New York City restaurateurs like to tell an old joke: How do you make a small fortune in restaurants? Start with a large fortune!
The restaurant industry is a penny business. You must constantly find ways to save money and stay competitive while maintaining the quality of cuisine and service that guests are accustomed to, or else you’ll find yourself broke, out of a job and laying people off.
Those who operate restaurants work nights, weekends, and holidays. Pressure to perform is always high and profit margins are almost always small. The industry attracts people with a driving entrepreneurial spirit and a passion for cuisine, hospitality, and making people happy. While celebrity chefs grab headlines, for most folks, running a restaurant is much more grind than glamour.
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