What are some startup considerations I need to be aware of?
There are numerous considerations that need to be taken into account prior to starting your own restaurant business. You can find a detailed checklist in the business tools section of this web site. However, some of the more critical ones include: writing a Business Plan, market research and assessment, purchasing a business/facility, financing, building a corporate structure, implementing an accounting system, selecting a location, leasing or purchasing decisions, licenses, permits, etc. Another critical consideration is Valuation. Why? Let’s say a particular business you are considering has a net tangible asset value of $100,000 and gross sales of $500,000 and the business loses $50,000 per year. Are you sure you can turn the business around? Are you willing to pay $200,000 for the opportunity to lose $50,000 per year? Probably not. If you really want to get in that type of business why not just buy the assets needed and start new. Conducting a business valuation exercise will allow
