Owning your own restaurant vs. running someone else’s.

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Permalink Reply by John Benson-Smith on March 7, 2009 at 4:14am

i suppose its like renting a Car opposed to buying one ..but in reality its understanding the bigger picture of what your ambitions are ?

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Permalink Reply by robert grose on March 7, 2009 at 12:49pm

Hi Chef,
Thanx for your responce.
I am always looking at the bigger picture, and that’s why I have this question. I am in my first year of culinary school, with some work experience, so maybe I am getting a little bit ahead of myself, and I know either way it’s going to be some years, but all I can think about is if I want to have my own restaurant, or be an Executive Chef at someone else's place. I mean my dream is to have my own place, but if I crash and burn, I don't know what that would do to my confidence as a chef.

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Permalink Reply by Panayotes Marinos on March 10, 2009 at 3:43am

I had my first restaurant when i was 25 years old, but luck of experience it was the reason that i lost it.so i think its better to give time to your self and get the experience you need on the job at someone's restaurant.then you will be more cofident as a chef owner.
Good luck.

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Permalink Reply by robert grose on March 10, 2009 at 4:21pm

thanx chef

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Permalink Reply by Paul Green on July 13, 2009 at 12:58pm

Robert,

Do not be afraid to fail! ! It is a learning process. Few have succeeded at first try.

Most entrepreneurs fail several times before they succeed. As you gain experience working in the field you will learn what it takes to run a business. It is complicated.

I'm a dreamer and have always striven to learn and try new things, adding constantly to my experience base.


There are agencies such as SCORE, SBA, & SBDC that are great resources for you. It would be a great idea to chat with them now to learn about what kind of foundation needs to be laid when starting a business.

I've added a link to this post, titled, "your average entrepreneur fails".

Best of luck - GO Get 'Em

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Permalink Reply by Ray Marini on July 30, 2009 at 12:16am

I've had experience on both sides of the street. The first restaurant I owned did very well, we opened 3 more and all did well. We sold all 4, used the money to open another and luckily, we sold it and broke even, but lost all the money we made from the first 4. My advice is to take your time, learn the business; front of the house, back of the house and the financial end. Make mental notes of the better people you work with, no matter the position. You might want to hire some of these folks when you are ready to open your won place. Location, location and location are also very important. Save your money, the less from a lending institution, the better. Pay your people well; make sure their paycheck is the last thing on their mind. In approximately a year or less, I hope to purchase the restaurant I currently work at when the current owner retires. I have worked with him and learned from him for 10 years and know the place better than the back of my hand. However, this restaurant is the only one I would consider buying given my previous bad experiences. Last but not least, I would advise against a partner. You should be in a position where you make all the major decisions, otherwise, in my opinion, it's not worth investing the money.

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