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| Business, Finance, and Investing Making money, investing in markets, and running businesses |
03-28-2012, 02:01 AM
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#301
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stranger
Join Date: Mar 2012
Location: UK
Posts: 13
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Thanks for doing this!
Got about a million questions to ask you. I am in the same industry and doing well but I often feel as if I am clueless.
I've got an indie shop (takeaway) that is doing extremely well but I do not know what to do next. I feel as if I should expand but I am concerned that my success is due to my prime retail spot (which I am pretty sure I cannot get elsewhere.)
Any ideas or advice on what to do?
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04-01-2012, 08:38 PM
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#302
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old hand
Join Date: Jun 2008
Location: Fort Myers, Fl
Posts: 1,415
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
I have two concepts and business plans for both. Two polar opposite concepts. I've been in the industry for 12 years, have made others plenty of money through running a tight ship and paying attention to details day in and day out.
Looking into owning my own through partnerships to start. My plans entail buying a commercial center so the restaurant has no rent or minimal, while the other tenants pay on the building.To potential capitalize on the asset appreciation if that comes to fruition.
Do you see that as the way to go in today's climate or lease/build out should not be ruled out?
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04-04-2012, 04:45 AM
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#303
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journeyman
Join Date: Mar 2009
Posts: 335
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Quote:
Originally Posted by PresidentComancho
Thanks for doing this!
Got about a million questions to ask you. I am in the same industry and doing well but I often feel as if I am clueless.
I've got an indie shop (takeaway) that is doing extremely well but I do not know what to do next. I feel as if I should expand but I am concerned that my success is due to my prime retail spot (which I am pretty sure I cannot get elsewhere.)
Any ideas or advice on what to do?
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Can you tell me a little bit about what your shop does & why you think the location is so good?
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04-05-2012, 02:09 AM
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#304
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Carpal \'Tunnel
Join Date: Mar 2009
Posts: 7,079
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Apacolypse, jus noticed your new Orleans location
U play at Harras?
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04-09-2012, 01:04 AM
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#305
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grinder
Join Date: Jun 2009
Posts: 619
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
A5: Thanks so much for the time and energy you have put into this thread.
A few have asked here and there but I haven't seen much verdict.
Any other book/forum/etc recommendations beside the e-myth and out of print ones?
Obviously a lot of books and such exist but its hard to know what's worth the time and money.
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05-25-2012, 03:57 PM
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#306
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journeyman
Join Date: Mar 2009
Posts: 335
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Quote:
Originally Posted by chet22r
I have two concepts and business plans for both. Two polar opposite concepts. I've been in the industry for 12 years, have made others plenty of money through running a tight ship and paying attention to details day in and day out.
Looking into owning my own through partnerships to start. My plans entail buying a commercial center so the restaurant has no rent or minimal, while the other tenants pay on the building.To potential capitalize on the asset appreciation if that comes to fruition.
Do you see that as the way to go in today's climate or lease/build out should not be ruled out?
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I don't know what your exact position is, but I would be inclined to seek out a premier location to operate from and make that my dominant strategy.
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05-25-2012, 04:00 PM
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#307
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journeyman
Join Date: Mar 2009
Posts: 335
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Quote:
Originally Posted by minuteman233
A5: Thanks so much for the time and energy you have put into this thread.
A few have asked here and there but I haven't seen much verdict.
Any other book/forum/etc recommendations beside the e-myth and out of print ones?
Obviously a lot of books and such exist but its hard to know what's worth the time and money.
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"restaurants that work" and books (bio or otherwise) on founders/successful brands have quite a bit of detail.
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05-30-2012, 10:08 AM
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#308
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stranger
Join Date: Apr 2011
Posts: 6
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
I'm interested in opening a restaurant delivery service, where I live there are loads of restraurants but almost none of them deliver, "deliver only" restaurants are unheard of.
I want to deliver meals to customers at home from restaurants that don't have a delivery service. I know these kind of services exist sucessfully elsewhere.
I know I could just take the menue prices at face value and charge customers a delivery fee but would rather look into getting a cut from the restaurants, keeping it as cheap and easy for the customers as possible.
How much of a cut is reasonable? I'm thinking of 30% here but I admit the number is arbitrary, I do think a healthy cut would be ok since the restaurant
- gets a sale it wouldn't have without me/can reach a whole new target market
- doesn't "lose" a seating space or time from one of it's waiters
- gets advertising through the website as well as through the actual sale
Any input welcome!
