Did you know that nearly half of all adults have at one point worked in a bar, restaurant or hotel?
While many people dream of owning their own restaurant or bar very few dream of owning a failed one.
For many the starting point is having a great team, a great location and a great concept.
Below are 6 tips to assist and guide if you are setting up or expanding in 2017?
1. Fail to plan – Plan to fail
Preparing a detailed plan allows you to work through all the key important parts of your business.
2. Menu - Keeping it simple
An over complicated menu makes it more difficult for everyone - your staff - your customers - yourself.
3. Staff costs – Keeping it low
Having the right staff at the right time is hugely important. Under staffing at busy times and staff wandering around when the place is empty is a recipe for disaster.
4. Pricing
Look at your market and who your customers are and what your competitors are doing.
5. Tax efficient
Ensure that your business is structured correctly from the start, in the most tax efficient manner and that you understand your legal and tax obligations.
6.Location, location location.
It's the old one that will always remain a key component of any retail business. What more can I say!
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