Many people dream of running a successful restaurant, but only a few of them make their dreams come true. There are three elements that play important roles in the process of operating a successful restaurant. One of the essential elements is planning, a detailed plan could help you focus on the goal and clear the way. Besides, passion and managing are two other essential components, which could help you to operate a sustainable beneficial business.
Planning is important through the whole business. One of the reasons that some restaurants fail is due to lack of planning. Restaurant industry sales in the United States were projected to be $632 billion in 2012, or 4% of the U.S. gross domestic product. The industry employs 10% of the American workforce (National Restaurant Association 2012 facts, 2012). Although restaurant industry sales have shown consistent growth, the number of establishments has increased by less than 1% since 2008. This suggests that newer restaurateurs are experiencing difficulty in achieving success. Parsa, Self, Njite, and King (2005) determined that only 26% of restaurants fail in the first year of operation, but that 60% of new restaurants fail by the end of their third year of operation (including those that failed in the first year). The business plan helps to identify solutions to possible problems that may arise (Liu and Hsu, 2011). Therefore, the business plan should develop the necessary procedures and strategies to turn a business opportunity into a reality (Fernández-Guerrero et al., 2012).
Plans make your operation organized. Planning creates predictability for operation and lowers the risk. A plan for a restaurant is not just a simple scrat...
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...ing, and recycling waste are beneficial to both the environment and business.
Having passion is good for operating a business; however, some critics argue that enthusiasm in business may cause some negative effects and tempt operators to take high risks. In contrast, passion makes operators more focused and dedicated to their business. Taking risks is an inevitable part in doing business; it is passion that gives you courage to take risks and to view failure as a chance to become successful. People with passion face their failure and keep going, people without passion fail and quit.
In the process of running a restaurant, planning helps you to find the path; passion increases the productivity of your business; management makes your business sustainable. In conclusion, planning, passion and managing are three important elements in operating a successful restaurant.
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