How to start your restaurant business
Starting your own restaurant is a huge endeavor. According to the National Restaurant Association, in 2019 there is $863 billion in projected sales in the restaurant business. There is a ton of money to made in opening a restaurant, but you must do things correctly from the beginning in order to be profitable. Simply having a cool menu and a fun name does not guarantee success. There are many things to consider when starting a business such as the right business structure, the management and happiness of employees as well as ensuring the business is properly protected. Since there are so many things to take into consideration, Law 4 Small Business wants to ensure you start off on the right foot.
Your Business Structure
The first thing you should consider is: What corporate structure do I need for my restaurant? If you have done your research, you’ll find that there are a few different options for your restaurant.
Some of the options Law 4 Small Business provides are:
Each of these options provide different ways to help your business and ultimately you may need help deciding. We have an awesome tool to help the decision making a little easier for you. Click the image below to try it out.
According to the National Restaurant Association 9 in 10 restaurants have fewer than 50 employees. With statistics like this it may not make sense for a restaurant to employ a dedicated Human Resources person. However, restaurants are commonly targeted for ICE Raids and I-9 Audits by the government. In 2019, the Governor of New Mexico set an agenda to look specifically at restaurants around the state to crack down on employers who have not categorized or paid their employees correctly. While ensuring your HR policies and employee files are compliant and up to date may seem intimidating, the good news is, it doesn’t have to be. Smaller companies, especially restaurants don’t have to worry about paperwork concerning their employees anymore. Human Resources 4 Small Business provides options that startup, sustain, and sharpen your current Human Resources to ensure you and your employees are safe, happy and compliant.
Our Startup Package includes:
- A 2-hour consultation with an HR Advisor to determine what your business’s unique HR needs will be.
- 20 hours of on-call services from our HR Advisor. Whatever your HR need, consultation, drafting or reviewing of forms, help with benefits, counseling an employee, EEOC positions statements, FMLA, etc. You will have an HR Advisor at your fingertips.
Did you know that “wrongful acts” on the part of a business is one of the top reasons why small businesses are sued? A “wrongful act” can be anything from water left inadvertently on your company’s sales floor to a car accident that one of your fleet vehicles was involved in. While owning a business can be scary, having the right insurance in place to protect yourself against any of life’s “wrongful acts” doesn’t have to be.
We know you’re the expert when it comes to your business… and we know insurance. So here is how it will work:
- You tell us about your business by answering a few questions.
- Based on your answers, our Insurance Experts will contact you directly.
- We also tell you how much coverage you should have.
We want to make starting your restaurant as easy as possible. Let us help you get started the right way. Contact us or give us a call at 505.715.5700.