A CPA in Vermont told me to make sure you have enough tables so that you can really run the volume on Friday and Saturday nights. I like that. In any business, be ready to run the volume, emotionally, financially, that the fundamental idea is sound, that systems are in place, with coaching and leading a team, etc, etc.
I have also heard that it takes about a year to build up enough of a customer base to start making money. That I question. People are curious about a new restaurant, so much so that you may want a soft opening and then a publicized grand opening perhaps two weeks later.
I do agree that it might take longer than you think it does, and that under-capitalization is one of the biggest reasons for small business failure. And currently, I do not have enough money to open (or buy) a restaurant, so it's something for perhaps down the road.
I have worked in different Italian restaurants as a delivery driver, a cook, a waiter, but never as a manager. So, my idea is to delegate and hire a manager for the middle tasks. I will work some shifts as waiter, other shifts as cooks, both to stay connected and also to lead by example. Heck, I'll even clean the restrooms once a week (approximately my fair share), and that will really be leading by example. At the same time, I'll do the ownership tasks of promoting the business, scouting the competition, keeping up with industry trends, the very important tasks that are often neglected because so much time is eaten up by day-to-day management. And I'll spot check. Yeah, you need systems in place to keep honest people honest, and to make it difficult for dishonest people. But any static system can be beaten. It helps to have a curious owner who's poking his nose here and there.
Still, with all this, I understand it's an enormously difficult venture to actually make a profit at. And I'm not sure I understand why. It's a value-added business, price is always a consideration for customers, but it's not the primary consideration in picking a restaurant, so you do not find yourself directly competing with large corporations. You do, but it's in areas where corporations behave more awkwardly. You can almost compete advantageously. A corporation is like a large lumbering animal whose joints don't quite work right, and it occasionally falls over. I've seen some pretty poor management in restaurants, so I'm thinking, of course I can do better. Now, I'll probably make other mistakes. But as long as I start with enough money, I can get past the mistakes. (The only fatal mistake is running out of money.)
So, please talk to me. Tell me how to do it!
-Doug