How Much Does It Cost to Open a Restaurant?
When you want to feed the public it’s always a labor of love. Restaurants fail every day, mainly because budding owners don’t consider everything that goes into simply opening the doors.
You’ll have to consider the costs so that you’re ready for every variable that comes with the territory. But how much does it cost to open a restaurant?
Typically, it’ll cost you between about $50,000 and $75,000 to open up a brand new restaurant. The amount you’ll pay depends on the projected size of your restaurant, how many people you will serve, and the geographical location.
Work with Designers and Architects on the Layout
Anyone can learn to cook some delicious recipes, but your area of focus should be to create an overall experience. Look into hiring some architects and designers that will help create this experience.
Put together a restaurant seating plan that will serve you. The seating plan will create space and ambiance for your customers to enjoy. It also helps you to break down your restaurant into serving zones, so you can also project revenue based on how many people you can serve based on your staffing size.
Consider the Cost of the Loan or Rent
Your restaurant’s overhead costs also include whatever financing you get. You’ll need to honor the loan so that you can either build your new restaurant or pay your rent.
It’s important to choose an amazing location that will get you plenty of customer traffic, without overspending and going out of business early.
Pay Your Staff and Hire Well
The employment staff is the biggest asset that your restaurant has. These are the people that put smiles on faces and make guests feel welcomed.
As such, you’ll want to pay them what they deserve so that your restaurant stays profitable and productive. Hire well so that you don’t have to deal with setbacks in your restaurant.
Get Your Restaurant Supplies and Equipment Together
Finally, take the time to also invest in some supplies and equipment that let your restaurant provide for customers. You can look into kitchen equipment, tables, glassware, cutlery, and any other supplies that’ll carry you.
Shop with some liquidators or other professionals that can sell you restaurant equipment that’ll get you started.
Open Your Restaurant on Your Terms
So how much should it cost to open a restaurant? That answer will always be different for one company than another. This information gives you a glimpse into what you will need. The variables above are a primer for opening your own business and understanding the risks and benefits involved.
