So You Have a Successful Restaurant. Now What?
“Each success only buys an admission ticket to a more difficult problem” is a statement often attributed to former Secretary of State Henry Kissinger.
Any entrepreneur with a successful restaurant venture faces an interesting prospect: Is the next move to open another restaurant that mirrors the successful one in another location? Or is it better to leverage the infrastructure of the existing business to establish a different kind of restaurant in the same town?
Or should a restaurant group be created to include a steakhouse, a Mexican restaurant and a seafood restaurant in the same city? Might the single concept be extended to multiple locations? Or maybe the entrepreneur just wants to focus attention on this first restaurant.
While running a single restaurant can make for a successful enterprise, the financial rewards are usually limited. The owner might carve out a decent living if the restaurant is successful but the chances of becoming wealthy are very slim.