So the family has been passing around the idea of wanting to open a restaurant/saloon for a while now and are trying to make a move on it if we can get the financial ability to do so. Was wondering if anyone experienced on this topic would mind dropping some information/ details on what it takes to actually get started? Thanks!

High % fail. Food and labor cost are huge variables. Location brings another headache from either a rent or traffic standpoint. Working with family (I have experience) is a struggle. Paycheck guarantee is out the window.

On the positive side, being your own boss is great. Yes, you wear all of the hats, but there is satisfaction from making it all come together successfully.

Best advice: Get all of your ducks in a row and overthink the business plan.

Talk with Tritonman, Happykamper or WAWI on here. They know their stuff. T-man started from a trailer on the side of the road and moved to a building within two years. Quality product was the key.

It takes a lot of money and a strong desire to lose that money.

I look at restaurants as like being a Realtor:

No customers + lots of overhead = Failure

It's not for the faint of heart. Scared money has no home.

About 60% of restaurants fail in the first 3 years. Opening one isn't cheap. I'd find a better place to invest that money. Also, a failing family business could tear apart a family

We just got our final permit from the Fire Marshall yesterday to finally start work on our new location.

As for advice, I'd say follow your dream, but don't mortgage your future. I started out in a food trailer with 5 picnic tables 2 years ago. I did not grow the business unless we could afford it, and still remain debt free today. We only grow when the business dictates, and when we can afford it. Our new place will be 4,000 sq ft, plus outdoor seating, and will be about 80% paid for when we open.
Is it an azz whipping? Some days it really is, but you just keep doing what you love, and it'll work itself out. I'm scared to death of opening this new place, but you have to put a lot of trust into the guy upstairs. The business will tell you what it wants.

I remember this advice from about 3 years ago. I didn't fully understand it then, but I do now. You've provided a lot of great advice along the way, and I'm very appreciative.

My advice from years of observation, but no restaurant experience. Do Not put a restaurant in a location that has already failed as a restaurant - even if the failed restaurant was a completely different concept or food type. I have almost never seen a successful restaurant that took over a lease from a failed restaurant. One exception is Babe's in Carrollton.

JR

Overall I agree with this, but maybe with a slight change in the formula. My opinion is that there are 2 reasons that restaurants fail. Bad food, and bad location. Regarding JR's advice above, if you have been to a place that actually had good food and they didn't make it... it is most definitely a bad location. However I've seen several places take over a restaurant that closed because of just bad food and they were successful.

That said, I'm not in the business either, so my advice is worth exactly what you paid for it. Good luck to you either way!

You're getting good advice here. I've never tried to run a restaurant, but we've had many as tenants through the years. Most fail, for the reasons you see in the Chef Ramsey show ... oh, what's it called? Oh yeah, "Kitchen Nightmares". Watch a couple seasons of that show to pick up on do's and dont's (without the yelling and cussing of course).

Start with a food truck. See if what you're making is what the masses want. Or just open a bar. Higher margins than food.

Appreciate all the advise! Thanks y'all

I thought you were in high school?