The cost of opening a new restaurant can leave some reluctant restaurateurs on the fence. Industry statistics report the average startup cost for a restaurant is $494,888. While this number seems exorbitant, it can vary depending on the type and size of restaurant you plan on opening.
Recent industry trends indicate restaurants are no longer limited to fast, casual or fine dining. Newer concepts such as “fast casual,” food trucks, gastropubs and pop-ups have become commonplace for many restaurateurs. These restaurant concepts vary in startup costs and encourage business owners to explore different routes within food service.
Owning a restaurant is not a one-size-fits-all endeavor—the recipe isn’t exact, but the key ingredients are the same. From food trucks to five-star dining, this guide will inform small business owners of the financial checkpoints for opening a new restaurant.