I would like to start my own restaurant consulting company. how would i go about doing this.?

Question

I have been in the industry for 25 years and in management for the last 12 years. i would like to work for myself.. any input would help me out.

Answer 1

I would recommend the following steps:

1.  keep your current job, at least for now

2.  start working your network.  tell them you are considering becoming a consultant and get their feedback and honest assessment of whether there is work with them for you.

3.  explore the market a bit.  how many consultants are doing what you want to do in your market?  how do they price?  are they successful?  is there room for more?

4.  if you decide steps 2 and 3 are favorable for you, start building your team and getting yourself ready:

  a.  you'll need to form a legal entity, probably an LLC

  b.  you'll need an accountant

  c.  you'll need a lawyer, or two

5.  write a business plan.  even if you think you know exactly what you should do, write it down.  it helps think through all the potential areas that will need strengthening BEFORE the fecal matter starts hitting the fan, so to speak

6.  secure funding for your plan.  Small Business Administration, your local banking contacts, a second (or third) mortgage on your home.  where will the money for your new adventure come from?  you should plan on losing money for the first 12-18 months until you get a good book of business established.  how will you continue to live while you are waiting on your business to catch up?

7.  quit your job and go for it

8.  have fun...otherwise it won't be worth it.

Answer 2

What exactly do you mean by "restaurant consulting"? Since you are in this field for about 25 years, you should be having an idea as to whether a market demand is there for such a service?

Answer 3

Don't think in terms of starting a "restaurant consulting company." Think in terms of being a restaurant consultant.

Fundamentally, you will need one thing, and one thing only: a client (or clients). Beyond that, there is no magic formula for being a consultant.

Figure out what your particular expertise is. Network within the restaurant industry, and be alert for restaurants which need that. Work out a very brief (15 to 30 seconds) summary of your expertise that you can describe to potential clients. And be prepared to work inexpensively for the first few restaurants to build our credentials.

And good luck!