You’ve always had big dreams of opening your own restaurant. Not only have you become a boss in the kitchen but you’ve also got a knack for managerial responsibilities. Having this skill set is like possessing the dynamite package for opening a restaurant that is sure to explode with success.
To avoid putting the cart before the horse, though, you’re going to need a carefully crafted strategy to ensure you cover all the bases of restaurant ownership. From securing funds for the construction of the eatery to connecting with food and beverage vendors, there is a lot that goes into building your restaurant from the ground up. Let’s explore the top three expenses you need to be aware of.
The location of your restaurant will heavily influence how much you’re going to pay for a restaurant that’s already constructed. And when we say heavily influence, that’s exactly what we mean. For commercial restaurant space in West Los Angeles that comes with adequate space to have a ventilation system installed, you’re going to pay about $52 per square foot. Shoot on over to the East Coast in Manhattan and you’ll pay about $120 per square foot for the same type of space.
Unless you hit the jackpot and score existing restaurant space that’s already set up exactly how you need it to be, then you’re going to have pay for fit-out costs. These costs relate to the design of the restaurant and the installation of any equipment you need. Generally, fit-out costs for a restaurant’s back of house (the kitchen area) range from $300 to $500 per square foot. Let’s do the math. For a small kitchen (400 square foot), you’re still looking at spending $120,000 to $200,000 in fit-out costs.
To operate a restaurant, you have to have restaurant insurance. Once you start shopping for restaurant insurance cost, you’re going to notice that there are several types to buy. To put it simply, you’re going to need:
As you can imagine, restaurant insurance cost can add up very quickly. This is why you should consider investing in a business owner’s policy. This type of plan is the ultimate bundling package and provides all necessary insurance in a single policy.
It’s going to take a hefty investment to start your own restaurant, but as an entrepreneur with the right skill set, you are sure to establish a thriving business, especially when you have yourself protected with the right insurance policy.
Milton Ferrara is a professional blogger and writer with an experience of half a decade. Known for his amazing take on conventional matters and his boldness for writing new fresh content, he has a strong presence on the web.
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