When it comes to reducing restaurant labor costs, often the focus becomes on retention. And yes, retention is huge for the restaurant industry because of the high turnover rates and how that affects your bottom line. But if you’re serious about lowering your restaurant’s labor costs, an equal focus needs to be placed on efficiency
An Entrepreneur's Guide to Restaurant Financing
Michael Tran is Partner & CEO of the Peli Peli Restaurant Group in Houston, TX. Peli Peli is the only South African fusion restaurant in Texas and the 2010 Click2Houston winner for Best Romantic Restaurant in Houston. In addition to its awards for atmosphere (2009 Houston Press – Reader’s Choice) and ambience (Best Romantic Bar
How to Forecast Your Restaurant Labor Costs
Labor costs. It’s one of the toughest calculations a restaurant owner needs to make — and the decisions you make in the process can guarantee success… or throw your establishment into chaos. But restaurant labor cost forecasting isn’t like throwing a dart and hoping it lands. There’s a method to the madness that breaks down
What You Need to Know Before Setting a Restaurant Manager Salary
There are few things in life that are as difficult to talk about as money. And when the money in question is as important to someone as their salary, the discussion can get even harder. But what makes a restaurant manager salary in particular easier to establish, present, and negotiate is getting your ducks in
Ditch the Cash? The State of Restaurant Credit Card Payment
Consumer behavior and merchant expectations regarding restaurant credit card payment are changing. Can you feel it? From Argo Tea to Epic Burger, the trend of businesses going cashless and only accepting credit card payment is still small, but growing in the wake of a customer base that increasingly eschews cash for cards. In a poll
So, You Want to Own a Restaurant Franchise. Read This Guide First.
You’re finally going to do it. You’ve done the 9 to 5, and you’re only going to take orders from one person for the rest of your working days: you. Owning and operating a restaurant franchise can be a lucrative business with the security of an already established brand. While your passion and drive are
How to Open a Restaurant with No Money
Opening a restaurant is tough. According to a study conducted by Ohio State University, 26% of new restaurants fail in the first year, and 80% fail within their first five years. There are variety of reasons surmised for these disturbingly high statistics — from inexperience and poor customer service to larger economic woes and the
Employee Turnover: How to Lower Restaurant Labor Costs
Three of the next four employees you talk to in your restaurant won’t be with you this time next year — that is, if hospitality business statistics bear out for your business. Industry turnover rates are at 73%, and it’s more than just the hassle of rehiring that restaurants have to deal with. Restaurant labor costs
How Much Does It Cost to Start a Restaurant?
New ones seem to pop up all the time. That empty storefront that used to be an insurance office — now a bustling sandwich shop. The vacant lot you never thought would get filled — now a Southern-themed family restaurant. Entrepreneurs left and right are looking for opportunities and spaces to build out their dreams
Minority Owned Business Financing and the Restaurant Industry
America is growing and changing, inching ever closer to a true melting pot of people, places, and business — and the restaurant industry is no exception. In recent years, we’ve seen minority owned business continue to flourish, despite obstacles in their way. So, how have things changed in the last decade? What do these changes
