Restaurants open and close every day.
But exactly how many? Based on a 10 year study conducted by researchers from Cornell University and Michigan State nearly 30% of new restaurants will fail in the first year alone, with that number increasing to 50% after three years.
The failure rate is alarming for any new owner hoping for restaurant success. But not to worry, the factors contributing to these failures are well documented and can be avoided by establishing a strategy for success. To protect either a new or established restaurant against becoming another statistic among the graveyard of failed restaurants, six basic components must be considered. We cover them in this guide. Read on!
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