is what helps to keep communities thriving.
CON: There tends to be a lot of turnover with staff. The reason why you need to get a really good restaurant manager is because you want to get someone who will keep your staff happy. When it comes to a lot of restaurants, being that the pay is not always as much as employees would like and scheduling can become a real challenge, sometimes that results in a high turnover rate. And when you’re spending time training new staff, that tends to slow down productivity.
PRO: You can build your own dream. If you were to ask My National Grocers about one of the benefits that come with starting 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 fulfilled. By far, that is one of the best things about owning and operating a restaurant.
CON: Restaurants can be a hard business to operate. There’s no doubt about it. Owning a restaurant is hard work. It’s demanding, it’s challenging and the hours are long—usually seven days a week. So, you definitely need to think about how much time, effort and energy it will require of you before going into the restaurant field before opening one up. For more information on the restaurant industry, visit Restaurant.org.