Starting a Business
Starting an American Restaurant
Want to escape the rat race? Start an American restaurant. There are many practical, financial, and psychological benefits to owning your own business.
We offer many pragmatic recommendations on how to start an American restaurant.
Characteristics of a Good American Restaurant Business Plan
Every business plan is unique. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement � Your description of your American restaurant's reason for existing.
- Goals & Objectives � A list of mile markers on your American restaurant's road to success.
- Financial, Marketing & Action Plans � Specific plans that describe your business environment, demographic targets and quantitative estimates.
Demographics of the Local Community
If there isn't already an American restaurant near the location you are targeting, it may be for good reason. Among other things, make sure you consider these factors: local population, population growth, income levels, employment (blue collar or white collar), and ethnicity (Asian, Black, Hispanic, Native American, White).
Assess Competitors
Before you open an American restaurant within your community, it's worthwhile to determine how many competitors you have. Try our link below to generate a list of competitors in your area. After following the link, enter your city, state and zip code to get a list of American restaurants in your area.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
If you are seriously contemplating launching an American restaurant, it's essential that you learn as much as you can from somebody who is already in the business. If you think owners of nearby American restaurants will give you advice, think again. It'd be crazy for them to teach you the business.
Fortunately, somebody who runs an American restaurant in another town can be a great learning resource for you, as long as they don't view you as a competitive threat. In fact, they are often very willing to share startup advice with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
Where do you find an American restaurant owner on the other side of the country to talk to?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Three Arguments for Buying an American Restaurant
For years, street-smart entrepreneurs have known that whenever possible, it's more advantageous to buy an existing American restaurant than it is to start one from scratch.
Due diligence and other business buying requirements are essential. But there are several reasons why buying an American restaurant may still be your best bet.
- Proven Profitability. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. When you're shopping for an American restaurant, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Capital Acquisition. With several years of operations under its belt, a purchased company is much more appealing to lenders and investors interested in avoiding the risk of an unproven startup.
Is Franchising the Right Option?
Your chances for doing well in business are much better if you become a franchisee instead of doing it all on your own.
Before you consider starting an American restaurant, a smart move is to investigate whether purchasing a franchise might make it easy to get started.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Entrepreneur Interviews
These interviews should be of interest to you.
Related Articles on Starting a Company
These additional resources regarding starting a business may be of interest to you.
Buying vs. Starting a Business
Share this article
Additional Resources for Entrepreneurs