Listen to the Full Episode here.
Martha Hoover- Opening a restaurant is like getting drunk, and having a regrettable one night stand. Then you bump into that person at exercise the next morning. Great idea in the moment but, at some point you need to face the consequences of your choices.
1. Sooner is better.
When dealing with things like a bank loan it's better to ask for more money in the beginning than to come back to them later when you need it. Even though it is intimidating to have a larger monthly loan payment, as Chad says it's the right move as long as you are confident in your company and its ability to support the loan.
2. Tough Choices.
Sometimes you have to make tough choices when building your restaurant and keeping in budget. For Chad that was getting rid of his custom shelves but with exploring other options they were able to figure out a cheaper solution.
3. You can buy it later!
Just because something has to be cut from your original plan doesn’t mean you can’t buy it later. For instance having had to cut the AC unit out of their original budget, Chad hopes to be able to purchase it after the restaurant opens.
4. Creating Buzz.
There are all sorts of different ways to get the word out about your restaurant. For Chad, they did a promotional event where they made one of their signature sandwiches. Not only giving them the chance to show off the food they would be making but they were also able to show their graphic design choices as well.
4. Hindsight is 2020.
With this project mostly behind him and with this being his third business Chad does not recommend approaching opening a restaurant the way he did. His advice is to have a business plan and everything budgeted, then after all that begin looking for real estate.
Opening Soon Announcements from this episode: Congrats to these new restaurants, go say hi, have a bite and give a high five if they are in your city! Cong Tu Bot in Portland, MA and Dame in New York City, NY.