According to restaurantnewsresource.com, 92% of Americans enjoy eating at restaurants. It’s no wonder that entrepreneurs try to make inroads in the food service industry. We’ve all got to eat, most of us hate doing dishes, and most of us crave variety. The ever-evolving culinary arts and the science behind them also make for seemingly limitless possibilities.
But running a restaurant is more than just about the food. You’ll need to keep up on current market trends if you want to stay in the game. Menucoverman gave us an infographic that reflects on restaurant trends for 2012:
Restaurant Marketing Trends for 2012
One common misconception even seasoned (if you forgive the pun) entrepreneurs have is that new restaurants have an excessively high failure rate, at around 9 in 10 new restuarants failing after their first year of operations. This is ridiculous – if we had that failure rate, there be almost no restaurants anywhere.
An excerpt from a recent Restaurantowner.com article states:
“Several years ago, researchers at Cornell University and Michigan State University conducted a study of restaurants in three local markets over a 10-year period. They concluded the following: After the first year 27% of restaurant startups failed; after three years, 50% of those restaurants were no longer in business; and after five years 60% had gone south. At the end of 10 years, 70% of the restaurants that had opened for business a decade before had failed. Those are far different numbers than a 90% failure rate after the first year quoted by our television star chef. Another academic research study concluded that 81.4% of all small business failures result from forces within the control of the owners/managers. The bottom line is that even if the failure rate is a little daunting, failure is not inevitable.”
And with current trends going the way they are, there’s hardly a better time to be in the restaurant business.
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