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How to Figure How Much It Costs to Open a Restaurant?

 
 
Reply Fri 19 Apr, 2013 04:10 am
Hello Friends,

Starting a restaurant is a dream many people have, but the costs of the reality can quickly add up. From build-out costs to permits to payroll, a lot of money will flow out of your pockets before profits begin rolling in. It is difficult to estimate to figure how much it costs will require to open a restaurant. So anyone having brilliant idea on it, please share with me.

Thanks a lot!
Milton James
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Type: Question • Score: 1 • Views: 816 • Replies: 2
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Reply Fri 19 Apr, 2013 04:10 am
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Reply Fri 19 Apr, 2013 08:44 pm
@MiltonJames,
New restaurants fail at the rate of 23% the first year, then drops a little for the second and third year.

When figuring out cost, you need to add all of the following:
Cost of renovation
Cost of payroll and taxes
Cost of supplies including utensils, dishes, cups, bowls, plates, napkins, soaps, cleaning materials, etc., etc., etc.
Advertising, menus, business cards
Figure out daily (day of the week), weekly, and monthly totals.
Figure out the monthly average cost.

Then figure that the restaurant isn't going to do much business during the first six months.

Good luck!

Can you afford it?
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