The sad truth of the matter is that most people in the hospitality business don’t know how to run a restaurant, and that most restaurants fail. For a multitude of reasons, from badly managed margins to ill conceived marketing budgets, restaurants are not easy to run.
There’s just so much to consider as a restauranteur. Operation costs, food and beverage costs, and that’s before you look at labour costs.
However, most people think that running a restaurant is a piece of cake, yet they have no idea just how small the margins can be.
This infographic from Servy takes a closer look at exactly how to run a restaurant and, even though for us this is actually on the cheap side of estimations, the figures are quite an eye opener.
As they say near the end of the chart, it can take years for a restaurant to actually break even. There’s also a second chart in this post that takes a closer look at the restaurant industry in the U.S. and exactly how it breaks down with some startling figures on employee retention and just how difficult that can be.
NFTs have taken the digital realm by storm, with many of the crypto-assets being sold for astronomical fees. But how can restaurants and food professionals explore the possibilities of this new technology? FDL takes a look.