So the other day the three of us sat in a board room with one of Boston’s leading restaurant consultants. Here is what I personally gathered…
Know and understand the numbers. Projections of sales, licensing, rent, remodel.
Per example, we had considered as a team that the right location might very well not be an existing establishment. Total gut rehab per sq foot averages 300$. Remodel on existing space…150$/ Sq ft.
Everything is for sale. Everyone has a price. An establishment might not even have considered selling until the opportunity is mentioned and perspective granted.
A business plan is an outline. It needs to be flexible, it needs to be vague in a sense. Outline standards, ethics, potential that can be applied to any of a number of spaces.
You have 3 balls in your court. They are all in reality the same size. As always in life however they are not as they seem. One is heavier – it’s probably filled with lead, one with water, and one…red wine, something overly extracted like a bad Shiraz. Well now one of these is location, one capital, one concept. Think of it this way, you need to juggle all three of these. One at a time is easy because you can focus, put your muscle into the lead one, style and flair with the water, and caution with the Shiraz. Too bad. Juggle. Don’t break your foot, spill water on an electrical outlet, or stain your white shirt. Juggle.
Needless to say…I like my white shirts…and my foot. We’ve got some analytical research coming up. And might I add, this is why there are three of us.