It’s a goal of numerous individuals to open their own restaurant. Whether or not it’s a corner bistro, a vegan joint that focuses on farm-to-table, or a local pizza place, there are a ton of expenses associated with building up a restaurant.
Recent insights show that it requires a average of $375,500 to begin a restaurant. However, that number will change depending on an assortment of factors, including the size of the building; its location; how much equipment and supplies you are starting with; the kind of decorations you pick; and that’s only the tip of the iceberg.
Start by mulling over the sort of restaurant you want. Do you have thoughts on what style and vibe you want to have? Will it be a QSR (quick-serve restaurant) or a family restaurant? What assortment of food will you offer? What’s your capacity? How late will you be open? A portion of the answers to these inquiries may change as you search for an appropriate area and enact your financial plan, however it’s smart to have clear plans as you push ahead.
Before you look for the space for your restaurant, gather a group of experts to assist. You might need to have a lawyer available to look over contracts, leases, and different records; an insurance specialist to make sure you have the correct coverage and find the best deals, and a bookkeeper or financial counsel to assist you with building up the bookkeeping framework that your restaurant will use.
When you find the business space for your restaurant, you can either buy or lease it. The cost will rely upon where the structure is located, yet a standard rent can run somewhere in the range of $1.00 and $5.00 per square foot. Regardless of whether you buy or rent space, consider whether you should rebuild and how much that would cost. You’ll need to remember to add other assets to your spending plan for outside features such as signage and open air lighting; as well as inside features including seats, tables, barstools, and lighting for “front-of-house.”
Also, you’ll most likely need kitchen equipment, treated steel counters, cooking tools and other instruments (like skillet, pots, sifters, and blades), dishes, glasses, and silverware for serving meals. Prior to your fantastic opening, you’ll have to completely stock your coolers and cabinets, so think about those expenses also. Refer to the accompanying infographic for more information about costs you can expect when you open a restaurant.