Underestimating expenses is very easy to do for any small business, and many new restaurants usually do this. Everything needs to be planned, and budgeted for in the start-up cost. Taking the time to plan and think through a budget will help the launch of your restaurant run smoothly and be successful. Here are some of the costs that you need to budget for when you are opening a restaurant.
Liability insurance is important as it protects you from being held liable if a customer is hurt into your business, gets sick from the food, or if an employee is hurt on the job. You should also have property insurance in case of fire or other damage to the property.
Restaurant level equipment is going to take the largest chunk of your budget. This includes the cost of cookers, refrigerators, fryers, and other machines that you need to produce your menu. Dishes, cutlery, storage containers, and other items you need to run the restaurant should be placed into this section of the budget.
Your business technology should be installed before you open your doors. The technology most commonly used by restaurants are point of sale systems and cash registers that are linked together. Ticket printers have also become very popular in restaurants. You will also need a computer with accounting software, and a multi-line phone system. You should also have wireless internet to connect these systems, so they are able to send and receive information.
Depending on your location, there may already be some of the fixtures that you are going to need like washrooms, lighting and a counter. At many locations, you are going to have to put in tables, bars, and chairs.
While food costs are going to be one of the main ongoing costs, you are going to need food before you open the restaurant to test the menu, and be able serve the first few days after the opening. Fresh food is the best option to stock your kitchen with, so you may want to talk to local farmers to see if you can make deals with them.
Like the food costs that all restaurants have, staffing wages are an ongoing cost. At the same time, if you are going to use set uniforms, you will need to have this budgeted into the cost. Training will also take time and money to be completed.
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