4 Methods to Know if You’re Prepared to Open an additional Restaurant

Congratulations on the achievements of the first restaurant. Now you are probably thinking of expansion, but there are several aspects to consider before taking the leap.

1. Made certain you possess enough capital.
2. Decided whether you can keep center on both restaurants.
3. Asked yourself how much you can rely on your management
4. Considered that you might have twice the success or double the amount problem
5. Realize that you may have to think about restaurant loans, restaurant financing and restaurant equipment loans.

Made sure you have enough capital

Don’t bet the initial restaurant on the success of your second one. You should have MONEY put aside to buy a 2nd restaurant. Opening a second restaurant with a shoestring budget, means you probably did not take your financials under consideration. Seek support from specialists, but do your homework beforehand. Even financial wizards cannot make everyone understand numbers so make sure you ask the right questions and understand enough to process the answers. Also, tend not to bet your personal WEALTH .

Decided whether you can preserve give attention to both restaurants

At best, it is possible to split your time and energy between both restaurants. For those who have been accustomed to devoting your time exclusively on the first location, you might not be prepared to step away from it really yet. When a stove breaks down at one location and the second includes a leak, then exactly what is your course of action. The first restaurant ought not go downhill due to the latest location.

Asked yourself how much you can be determined by your management

Opening a 2nd restaurant means you should be determined by others to create the simultaneous operations run smoothly. When getting a manager just don’t rely solely on a resume. Try and understand the manager as being a person as opposed to a pair of bullet points.

Considered that you may have twice the success or twice the problem

Equally as nobody sets out to generate a bad movie, no restaurateur sets over to open another spot for it to fail. You need to sit down and consider the challenges of your new offering and put together plans of attack. Hiring competent managers is the first task, but not the final. You will need to redesign your role from the operations and determine what you could delegate.

Realize that you have to think about Texas restaurant loans, restaurant financing and restaurant equipment loans.

The veracity of your second restaurant are at first more debt. Loans and financing could be the only way to truly open a second restaurant without hindrance. Take into account that while your first restaurant could be successful, there is no guarantee your second you will be. Always consider the spot of your second offering. It ought to be close enough in your first one so it will be a workable distance, although not so close it might seem like overkill. Inside the 1990s, there was Starbucks on every corner and in some cities right down the street. When the Great Recession hit, the too close together outposts were the first one to close. Overflow in one restaurant will not likely necessarily flow into a second location. Spend some time to consider and pre-plan your second restaurant. Think about FUNDING , staff and regardless of if the pinpoint the second is likely to make the initial suffer.