5 Hidden Restaurant Costs To Look Out For When Opening A Restaurant Business | Restaurant Management
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- เผยแพร่เมื่อ 26 มิ.ย. 2024
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Starting a restaurant business and want to keep on budget? Here are the 5 critical expenses you need to be aware of when starting your food business so you won't go over budget...
Many people ask how much it costs to start a restaurant. But it doesn't matter when you're completely off-budget from your forecast. People need to understand that when starting a restaurant, there are A LOT of costs involved. Many people make the mistake of not properly budgeting ALL the costs when creating their business plan. And few months down the road when construction starts, they find themselves 2x or 3x over their forecasted costs.
It is sad to see so many people make this mistake.
Which is why you need to be really clear about each of these 5 major restaurant expenses. I've made the mistake when I was starting my ice cream in being cheap with my equipment. We got the cheapest model, but it in the end was a $30K mistake as we need to upgrade the machine and fix us our electrical. Choosing your buildout could save you a TON of money and time. This is the case if youu choose a unit that already has many of the things you need (e.g. washroom, bar, grease trap, etc.) VS. a unit that is totally empty. And a lot of times people leave out the marketing expense from their business plan.
So if you want to keep within budget, upcoming restaurant owners, restaurateurs, small business owners and those who want to learn how to start a restaurant should keep on watching!
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ABOUT WILSON:
I’m Wilson, your new restaurant business partner. I’m here to help turn your food and beverage concept into a reality with expert tips & tricks for success.
My videos are based on years spent in the industry building multi-million dollar businesses, including my own international dessert chain (720sweets.com/) with locations spanning the globe. Since my franchise was acquired (2020) it’s been my mission to share this knowledge with people like you who have great ideas, but just can’t seem to break through. If I did it all with no experience, so can you. I know firsthand the struggles and mistakes most entrepreneurs make, and want to show you exactly how to avoid them.
I’ve helped hundreds of restaurant owners and entrepreneurs create explosive Food & Beverage businesses. You don’t have to take my word for it. I’ve been awarded Top 30 Under 30, Young Entrepreneur of the Year, Top 10 Emerging Entrepreneurs, and recently a Forbes Business Council Member.
Subscribe to see what everyone’s talking about and learn how you can achieve the same life-changing results.
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Thank you for this beautiful video, I have watching you for 2 years and I love your content. Everything I need 😁
Wow, thank you Vony! You are part of the old school crew haha! Thanks for the support!
Great content!
Appreciate it! Thanks for tuning in!
Well done explaining this.
Glad you found it easy to digest Yuliya! Thanks for tuning in
Very nice video 🌎 Greetings from Colombia. The Venezuelan Immigrant writer, ecologist, entrepreneur 🇻🇪 Thanks
Hi Wilson. I don’t normally comment and thumbs up videos on youtube BUT, I must say, you are the first youtuber that I have met that made a great impact on me intellectually! Your videos are life changing. I just knew and subscribed to your channel only yesterday since I am planning to open a restaurant. I will replay your masterclass and will continue to watch and like your videos! Keep up the good work and THANK YOU for doing this.. Hope to succeed just like you do.☺️Junah here from Al Ain, UAE!
Thank you for such kind words Junah! I'm glad that my videos and masterclass has been helpful for you. Keep at it!
Good one
Thank you! Cheers!
Hi Wilson! Great content! I'm on the board and following your uploads.
Could you recommend any books/resources on subjects such running cost control (p&l statements, gross margin control and creating - intelligently a menu ? It could also be a general book on running a cafe/ restaurant/catering business ?
Thank you in advance!
Those nitty gritty things I usually get info from consultants, coaches, and friends in the same industry. High level wise - which would help your business overall - I would recommend E-Myth Revisited by Michael Gerber
Stay in Budget... Thanks Wilson 🌎
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Yes.
The burning desire in me is making me restless.
Will you mentor me?
Great to hear that you're motivated to start your restaurant! Hop by our FB group and you'll get some good info from not just me but many others in the same journey as you
Your chanel is perfect for me as I just started a teaching position.
Wonderful! What are you teaching?
I am Teaching Culinary Practical and Theorical subjects at an international University in Daejon South Korea.
Some of your videos can be good materials for classes and even more when everything is on zoom.
Thank you.
Hey Wilson! Just subscribed, awesome videos! I have an idea of starting my own little churro stand. Any tips or thoughts? Since the food cost is low I wonder if it is a good idea.
Great to have you onboard Cesar! Some questions to maybe help get the mind running....What's the reason for a churro stand? Is there a particular story behind it? The food cost may be low but what's the margins and your revenue goal? What's the competition like?
Thank you so much sir iam starting new restaurant
Great! What kind of restaurant are you thinking of Ganesh?
@@WilsonKLee cloud kitchen sir and with home delivery 1.5 lakh budget
Hi Wilson, I've recently found your channel and enjoyed your videos a lot! Could you just, maybe, give a rough estimate of how much the buildout of the typical bakery/sandwich shop generally costs for empty space (e.g, no available electrical or gas lines)? Let's say it ranges from 500 to 1000 sqft.
Looks good
Hi Wilson. I am looking to start small in the food industry. I will be funding my own business. I would like to go on this journey with you.
I started watching your vedios from 3years ago. Thank you for all your insights.
How do I get you to mentor me?
sure thing! :) go join the fb group and we will chat there!
@@WilsonKLee how can I join the fb group?
Peak hour... figure out 🌎
🙌🙌🙌🙌
Much love to your Mr.Fish!!