Opening a restaurant is one of the more risky business ventures you can go on. Costs are incredibly high at the beginning and you often won’t recoup on the business until over a year in. However, if you are passionate about food and serving your community, opening a restaurant may be the perfect job for you. Plus, if it’s your dream, who is going to stop you? With the right tools and determination, you can absolutely open a successful franchise of restaurants.
You’re going to need help to find that ultimate level of success. This is where you rely on those tools, your education, and your network to help you make your dream a reality. A restaurant owner is a business owner first and foremost, so getting a background in business is incredibly important. Many managers or entrepreneurs will pursue MBA programs or other options to help further their education in business administration, finance, and other areas. As a restaurateur, you’ll want to get the same kind of experience. Let’s look at a few major reasons why getting your MBA can help you start a thriving restaurant.
Options for Pursuing your MBA
Business programs are actually fairly common around the country. Many young students will pursue an undergraduate business degree to open the door for different career paths. If you have aspirations beyond this, a business school where you can get your master’s degree will be a great fit for you. Luckily, there are so many options to get your MBA. Whether you’re fresh out of college or working a job already, you can even do an online MBA program that fits into your life.
A Master in Business Administration online gives you flexibility and the same level of education. This degree program can help you in specific areas like entrepreneurship, with your management skills, get a job as a financial analyst, work in international business, you name it. Many business professionals started by getting their MBA and went on to accomplish great career goals, including owning a successful restaurant.
1. Understand the financing and business planning aspects.
Let’s now take a look at some of the ways your MBA can help you prepare for life as a restaurant owner. For many people, the journey to opening a small business can seem confusing and complicated. From the financing factor to making a business plan to understanding state tax compliance, there’s a lot to consider. With an MBA, you’ll have a speciality in these areas. You spend your degree program learning about financing options and how to run an effective business with project management methods. This will be a great place to start as a restaurant owner.
One of the first steps for your restaurant is to secure your initial cash flow. You may need a type of loan or business line of credit to get everything set before you’re turning a profit. Restaurant loans are going to be a bit of a different application process than a personal loan. You need to explore your restaurant financing options to be sure you can afford the ultimate interest rate and have collateral if it is necessary.
Your restaurant equipment is usually the most expensive and will need a higher loan amount. However, you may be able to get a good deal with gently used items from a supply chain manager. Look for those ways to get good investors with a solid business plan thanks to the experience you got in school.
2. Think creatively and predict problems before they occur.
Higher education isn’t just about teaching you practical information about your chosen field. It is also about shaping your mind to think critically and creatively. As you open a restaurant business, you’ll need these skills more than anything. This will allow you to think ahead and plan effectively.
Rather than waiting for problems to happen and solving them, you can actively work to prevent major issues. Your organizational behavior will be ahead of the curve because you’ve learned these analytics skills throughout your MBA program. Sometimes it’s the overall attitude and soft skills you leave school with more than the technical speciality that helps you in the long run.
3. Tap into your network to get help where you need it.
Going to school for an MBA degree means you are going to meet and interact with a lot of other people in the business world. Take full advantage of it. So much of your success in the real world comes from networking. If you need help with advertising, financing, payroll, or so many other things, chances are you have an affiliate who specializes in that area.
Reach out to past classmates, ask an old professor for help, or even connect to that one restauranteur who gave a lecture during your degree. People are willing to help and support their network, so tap into the people you met in grad school to help your restaurant get off the ground.