Do you dream of opening a restaurant but dread the upfront costs and maintenance? Or maybe your credit score is lower than you’d like it to be. If you’re open to changing your business plan a bit, there are ways to start your dream of becoming a restaurant owner without a lot of cash.
Start A Food Truck
Food trucks are growing in popularity and are a great way to start small and get your name out to the public. The cost of a used food truck can be $5,000 to $25,000. There is no overhead for owning a food truck because you won’t be paying for rent or utilities, and you can market through social media.
Open A Booth At A Farmers Market
Renting a booth at a farmers market is also a great way for locals to get familiar with your product. If you make healthy, organic, or unique food, you’ll do just fine at a farmers market! You can prepare the food on-site or at home in your kitchen, which makes your startup costs much less.
Find An Angel Investor
An angel investor is a wealthy person who finances your business plan, usually in exchange for partial ownership. Angel Investors support your idea in hopes that they will get something in return for their investment. This is an excellent opportunity for you to start your brick and mortar restaurant the traditional way.
Start A Catering Business
Catering events is another excellent way to get your name in the game while practicing running a business. You’ll need to plan, price, market, budget, prepare food, bookkeep, purchase insurance, and have great customer service skills for this endeavor. Catering parties is also a great way to network, and could lead to potential business partnerships.
Form A Partnership With An Existing Restaurant
You might have noticed a great restaurant idea fall to the ashes because you lack a skill that would put you at the table. Consider reaching out to a successful restaurant and propose a business partnership. Investing in a partnership allows you to have your hand in multiple businesses at once and will give you practice for owning your dream restaurant someday.