Top Takeaways from the Down to Business: Making Your Restaurant / Bar Last Event in Brooklyn
Thursday, July 31, 2014
Figuring out the first step to open your restaurant, bar, or cafe is probably the hardest step. Do you look for a location, search google to figure out permits you need, or plan what food and drink you will serve?
The NYC Business Solutions Center in Brooklyn in partnership with the NYS Restaurant Association hosted Down to Business: Making Your Restaurant / Bar Last for entrepreneurs in the hospitality industry to learn the top 10 things they should know to start or grow their business. Presented by the top restaurant lawyers in NYC, Helbraun Levey & O’Donahue, the workshop was straightforward and to the point covering best practices, do’s, and don’ts from negotiating your lease to getting your liquor license.
David Helbraun from Helbraun Levey & O'Donahue presenting to attendees. View more photos from this event and other events.
Presenters David Helbraun, Ally Colvin, and Joe Levey, were no fuss, no muss telling the audience exactly what they needed to know about the different topics including business plans, financing, company structure, location and leases, permitting, liquor licenses, insurance, and build out phase.
There was way too much good information and straight facts covered at the event to share everything so here is our top takeaways:
- On your business plan, multiply by 30% whatever total cost you come up with to get the actual cost.
- Don't waste your time trying to get bank loans. Extremely rare for banks to loan money to people who want to open a restaurant.
- Create an operating agreement with extremely specific details on ‘what if’ scenarios and make sure all investors and owners sign.
- Make sure your lease lists details on rent escalation, property taxes, rent abatement period, and a “good guy guarantee”.
- Research the Certificate of Occupany, Zoning, and History of Violations on the building / space before signing a lease.
- Do your research before heading to a community board hearing to get your liquor license. Its very important to get your neighbors to like you!
- Structure payments with your contractor in thirds, pay a little in the beginning, middle, and end so they are encourage to finish fast.
- Create an employee manual and make all employees sign.
This is just one of the many courses held by the NYC Business Solutions Center and NYS Restaurant Association to help restaurateurs and small business owners succeed.
View upcoming events for restaurants in NYC and visit the NYC Business Solutions Center to learn more about programs they offer in Brooklyn.