I've known for a long time that I want to move from poker into something bigger, ie owning/running a business (and then hopefully more than one). The last few days I have had a few ideas running around my head of things to start up and one of them is to open a restaurant. I have no experience whatsoever in the hospitality or food industry but I would like to learn.

I obviously have a lot of questions but here are my thoughts so far, please comment on any and all of them and add anything of your own. I would prefer to open a higher-end restaurant but this may be unpheasible/extremely discouraged for my first place.

#1. Money
This I certainly don't have enough of. From what I've read and heard from speaking to people, I would need anywhere from 600k to 1.2m to begin with, and I should work out all costs that the place will have and then tack on 20-30% extra just because I'm not going to have enough. As for getting the money, I don't plan on going into this alone. I will hopefully find a few partners who can put up a substantial amount, sell shares, etc, and see how that goes. I also don't plan on starting it any time in the near future and I think if I really stop fucking around wasting time I can make a few hundred thousand through poker in the next 2 years, which brings us to..

#2. Industry experience + Timeframe
I have no experience other than having eaten in a bunch of high end places and read a few articles about starting restaurants. One thing I plan on doing when I get back to Aus is to go to a few of the better restaurants in town and ask for a job, working for free if I have to, and doing the worst of the worst jobs if I have to, as long as I can be around the restaurant, see how things work from the inside. Hopefully moving myself up to being a waiter at some point to get experience in that area. I am thinking that about 2 years after first getting a job in the industry I would aim to have my own place. It's optimistic but is it too much so? Completely unrealistic? I have no idea and just threw the number out there.

#3. Knowledge of the market I'm serving
I think this will be the easiest of the three points so far to satisfy. Knowing what people want and giving them exactly that. Keeping great food + great service will make people want to come back. Doing research on the area around where I'm looking to start the place, looking at other restaurants in the area, what they're offering, how to improve on that, etc. Looking at where we'll be getting clients/guests from and why they would pick us. What they want.

#4. Menu
There isn't much to say as the items of the menu haven't even been thought of yet, but, I want the menu to be innovative and excellent when it does come out and if we can sustain a good quality of food then people will come back.

#5. Staff
Kitchen staff, waiters, servers, other, etc

I haven't put a tonne of thought into this area but it is something definitely that I need to have on the list. I am not sure how many/exactly what I'll need until the rest of the restaurant plans are coming along.

#6. Licences etc
Liquor licences, building department regulations, health department, etc etc

I have almost no knowledge of this area but will need to research and find out what needs to be done in accordance with all laws and regulations.

#7. Suppliers
I've heard getting good suppliers and not getting screwed over is really difficult so I'll have to look into this more as well and find out what the best way of attacking this problem is. I'm hoping that a partner I go into business with has experience in the area or contacts, or, I can obtain the same for myself by working in the industry.

#8. Other thoughts
I know this is going to take a hell of a lot of work. I know it's not something that will happen overnight but will take 2, 3, maybe 5 years to get up and running. I know I won't be playing much poker when I really get into this and will be working 16 hour days, but, I think all of this sounds exciting/a challenge/fun. I know there's a super high fail rate and there are thin profit margins but that just adds to the challenge. I have always risen to the top in whatever I put all my energies into and I see no reason why this won't be the same if I really put my mind to it.

I'm not going to be an Fgators about it and if a million people with experience in this area tell me this just isn't possible and I should start smaller, then I will. But if it is then I'll listen to every bit of advice anyone can give, read every thing there is on the internet on this area and work as hard as ever to give myself a real shot at surviving.

Roy

LOL@roy blowing 600k in two years because he thinks it would be "really fun" to run a restaurant.

This is possibly the riskiest investment you can think of.

I've never owned one but I worked in restaurants for about 15 years when I was younger. I held every kitchen position at one time or another and I also bussed tables and waited tables a little.

Most start-up restaurants fail. It requires a TON of hours but that's for the workers and management...if you're just the owner maybe not. There is that old saying about the 3 most important things for a successful restaurant: 1) Location 2) Location and 3) Location. It's true. The management and workers must be committed to quality and making their customers happy...whatever it takes. Can't stress that one enough...quality, quality, quality.

It's not easy...by a long shot. Since you've never been involved in restaurant work I would advise against it but whatever you decide...good luck.

I read some article which surveyed nyc restaurants. this might be invalid due to rent prices being astronomical in nyc.

50% of restaurants fail within first 2 yrs i think. 10% are worth running the rest just marginally profitable/break even.

1000K is too much investment for the first business you will run in your live. It doesn't matter if it is other people money or not, the pressure on the guy who runs it should be the same.

Don't do it without any kind of formal and specialized education.

Keep lawyers and bankers working for you, never against you.