Birmingham, AL, February 24, 2012 --(PR.com
)-- When the would-be restaurant owner has that great new restaurant concept, what next? Is there a plan? Has that dream been put in writing? Howard Cannon, CEO of Restaurant Consultants of America, says, "The one significant difference between a dream and a goal is that goals are written down."
Cannon adds, "If you want to open a restaurant, you need to make that restaurant your passion. And if you invest the time into putting together a plan, you will find the money you need to fund that passion. Tons of capital resources are available, but investors always want to know your plan and how committed you are to that plan. Risking your own money is one way to demonstrate your level of commitment to other investors. If you are reluctant to risk your own money, not many people will risk theirs on you. If the concept and business plan born of your passion work, then the money will follow."
There are six main factors to remember before a prospective restaurateur hits the funds-finding trail. The first is to have a great restaurant concept. He or she must be able to answer, “What sets you apart from the competition?” The next step is to write a complete and well-conceived business plan. The business plan is critical to securing funding of any kind. Next, one must choose the right site. This can make the difference between success and failure. Think through and offer a funding plan schedule. How much money is needed for year one? Year two, and so forth? This should go without saying, but if the future restaurauteur doesn't use common sense, he won't get anywhere. Money sources will know when someone is asking for what they actually need, versus how much they think they can get. Finally, the future restaurant owner must have a strong management team. Even if she has all her ducks in a row, the management team has the power to make or break her business.
Keep in mind, there is always money available; and, there are plenty of ways to get money for wants and needs, but there are also plenty of money-people who really enjoy saying “no.” Cannon advises, "Get ready. Resilience is the theme for being effective at finding funding. There will be plenty of 'No's' in your future...to which, you can only respond, 'So,' and then move on."
Mr. Cannon urges those who want to start a restaurant to research their concept, believe in themselves and their ideas, and look for funding – in that order. "Colonel Sanders spent seven years traveling the country selling his chicken out of the back of his station wagon before he found someone to fund his secret recipe. He didn’t care who said, 'No.' He knew the only right answer was, 'Yes!' If you don't have that kind of passion and belief in yourself and your ideas, it won't work."
Howard Cannon is a highly recognized restaurant consultant and restaurant expert witness. He is also an author, speaker, mediator, and analyst. Cannon is the author of The Complete Idiot’s Guide to Starting a Restaurant© - found in 76 countries around the globe. Howard Cannon can be reached at RestaurantConsultantsOfAmerica.com, RestaurantExpertWitness.com or at 800.300.5764.
Restaurant Consultants of America, 800.300.5764, RestaurantConsultantsOfAmerica.com, info@RestaurantConsultantsOfAmerica.com
Susan Wood, 800.300.5764, firstname.lastname@example.org