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Lalaguayaba · 08-31-2007

I think I read somewhere that in the restaurant industry, the figure is around 60%. I don't have numbers for other industries, but its probably around 40%.
The main problem cited is lack of funds (obviously!)--that business owners just did not plan well enough for operating expenses to cover the first 2-3 years without an expectation of turning a profit. Especially in the case of restaurants, where you have to conform to city/state/federal health regulations in your building codes ($$$,) make sure key employees are health dept. licensed ($$,) and that kitchen staff has basic health safety training ($.) As with any retail-to-the-public business, keeping inventory turnover at a good level, having good prices for high quality, and retaining staff are just a few of the hurdles to be faced by new business owners.

Makes life in a cubicle sound just a little bit easier, doesn't it?

Cheers.

08-31-2007	#2 (permalink)
Lalaguayaba Senior Member Join Date: Jul 2007 Location: Washington, D.C., California, Colorado and Panama Posts: 387 Rep Power: 2	I think I read somewhere that in the restaurant industry, the figure is around 60%. I don't have numbers for other industries, but its probably around 40%. The main problem cited is lack of funds (obviously!)--that business owners just did not plan well enough for operating expenses to cover the first 2-3 years without an expectation of turning a profit. Especially in the case of restaurants, where you have to conform to city/state/federal health regulations in your building codes ($$$,) make sure key employees are health dept. licensed ($$,) and that kitchen staff has basic health safety training ($.) As with any retail-to-the-public business, keeping inventory turnover at a good level, having good prices for high quality, and retaining staff are just a few of the hurdles to be faced by new business owners. Makes life in a cubicle sound just a little bit easier, doesn't it? Cheers.