Why Do 60-80 Percent of New Restaurants FAIL Within Two Years of Opening?
Learn What Makes a Restaurant Sizzle, Not Fizzle
Advice from a Life in the Culinary Trenches
Los Angeles, CA — July 1, 2004 “You should open a restaurant.” Five words so deceptively simple, often offered as sincere praise for one of “Mom’s” secret recipes, a dazzling barbecue picnic, another perfect meal at a friend's house ... But should you? Many people who don’t even think of themselves as entrepreneurs dream of opening a restaurant. They love food. They love the idea of owning a restaurant. And the restaurant industry is hot, growing at an average annual rate of 7.2 percent since 1970. But before the food lover in you pursues this dream, consider this: 60 to 80 percent of all independently owned restaurants fail within two years of opening.
Then, read THE NEW RESTAURANT ENTREPRENEUR: An Inside Look at Restaurant Deal-Making and Other Tales from the Culinary Trenches (Dearborn Trade Publishing; June 2004; $22.95/trade paperback; ISBN: 0-7931-8567-X), a new book by Kep Sweeney.
“It’s not about bad food – it’s really not about the food at all. It’s about bad deals,” says Sweeney, a 14-year industry veteran who has experienced every side of the business from chef to owner. “People believe they are so talented that they can make in operations what they lost ground on in poor early-stage preparation. I often witness a restaurateur or aspiring restaurateur sloppily expedite the capital leasing, lease negotiating, and corporate development phase of the business. The fact is, when developing your restaurant, the writing is on the wall long before you serve your first meal.”
According to Sweeney, planning determines success. He makes sure that aspiring restaurateurs do all their homework before the doors to the bistro, cafe, or coffee shop even open. In THE NEW RESTAURANT ENTREPRENEUR, he offers entrepreneurs an insider’s look into the restaurant business. Practical, understandable, and immensely readable, the book provides advice on avoiding the early stumbling blocks that often lead restaurants into disaster, such as how funding, partnerships, and a clear concept are essential for future success. In addition, readers learn:
Why cuisine isn’t enough to make a restaurant a success
How to turn first-time customers into regulars
Smart hiring strategies
How to find financial partners who share your goals
Location, location, location
Why you must have an exit strategy at the beginning
Part narrative and part business guidebook, THE NEW RESTAURANT ENTREPRENEUR also incorporates the author’s own entrepreneurial trials and tribulations within the restaurant industry. It is written for entrepreneurs, restaurateurs, business students, and anyone who has ever thought it might be exciting to open a restaurant and wants to triumph in the culinary trenches.
Kep Sweeney is the founder of Acceleron Group, a financial services company that works exclusively in the hospitality industry. Prior to forming his own company, Sweeney was a restaurant industry analyst for Salomon Bros., as well as an award-winning chef and restaurateur. He has been featured in publications including the Financial Times, Crain’s New York, Travel & Leisure, Bon Appéit, and Food & Wine. Sweeney is a sought-after speaker on entrepreneurship with business and professional groups worldwide. In addition, he publishes industry-related research and advises start-up companies about marketing strategy. Earlier in his career he received a national award from Julia Child and Anne Willan to train at the famed Le Cordon Bleu London Culinary Institute. Sweeney holds an MBA from the Kenan-Flager Business School at the University of North Carolina-Chapel Hill.
Kep is available for media interviews and appearances nationwide upon request. For more information contact:
Trina Kaye
310-915-0970
TrinaKaye@tkopr.com
Chef2Chef News Desk