Founder Trulli Payments, VP Sales Integrity Payments. Supplier of Payments, Payroll, HR, eCommerce, Point of Sale Systems, Retail, Restaurant, B2B, B2C, Employee Management, Business Capital, High Risk, ATM's, Kiosks
First Time Owning a #Restaurant? 🔷 The first year will cost the most In the first few months, you’ll learn pretty quickly that running a restaurant is not for the faint of heart. Sure, you budgeted for lease payments, appliances, point of sale system, staff, utensils and paper goods, cleaning products and even some killer marketing materials. But what happens when things break? Or you go through twice as many to-go containers than you anticipated? Or the cost of beef and cheese skyrockets (wait…they have!)? 🔹 What to do: Have 4 months’ worth of operational costs available. That number might seem like a LOT but you’ll thank yourself later when you don’t have to worry that replacing those fryers, ventilation hoods and coolers will bankrupt your business. 🔷 Profits come later Here’s another hard truth: most restaurants don’t become profitable until their second or third year of business. Think of it this way, the first year is spending money figuring things out and fixing things. The second year is spending money to set up sustainable systems and getting into a groove. Year 3 is the year that you hit your stride, everything is running smoothly and you’re making the big bucks. 🔹 What to do: Your first year is the time to get really good at managing your restaurant’s finances, knowing your contribution margin and keeping your bookkeeping up to date. Monitor your revenue and expenses daily, so you can spot red flags early and make adjustments. 🔷 Set the foundation If you plan on being around for a while, focus on building a strong, resilient business – not one that’s held together with duct tape and sheer will. 🔹 What to do: Avoid quick-fixes and “hacks” and instead focus on setting a solid foundation from Day 1. Buy the best you can afford and focus both on #Technology and #Systems that can grow with you. Cheers to your new Restaurant! Rocco Catucci Trulli Payments partnered with Integrity Payments We make business easier
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3mosuch a great advice Rocco which a new business owner can have not only in food industry but in every industry