I belong to a group of pioneer restaurant owners. Although the restaurant landscape has changed since we entered it, it is still no easy task to open a restaurant and the first year is by far the hardest to survive. These are a few tips that we used to tide over our business in the first year.
According to a study by The Perry Group study most restaurants in the Philippines close during their first year of operation.
70% of those that make it past the first year close their doors in the next three to five years. 90% of the restaurants that are still operating past the five-year mark will stay in business for a minimum of 10 years.
So as a restaurant business owner, what can you do to reach that 90% group?