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Member You - Tips and Traps When Buying an Existing Restaurant Business
Kim Snider is the host of Financial Success Coaching on KRLD in the Dallas/Ft. Worth area. In one of her wonderful blog entries (Kimmunications) she defines success in entrepreneurialism this way, “One is E + S + I = FS and the other is .2(S) + .8(M) = FS. For those of you who don't like math, I can picture your eyes starting to glaze over now, but stick with me. I am not about to get all nerdy on you.“The first is a formulaic expression of something [I have said] before. Financial success comes from
"Culture is a like dropping an Alka-seltzer into a glass – you don’t see it, but somehow it does something," Hans Magnus Enzensberger.Culture affects everything we do. This applies to all areas of human life from personal relationships to conducting business abroad. When interacting within our native cultures, culture acts as a framework of understanding. However, when interacting with different cultures this framework no longer applies due to cross cultural differences.Cross cultural communic
Here are ten things to take into account when buying an existing restaurant business:
1.Be sure you find out everything you can about the location. Has it been a restaurant for a long time? Does it have enough parking? Can you get a good lease (the lease shouldn't be more than 10%, and preferably 5% or less, of the gross sales)? Is it secure? Does it meet permit requirements? One of the biggest problems new restaurant owners face ar
With all the rubbish running on the internet, with all cons sitting behind their computers just waiting for another bait to arrive, finding a good a wholesale supplier nowadays is like looking for a needle in a haystack.And the big problem when you finally get a hold of some links to wholesale websites is that most of the time, those links are probably broken, or selling old products that nobody wants anymore.You see, what happens most of the time when you’re looking for wholesale suppliers on
Here are ten things to take into account when buying an existing restaurant business:
1.Be sure you find out everything you can about the location. Has it been a restaurant for a long time? Does it have enough parking? Can you get a good lease (the lease shouldn't be more than 10%, and preferably 5% or less, of the gross sales)? Is it secure? Does it meet permit requirements? One of the biggest problems new restaurant owners face a
Lean manufacturing is a management philosophy that aims to get the right products to the right place at the right time and in the right quantity. Lean manufacturing focuses on the reduction of the wastes that decrease efficiency and increase costs. These wastes include over-production, waiting time, processing, inventory, transportation, motion, and scrap. Lean manufacturing has been made popular by Japanese companies who have used these very effectively.Some of the most popular techniques associated
1.Be sure you find out everything you can about the location. Has it been a restaurant for a long time? Does it have enough parking? Can you get a good lease (the lease shouldn't be more than 10%, and preferably 5% or less, of the gross sales)? Is it secure? Does it meet permit requirements? One of the biggest problems new restaurant owners face a
1. Customer service is all about customers’ needs first and your needs second. If your customers expect a response from you in 24 hours and you always respond much later, that’s putting your needs first and their needs second.2. Customers are like a spouse, they need to feel special to continually respond to your offers. You make your customers feel special by over-delivering in every area, especially in those areas they don’t expect. Imagine how you’d feel if you sent an ema
Would you be surprised to discover you can earn $20, $25, even $30 or more per hour without a college degree?Just because you never went to college or college didn't work out for you is no reason to stay stuck in a low paying job."25% of all college graduates entering the labor force may end up in jobs not requiring a college degree or will continue to be unemployed" - U.S. Dept of LaborWould you be shocked to discover there are job opportunities that provide paid training and t
2.Verify the current business is doing the sales the owner claims. Most independent restaurants have terrible books, and often the owner won't disclose their tax returns, because they are underreporting their income. It is very difficult, therefore, to know exactly how much business they are doing. If you never see anyone in the place, however, and they are claiming great sales, you should be very suspicious. You should be using a restaurant specific financial projections tool to help you esti
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