O'Dell Restaurant Consulting's Blog
The restaurant business is tough. Everyone in it knows it. Everyone looking to get in it ignores it.
The cold fact of the matter is that opening up a restaurant may be one of the worst investments you could make with your money. That’s a horrible, sobering statement coming from someone like me who’s in the business of helping restaurants succeed, but it’s the truth. Most restaurant fail. Oh, the failure rate isn’t the “90%” you may have heard from friends and family, but according to Cornell University, and the National Restaurant Association, 60% of restaurants fail within the first three years of operation. After five years, the number might be as high as 75%.
Why the hell would anyone want to get into this business with a failure rate like that? Risk and reward my friend, risk and reward.
As with other high risk investments, opening the right…
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