Beat the Odds: How to Overcome the Restaurant Failure Rate

To avoid a 9-5 life, it seems many people jump to the same assumption - “let’s open a restaurant!”

While owning and managing a restaurant is exciting, rewarding, and can be fun, those who have experience would argue it’s best left to the professionals.

Why?

Because so many people open a restaurant only to see it close within a year. There are varying reasons why, but here are some objective facts about the restaurant failure rate.

A study by Cornell University found that the restaurant failure rate is about 26%.RestaurantOwner.com averages the cost of opening a restaurant in the realm of $495K.You can’t base your sales predictions off your first week, which sometimes see an irregular boom of sales, according to restaurant consultant Peter Christie.Having said that, wages for restaurant workers and the number of establishments in the country are increasing, so this isn’t a bad time to open a restaurant at all. However, you have to make sure you doing everything you can to…