Opening a Second Location
Client has a successful long-time first venture. The concept and its delivery are enthusiastically received. Client wants to grow the brand and business by opening a second location.
Client’s personal resources are limited – must find an investor/partner or lender. Banks are not yet ready to lend for what they consider a “start-up” without significant financial reserves of owners.
Steps 1 & 2
The two first steps (they must be together) is find a location that is affordable for the sales and operating expenses and an investor/investor group who believe in the concept and willing to risk their money for a healthy return.
After getting the monies and location, the next step: architects, kitchen designers, interior and exterior designers, expediters, contractors, and all the other professionals needed to get the approvals and building the restaurant.
In conjunction with that the many aspects of planning for opening and operating the restaurant: BUDGET and implement opening expenses, hiring and training management, management hiring and training staff, systems organizations, personnel rules, bookkeeping, menu development, construction oversight and coordination, marketing strategies and implementation, website development, purchasing strategies, vendor development, purchasing and production, etc., etc..
Doors are now open. It is very, very busy – way beyond (30%) initial sales projections.