new business
 

I've been thinking about how hard is it to opening up a restaurant im talking about a family owned hotpot. what are the basics that I need to know to be able to pull this off. Will I be needing a great amount of cash to be able to open one up during these times?

Learn and create a business plan, then come back. Too many variables for you to ask about.

Also, cold reality is that 1in3? new businesses go bankrupt in 2 years.

have you ever been a waiter or a cook?

before you open a restaurant, you need to understand the workings of a restaurant so apply at a restaurant, work for free, doesn't matter you need to get experience.

Once you past that test, yes, you will need cash, lots of cash. Typical leases can range from 5g to 25g/month depending on size and location. Obviously it can be way more than 25g/month, but that range i gave you for comparison, say, a typical pho joint to a place like number 9 in richmond.

You;ll need permits, licenses, inventory, insurance, staff, accountants. There's so much more, but you get the idea

Say i was to walk into cattle and ask them to teach me the ins and outs of how they operate their restaurant would they show me, if i was to work under them for some experience?

http://www.bcbusinessregistry.ca/

great link with start up tips

three important ppl to have when opening a business

a good banker
a good accountant
a good lawyer

haha, i doubt they want another competitor.

you better just get a job there and watch and learn

Rule #1, if you're asking strangers on Revscene then you obviously haven't put enough thought or done enough research in this. Opening up a restaurant isn't easy. People can ruin their lives/credit and lose their houses over failed restaurants.

Like others have said, you want to open up a restaurant? Work in one first.

Apparently 80% off restaurant business owners close up within 1-2 years of opening.

The best way to do it is find a restaurant job, work your way up and learn everything you can learn. Try things and see how its works..

The good thing about working for someone is its not your money going down the drain if shit hits the fan. So why not learn and test out your mistakes on someone elses money rather then having to pay for your own stupid mistakes.


(Also you should work front and back house)

As already mentioned, I'd suggest you work in one first, and always work out front even if its an $8/hour job as a host. Anything that will give you a greater oppurtunity to learn.

I worked in the kitchen as a cook for a restaurant, and never found out how they did it out front.

All restaurants call people off and put people on call to keep costs low, and asian restaurants probably don't follow labour laws.

Hope this helps.

The vagueness of your questioning indiciates you might not quite be ready to own a business of this magnitude yet.

Restaurants are one of the most likely businesses to fail for a few reasons:

1) A lot of people can cook, so more people than nearly any other industry think "hey, I should take my talent for cooking and open up a restaurant". The comeptition is unparrallelled. The key to a lot of successful startups is to be niche and a restaurant is exactly not that (especially hot pot).

Point being, good food is only a very small part of the successful business equation.

2) Restaurants require huge cash flow. Yes, any half decent location is going to bring you half decent revenues by default, but how many meals do you have to serve to make $25,000-$50,000 profit- the bare minimum you'll need to just break even, let alone pay yourself a salary?

There's a lot of great areas to start a business in- a restaurant is one of the worst (who knows though, maybe this skepticism can be motivation for you to prove the naysayers wrong)

Ditto to all the previous comments. I would also check out:

http://www.smallbusinessbc.ca/

As a resource.

Research, research and more research. Oh, did I mention research?

(Research should be conducted through proper channels; Revscene ain't the greatest imo)