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05-30-2012, 02:47 PM
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#309
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journeyman
Join Date: Jul 2008
Location: it means you´re here
Posts: 293
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Greetings, apocalypse_fives1
Could you share any input if you have had nay experience with this.
How much value for the joint is there in a silent service needed buzzer.
I basically mean, that do you see this as avalue for the customers and for the joint also to have that system operational on the tables in a simple form of a small button.
I think that it could help to make it more comfortable for the customers and also would increase the table conversion?(maybe not the right term) so óne could serice more customers in an hour/day/month etc.
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05-31-2012, 10:46 PM
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#310
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journeyman
Join Date: Sep 2010
Posts: 258
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Hey Apoc,
Apologies if this was asked previously. I was wondering if you had any info on digital menu's on ipads IE: App's for bars or the like, where instead of a traditional menu given to the customer they are given ipad's with the menu on there.
If you've had exp or knowledge or know of restaurents//bars that do this would you happen to know if sales increased//decreased after or stayed the same?
Any info would be great.
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08-08-2012, 10:47 AM
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#311
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journeyman
Join Date: Mar 2009
Posts: 335
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Quote:
Originally Posted by Kazzle
Hey Apoc,
Apologies if this was asked previously. I was wondering if you had any info on digital menu's on ipads IE: App's for bars or the like, where instead of a traditional menu given to the customer they are given ipad's with the menu on there.
If you've had exp or knowledge or know of restaurents//bars that do this would you happen to know if sales increased//decreased after or stayed the same?
Any info would be great.
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I have seen it in restaurants that have deep wine lists & are diligent about keeping their list updated and accurate. Not uncommon for restaurants to have a short inventory of certain labels & vintages, so updating and outputting a new wine list (especially a significant one) can get pretty tedious. Once or twice on the food end. No idea of impact on sales.
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08-08-2012, 10:52 AM
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#312
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journeyman
Join Date: Mar 2009
Posts: 335
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Quote:
Originally Posted by jaakkang
Greetings, apocalypse_fives1
Could you share any input if you have had nay experience with this.
How much value for the joint is there in a silent service needed buzzer.
I basically mean, that do you see this as avalue for the customers and for the joint also to have that system operational on the tables in a simple form of a small button.
I think that it could help to make it more comfortable for the customers and also would increase the table conversion?(maybe not the right term) so óne could serice more customers in an hour/day/month etc.
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There are have been times as a guest when I wished such a button existed, but I have never seen one in use. As long as it didn't make the service staff lazy (which I think it would) I think customers would like it.
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08-08-2012, 12:51 PM
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#313
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Carpal \'Tunnel
Join Date: Sep 2007
Location: China
Posts: 17,994
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
A lot of places have them in china. I think its pretty useful as the wait staff doesnt regularly come to the table. Its completely appropriate to just yell at them to come over so i much prefer this.
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08-08-2012, 01:46 PM
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#314
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grinder
Join Date: Jun 2005
Posts: 577
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
If you were looking to invest in a Sports Bar, what kind of returns from previous years would make you interested? What kind of returns would you expect going forward? Roughly, what would be a top end ROI for an investor in a successful Sports Bar (something similar to a Buffalo Wild Wings).
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08-24-2012, 02:04 PM
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#315
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journeyman
Join Date: Mar 2009
Posts: 335
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Re: Asking me anything about owning, operating or investing in a restaurant or bar
Quote:
Originally Posted by Reggie Reg
I'm interested in opening a restaurant delivery service, where I live there are loads of restraurants but almost none of them deliver, "deliver only" restaurants are unheard of.
I want to deliver meals to customers at home from restaurants that don't have a delivery service. I know these kind of services exist sucessfully elsewhere.
I know I could just take the menue prices at face value and charge customers a delivery fee but would rather look into getting a cut from the restaurants, keeping it as cheap and easy for the customers as possible.
How much of a cut is reasonable? I'm thinking of 30% here but I admit the number is arbitrary, I do think a healthy cut would be ok since the restaurant
- gets a sale it wouldn't have without me/can reach a whole new target market
- doesn't "lose" a seating space or time from one of it's waiters
- gets advertising through the website as well as through the actual sale
Any input welcome!
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This has been discussed in these forums. This is a much more difficult business then it seems. Had someone try to sell me one of these once & got a chance too look inside. They really had there ops together (central order processing, radio phones, knew to sell their own bevs, but personally I wouldn't touch it.
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