In this age of corporate downsizing, many unemployed managers are thinking of following their dream and opening a restaurant.
This newsletter asked the renowned head of the International Culinary Institute to offer some thoughts on what to consider when following such a dream.
The suggestions of Dorothy Cann Hamilton can also apply to other retail operations and for that matter any new business.
- Know Your Concept-- Know your concept well. For example, Italian restaurants. It can’t just be Italian. Is it North Italian or Southern Italian? Is it luxury or a trattoria? Formal or casual? You need to dig down and know how you’re going to differentiate who you are as a restaurant. Your establishment needs to have a personality. It has to be distinct.
- Get Financed-- You need to set realistic budgets for opening the restaurant and also for operating the business for a year—called working capital. If you don’t know what these realistic budgets should be, get a partner who does, or hire a consultant to help you.
- Location. Location. Location-- People know this, but they forget it. Will the neighborhood welcome your arrival or fight it? Are there zoning laws that inhibit what you can do with the exterior? If you open in a popular area of town with other restaurants, how will you differentiate yourself? If you’re planning to open in a less popular area, how will you attract clientele? If you’re targeting value-conscious customers, you need to be near public transportation.
- Be a Good Manager-- Chef in French means chief. The CEO of a bank in France is called a Chef. You might be a great Chef but are you the Chief? You need a strong stomach for problem solving to run a restaurant. You need to be able to delegate and inspire.
- Have Courage--Restaurant owners need to be like boxers—courageous and nimble on their feet. It’s not enough to have good ideas. You need to have the courage to take the next step, intelligence to do the homework and the tenacity to look the challenges square in the eye and work through them.
To contact Ms. Hamilton direct email at dhamilton@lovewhatyoudo.com. or go to www.lovewhatyoudo.com. |
