The upward trend of eating out is excellent news for future restaurateurs. But benefiting from this trajectory requires some strategic planning.
The allure of the restaurant world is strong if you ask me. Sampling savory dishes, carving out sleek ambiences and creating memorable customer experiences entices countless hospitality hopefuls to attempt their own culinary ventures.
As exciting as it might seem, additionally it is notoriously tough to reach your goals in the meals business. Actually, around 60 percent of restaurants fail within the first year and 80 percent don’t make it with their fifth. Depending on where you are, those odds could be even tougher. Take NEW YORK, for instance: there are 12,508 restaurants listed on reservation platform, Open Table. And according to a 2016 study by NPG Group, only 2.7 percent of Gotham restaurants are independently run.