Starting a restaurant business is an alluring dream for many but a reality for only a select few. The restaurant business is like the start of the New York marathon. Thousands of people start the race but only a fraction of those people finish and an even smaller percentage actually succeed in meeting their goal for the race admin
. Why? Well, it simply isn’t as easy as most people think and there are key skills and attributes that the entrepreneur must consider when thinking how to start a restaurant business. The National Restaurant Association (“NRA”) claims that over 42,000 new licences are issued each year in the US. These are lofty numbers and you would be forgiven for thinking this is a positive.
The reality is that restaurants have the highest attrition rate of any business type. The attrition rates in the sector very wildly, ranging from 90% failing in the first year, to as low as 20% in the first year of trading. A recent academic survey conducted by researchers at Michigan State University found that 27% of start up’s failed in the first year; after three years 50% of those restaurants were no longer in business; after five years 60% had fallen away and before the end of the decade 70% of restaurants were no longer trading. While these may seem like scary statistics a subsequent study at Cornell University in 2005 revealed that 81.4% of small business failures result from factors within the owner’s control. In other words, despite these damning metrics, failure is by no means inevitable. So how can restaurateurs evade this landmine? Here are our top tips on how to start a restaurant business.
As you may remember, last week we talked about some best practices for your authentic business success as an enlightened entrepreneur journey so you can experience both spiritual fulfillment and financial success in your business. I walked you through my first 3 authentic business success principles of enlightened entrepreneurs. We talked about setting an INSPIRED intention to authentic business success for everyone involved. We talked about making your enlightened energy (mental, spiritual, emotional and physical well-being) as much a top priority as your authentic business success, and then taking full responsibility for creating authentic business success on your own way.
This week I’d like to take you through the two essential pieces of making a positive impact and income doing what you love so you can finally experience both spiritual fulfillment and financial success in your business. I want to give you my 2 authentic business success agreements of enlightened entrepreneurs that you must have if you too want to experience both spiritual fulfillment and financial success in your business.
It doesn’t matter where you are in your enlightened entrepreneurial journey. Whether you are just getting started or you haven’t “officially” started yet, or maybe you are already in business for a couple of years or more, the transformational truth here is to dig deeper to discover WHO you truly are – your AUTHENTIC YOU and get crystal clear on your true PASSION and PURPOSE so you can start sharing your passion and living your purpose, while at the same time AUTHENTICALLY creating a THRIVING business doing what you LOVE!