17 Aug Evaluating Restaurant Start-Up Costs
According to a recent Forbes article on start-up costs for restaurants, you could be looking at anywhere between $100,000 to $300,000. Many costs coming from cooking equipment, refrigerators, tables, bar stools, shelving, and various other avenues. There’s also the important factor of having a way to collect money and manage product orders, which typically are done from point-of-sale system’s like OrderMatic’s POS system.
A key factor for why some restaurants succeed and others fail is undercapitalization, according to Forbes. So knowing what elements are must-haves to start your new concept and what items can wait for a few months will help you to efficiently utilize your funds. Investing in a durable new point-of-sale system is a great example of an item that your new start-up restaurant will need to open while that brand new high-tech stainless steel refrigerator might be something you invest in after a year of profitable months under your belt.
Keep in mind all your ongoing costs and figure out what the most vital pieces of your restaurant will be in order to function at maximum efficiency. Once you have these both figured out and are able to maintain a 5% profit margin as suggested by Forbes, then you can give yourself a thumbs up because you will be a successful entrepreneur!