Joel Libava
The restaurant business can really have serious ups and downs. Just look around.
I don’t know about your area of the country, but here in the Midwest, the restaurant industry is always interesting-to say the least.
Interesting in the fact that there are always openings and closings happening. Always.
A Restaurant Business Background
A lot of people write about and report on restaurant industry news. I doubt very much if most of them have ever worked in a restaurant.
I have. I was in the restaurant business for many, many, years.
I started as a busboy and worked my way into restaurant management. I was even a Maitre’D in Las Vegas.
I worked in Asian restaurants, family-style restaurants, and upscale restaurants. I worked my butt off. Everyone in the restaurant business works hard…really hard. The restaurant business is not for the weak and it’s not for the meek.
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I do know the restaurant business. I’m a great person to talk with if you’re considering a food franchise.
Openings And Closings
In my area, Northeast Ohio, restaurants are opening and closing all the time. Mostly closing as of late.
Here are a few of the ones that recently closed:
Friendly’s Restaurant And Ice Cream
And, on New Years Eve, Claddagh Irish Pub.
The ones I just named are only the tip of the iceberg. Dozens of small restaurants closed their doors in the past several months.
The rumor around town on the Claddagh closing is that the rent they were paying was becoming too much to handle.
Tip: Before you buy a restaurant, make sure you can afford the rent. Make sure the numbers add up. Put the rent factor in your business plan.
Remember: A long-term lease is just that: Long-term. Commercial leases are tough to get out of.
Anyway, it always amazes me…the number of restaurants that close each and every year…in my area.
Do a lot of restaurants close in your area? Let me know in the comment section. I hope it’s not just here in Cleveland.
And, if you’re thinking about becoming the owner of a restaurant, do a lot of research. Try to learn as much as you can about the food business.
The good news is that success can be had as the owner of a restaurant-or restaurants.
Will The Restaurant Business Grow In 2015?
I think it’s hard to gauge. Turnover in huge. Two new restaurants can open…but 3 close.
Anyway…
One restaurant industry expert is predicting pretty good things for restaurants in 2015.
From Nation’s Restaurant News:
“Larry Miller, co-founder of the NRN-MillerPulse restaurant tracking survey, said that annual restaurant same-store sales should finish at an increase of 1.8 percent in 2014. He’s expecting just over a 2-percent increase in 2015.”
If you’re interested in the restaurant business, I encourage you to read the rest of the in-depth article on restaurant predictions for 2015 from Jonathan Maze.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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