Success stories abound, but the specter of failure hovers over the launch of any new eatery. Kep Sweeney, a veteran investment analyst for the industry as well as a chef and successful restaurateur, reveals how the most fatal stumbling blocks often occur at the pre-opening, or deal phase, when funding partnerships, and a clear concept are being developed and finalized. At this stage, however, many excited, overconfident dreamers want to charge ahead, believing everything will ""work itself out.""
The New Restaurant Entrepreneur is solely devoted to this first phase of restaurant start-up, revealing the perfect combination of art and business planning that makes a new restaurant sizzle, instead of fizzle. Sweeney offers practical, expert advice to readers whose knowledge of business development may not be quite as far-reaching as their vision, drive, and imagination. Even veteran restaurateurs will find this guide a helpful reminder of where to focus their energies. Readers will learn to:
- Ask-and honestly answer-key questions that will successfully develop the concept.
- Toss out the notion that cuisine alone can differentiate the restaurant.
- Predetermine the evolution of a customer's experience, from first-timer to regular.
- Form a crackerjack team based on a savvy selection of managers and waitstaff that complements the owner's strengths and weaknesses.
- Look for financial partners with similar financial and personal goals-and learn to avoid the ""tire kickers.""
In 14 years working in the industry, Sweeney has seen dozens of mistakes, some made by the largest restaurant chains. He's also witnessed-and had a hand in-some spectacular successes, including Dylan Prime, Morton's, and Damon's.
|Product dimensions:||6.00(w) x 9.00(h) x 0.48(d)|
About the Author
Kep Sweeney has worked as an investment banking analyst, restaurateur, and chef. He currently owns a restaurant advisory/turnaround company serving the hospitality industry. He is frequently interviewed by national publications, speaks about entrepreneurship to business groups, publishes industry-related research, and advises distressed companies on turnaround strategies. Sweeney holds an MBA from the University of North Carolina.
Table of Contents
|1.||The True Beginning||1|
|Part 1||So You Want to Open a Restaurant?|
|2.||Know Your Skills, Use Your Skills||5|
|3.||Demand-Side Analysis Versus Supply-Side Analysis||19|
|6.||Understanding the Guest's Experience||45|
|7.||Crafting a Concept||49|
|Part 2||Forming the Team|
|8.||What Type of Entrepreneur are You?||63|
|9.||The Critical Positions||69|
|11.||Don't Be a Guinea Pig||83|
|12.||A Deal Must Be Material to at Least One Person||87|
|Part 3||Location, Location, Location|
|14.||"My Landlord Seems to Like Me"||97|
|15.||Tenant Improvement Dollars||103|
|Part 4||Raising Capital|
|18.||Few Investors Versus Many Investors||123|
|19.||Debt Versus Equity||131|
|20.||Profiling the Investment Group||139|
|21.||The Real Estate Approach: People are Assets||147|
|22.||The Apple Does Fall Far From the Tree||149|
|23.||The Tire Kicker||155|
|24.||Projections: High, Medium, or Low||159|
|27.||Exiting the Business||173|
|28.||Structuring the Deal||177|
|Part 5||Welcome to the World's Greatest Industry|
|29.||Reading the Tea Leaves||189|
|30.||A Day in a Life||199|
|31.||Setting Up Your Business for Success||203|