BUSINESS: Resources to Help You Start a New Restaurant
Connecting to people with food has inspired so many to venture into the restaurant industry. Many want to own their own restaurant, but not everyone succeeds. Here’s what new restaurant entrepreneurs should consider when opening a new restaurant.
DID YOU KNOWS…
Can Owners Share in the Tip Pool?
Tipping is always a hot topic in our industry, especially with federal tip pooling rule confusion in 2018. But can restaurant owners dip their toes into the tip pool? Not exactly. While there are instances in which an owner can get tipped, tipped pools belong to the employees even if it’s administered by owners. More detailed info here.
Banned in NYC
New York City’s plastic foam container ban has officially begun. The ban includes takeout containers, coffee cups, and packing peanuts. Some businesses have exceptions – for now. The ban was passed in 2013 and businesses have until June 30th to fall into compliance or get hit with a $1,000 fine per offense.
Glass Half Full
Americans are going into 2019 with their chin up. About three-quarters of Americans surveyed by Survey Monkey are more hopeful than fearful about what 2019 holds in store for their personal life. Only half of the respondents polled were more hopeful than fearful for what 2019 will bring for the world at large. May the hopeful be right!
BUSY BODIES MERGE [Song]
Why it matters to you: Learn from the mergers and acquisitions landscape in our industry.
Mergers and acquisitions are a natural aspect of our industry. You may think it’s all about the big operators, but plenty of small concepts were acquired in 2018. Sure, they were gobbled up by other big chains and private equity managers but gobbled up they were. This slide show from Nation’s Restaurant News delivers a thorough rundown of who bought whom and for how much. Some of our subscribers were involved in these major shifts of operational control, including Buffalo Wild Wings, Hurricane Grill, and Chevy’s Mexican. However, the acquisitions weren’t limited to restaurants as many support concepts like delivery and home meal replacement also changed hands.
It’s worth a review to see who is doing what, especially if you have your eye on the growth prize. By knowing who is buying whom, you can see where a potential growth partner is acting. You can also gauge the appetite for your concept -- if you want to take it to market. This can mean an investor or someone to buy you outright. If you review the activity during 2018, you can observe plenty of small group operators that were scooped up by larger concepts. If that is a potential exit strategy for you, then studying the acquisition and investment landscape makes a lot of sense.
THE READER’S DIGEST VERSION
Why it matters to you: Are you guilty of these 14 reasons a restaurant is bad?
It seems like slideshows are the order of the day, as we present this one from Reader’s Digest describing 14 signs your about to eat at a bad restaurant. While that message sounds horrible, it’s actually a great opportunity to review your own performance through the lens of the guests that enjoy it (or endure it) at your restaurant. The list reads like an instruction manually to check on various parts of your operational execution. Some of them are so obvious you can probably guess. Things like clean bathrooms or disinterested staff we don’t need to be reminded are important.
However, some of the observations are more difficult to manage, like a clean parking lot or the building is in disrepair. Issues of maintenance are notoriously problematic, but this is a reminder that they message guests that there are problems with your restaurant. Why not take a look around your restaurant. If you can honestly say none of them happen at your place, then bravo. However, if like most operators, there are a couple you could improve upon, then let’s get to work on fixing them. Either way, you will feel better about how your guests are perceiving your restaurant and that is an especially good way to start the New Year.
[Source: Reader’s Digest]