Start a restaurant.
According to "Entrepeneur", many restaurants fail within their first year of business. Regardless, there are many steps you can take to prevent a failed startup. Create a thorough business plan that encompasses the various aspects of your future restaurant. Make a solid marketing strategy, along with a realistic financial outline. There is a lot to consider before you should even begin to invest in a new restaurant.
Business Plan
Many failed restaurants die out because of lack of planning. Create a general business plan, including your advertising and promotion strategy. Advertising is the "heartbeat" of your business--you won't see any customers come in if no one knows about your venue. Look at the outline for a full business plan on the Small Business Administration's website. Make sure you plan out all necessary aspects of your business. This process doesn't have to be complicated. It just needs to be thorough.
Capital
You need money to start a restaurant. A small ice cream shop franchised from an existing chain may cost $80,000 to start up. However, a large independent venue may cost millions of dollars. Thoroughly research what your restaurant costs to start up. The Small Business Administration's website is a great resource for aspiring business operators. The website includes templates and outlines that are useful for measuring expected costs.
Location
Make sure you have a location for your restaurant in mind. Try to insure there isn't too much competition in the region. This doesn't mean that you should avoid placing your restaurant next to another restaurant (think of how many plazas you have seen with several restaurants in one small area). However, if you are running a restaurant that sells Mexican food, you don't want to open up right next to another Mexican restaurant. Your location is a big part of determining your operating costs and how much business you get. A low-trafficked area costs less for rent, but obviously results in less business.
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