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.
Can you afford it?