We talked to Toby Buggiani, owner of Adelina's restaurant in Greenpoint, Brooklyn, about opening a restaurant.
According to Toby, one of the most important parts of the process is developing a strong business plan. When you're in the planning phase, Toby recommends looking at your business plan through three different lenses:
- Put on your rose-colored glasses. Let your imagination run wild. What’s your ideal restaurant? What restaurant would you want to go to? What makes your place different from any other in the neighborhood?
- Put on your realist glasses. Now that you've thought about what your dream restaurant would look like, think about what your startup and operating costs will be and figure out what's actually possible.
- Put on your pessimist glasses. You might need to adjust your model to what the neighborhood is looking for. Plan on having extra capital set aside to handle unexpected hiccups, such as additional startup costs or a lower revenue stream then expected.
When starting your own restaurant, another challenge you’ll have to face is finding the perfect space. Toby Buggiani has some insights and advice to finding the perfect space for your restaurant.