![]() That’s where finding smart technology with high ease of use can benefit you in keeping that training time to a minimum. Your time is money, and training can be a costly experience, depending on the skill for which you’re training. Employee attrition vary based on niche, but on average, the restaurant industry experiences a 73% turnover rate.Īs such, labor and technology costs are often relative to one another, too, as ease of use can factor into how easy it is to train new staff. Those costs include everything from finding and outfitting your new space, to supplying your kitchen. The median cost for opening a restaurant is around $275K, and that number can increase exponentially depending on whether or not you own the building. How Much Does it Cost to Open a Restaurant? Since you’ll have to plot all this out, where do you start? We’ve got you covered here with a handy guide to creating your restaurant budget. Opening a restaurant is no small thing, with a lot of legal and logistical hurdles to jump through before you ever open your door. Despite failure rates and an ever-evolving landscape, in 2017, restaurant industry sales hit $799B, which was approximately 4% of the annual GDP that year. Some claims have been made in the past about the failure rate of restaurants, but using data from the Bureau of Labor Statistics, studies indicate that only around 17% of restaurants fail every year. ![]() That number fluctuates yearly to reflect shifts in the industry landscape, with new stores opening regularly, and enterprising restaurateurs starting innovative independent spots. ![]() As of last year, there were approximately 660K restaurants in the United States.
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