{"id":3570,"date":"2023-03-21T22:26:24","date_gmt":"2023-03-21T21:26:24","guid":{"rendered":"https:\/\/www.catererbar.com\/?p=3570"},"modified":"2023-03-21T22:26:24","modified_gmt":"2023-03-21T21:26:24","slug":"is-now-a-good-time-to-open-a-restaurant","status":"publish","type":"post","link":"https:\/\/www.catererbar.com\/is-now-a-good-time-to-open-a-restaurant\/","title":{"rendered":"Is now a good time to open a restaurant?"},"content":{"rendered":"

There are a number of factors to consider when thinking about opening a restaurant. The current state of the economy, as well as the general business climate, are two important pieces of the puzzle. Additionally, it’s important to think about the location of the restaurant, the target market, and the competition. Overall, if all of these factors are taken into consideration, now may be a good time to open a restaurant.<\/p>\n

No, now is not a good time to open a restaurant.<\/p>\n

Is 2022 a good time to open a restaurant? <\/h2>\n

If you’re thinking of purchasing a restaurant in 2022, now is the time to do your research. The market is finally rebounding and many investors are interested in purchasing existing locations. However, the past two years have been tough on restaurant owners and many are still in a state of exhaustion. Before making any decisions, be sure to speak with several different owners to get a feel for the current state of the industry.<\/p>\n

The foodservice industry is expected to continue to grow in the coming years, with full-service restaurants seeing the largest increase in sales. This segment is forecast to reach $289 billion in sales by 2022, a 109% increase from 2021. The limited-service segment is also expected to see significant growth, reaching $355 billion in sales by 2022, a 79% increase from 2021. These trends indicate that the foodservice industry will continue to be a major contributor to the economy.<\/p>\n

Is it a good time to start a restaurant business <\/h3>\n
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The two busiest times in the restaurant calendar are typically during the Summer and the Holidays, meaning the best months to open would be March\/April and September\/October. This allows you to take advantage of the busy season while avoiding the inevitable lull that comes afterwards. Keep in mind, however, that these are also the most competitive months in which to open a new restaurant, so be sure to do your homework and plan accordingly!<\/p>\n

If you’re thinking of opening a restaurant, it’s important to be aware that it takes an average of two years for a new restaurant to turn a profit. Unfortunately, there is a very high restaurant failure rate, which is often due to a lack of funding or planning for the slower first few years. These should be factored into your restaurant business plan to help increase your chances of success.<\/p>\n

Are restaurants struggling 2022? <\/h2>\n

Restaurants are struggling to keep up with the rising cost of food. According to the National Restaurant Association, the average wholesale food prices are up 11 percent from this time last year. This is putting a strain on restaurants, who are already struggling to make ends meet. The community support is helping, but it is not enough. Restaurants need more help to get through this tough time.<\/p>\n

The 2022 State of the Restaurant Industry report of the National Restaurant Association (NRA) concludes that food, labor and occupancy costs will continue to remain high, blunting restaurant profit margins in 2022. Nine in 10 operators report food costs as a percentage of sales are higher than before the pandemic.<\/p>\n

Why do most new restaurants fail? <\/h2>\n
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If you’re thinking about opening a restaurant, be sure to do your homework on the location. Around 60 percent of new restaurants fail within the first year, and nearly 80 percent shutter before their fifth anniversary. Often, the No. 1 reason is simply location — and the general lack of self-awareness that you have no business actually being in that location.<\/p>\n

Before you sign a lease, make sure you’ve done your due diligence on the following:<\/p>\n

• The surrounding demographics. Who are your potential customers?
\n• The foot traffic in the area. Is there enough foot traffic to support a restaurant?
\n• The competition. What other restaurants are in the area?
\n• The cost of rent and utilities. Can you afford to sustain a long-term lease in this location?<\/p>\n

If you have any doubts about the location, it’s probably best to steer clear. Remember, the success or failure of your restaurant will largely depend on its location. Choose wisely!<\/p>\n

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One of the main reasons why so many restaurants fail during their first year is that they don’t have enough money to start with. Many new owners believe they just need enough for the location, staff, equipment and food, and that after opening the business will start generating profit right away. However, what they don’t realize is that there are many other costs associated with running a restaurant that they haven’t taken into account, such as marketing, repairs and maintenance, and unexpected expenses. Without enough money to cover these costs, their business is quickly forced to shut down.<\/p>\n

What are 3 current food trends <\/h3>\n

In 2023, we can expect to see more climate-conscious foods that are sustainably produced. This includes pasture-raised meat and eggs, as well as island-grown flavors. We will also see more people embracing a reducetarian lifestyle, whereby they eat less meat overall. international BBQ flavors will be big, as will butter boards and tinned fish. Peppers and other hot flavors will also be popular.<\/p>\n

According to Payscale.com and Chron.com, restaurant owners make anywhere from $31,000 to $155,000 per year, with the national average being around $65,000. These estimates vary widely, so it’s difficult to say definitively how much restaurant owners make. However, it seems safe to say that they make significantly more than the average worker.