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Monthly Archives: May 2013

How do you get funding for your restaurant startup?

Here’s a story out of San Francisco about the new wave of crowd funded restaurant ventures in San Francisco. “Crowd funding” is the practice of raising money online through donations via sites like www.KickStarter.com. The websites help you promote your idea and raise money to get it off the ground.

Looking at the amount of money being successfully raised, I’m not sure if crowd funding will ever be enough to bankroll an entire restaurant buildout. It does however seem pretty viable to raise enough money for your operating capital or a down payment on a bank loan for your restaurant.

Read the original article here.

 

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Don’t give your customers what you want

O'Dell Restaurant Consulting's Blog

How to make sure your products will sell

Pretty confusing main title, isn’t it? I’ll bet you’re wondering exactly what I’m talking about.

Along with the other biggest mistakes restaurants owners make, offering customers what the owner thinks is good, instead of what the customer thinks is good, is a surefire way to lose money in the restaurant business.

Here’s the scenario I’ve seen a dozen times.

  • Young couple sells their house and moves to a new city
  • New city doesn’t have restaurants offering their favorite foods from previous city
  • Couple decides to leverage all their assets and open a restaurant selling the fantastic food from their last city that they know everyone will love if they would just try it
  • Couple doesn’t realize the complexity of the restaurant business, and opens up underfunded and underexperienced
  • No one comes to restaurant, and couple blames their vendors, their employees, their landlord and…

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