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The Pros and Cons of Owning a Restaurant

Owning a restaurant has its vicissitudes. For everything that is good about it, there is a drawback. There are three things that can be a blessing as well as a curse in the restaurant business that everyone who is considering owning a restaurant should be aware of. The most important thing to remember is that on any given day, the cons can outweigh the pros so you have to focus on the good and take the bad in stride, otherwise, it is going to be a string of very long days. The three biggest blessings are the three biggest curses. Here they are.

• The Love Of People

• Being Your Own Boss

• A Long Term Stability

A People Person

Many restaurant owners are people who love people. This is especially true of families. One of the most cherished benefits of owning a restaurant is the opportunity to meet people and have a positive effect on their lives. In your restaurant, people fall in love, propose marriage, and enjoy time with each other and their children. It is a wonderful feeling when someone pays your establishment a compliment. It does not matter if it is the food, or the service, or even the atmosphere that they like, all compliments give you a feeling of pride in what you do and make you feel that you are in a profession that is worthwhile and makes people happy. Unfortunately, there are people who will always find fault or have a bad experience in your establishment no matter how hard you try. These also affect you deeply. The good outweighs the bad, though and you hang your hat on that.

You Are The Boss

Owning your own restaurant or any kind of business is a very freeing feeling. You may be responsible for mistakes in things like the restaurant inventory and quality of service but the buck stops with you. There is no one that you must answer to or that is telling you what you must do. You are your own boss. While this is a good feeling, most restaurant owners are too hard on themselves, working long hours and feeling responsible for things that they cannot control. It is the ultimate double-edged sword.

Retirement

When you own your own restaurant, you do not always get out of it what you put in. Do not get me wrong, it is a great living and you can do very well for yourself if you simply do the things that need to be done to succeed. However, it is not like working for someone else. There is no company insurance plan and no 401k. You will have to save for the things that you want for yourself upon retirement, your children’s education, and emergencies that arise. If you have a poor month due to the economy or any other reason, your employees must always be paid before you realize a profit.

Find Good Help

Those are some of the major pros and cons of owning your own restaurant. Long hours and weekend work are hard on you and your family but it is well worth it to know that you can provide for your family. If you can find a good manager that can take care of the business in your absence, it is much more rewarding. Decide if this is something that you can do before you get into it, though because it can be a very addictive profession. It is that great. You just have to remember to put money away for later years.

For more information please visit our food inventory website.

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