Restaurant Success by the Numbers by Roger Fields, Cpa.

The book that I have chosen to read was Restaurant Success By The Numbers by Roger Fields, CPA. He breaks the common myths about opening a business and how great opening your business would be by setting realistic goals and following certain methods and strategies. Fields answers the question of what the "X factor" was that make restaurants succeed while others fail? The "X Factor" is simply understanding market's need, creating a concept with a strong unique selling proposition, considering delivering value, and maintaining sound operational and financial management practices. Fields stresses out on having realistic goals, priorities in order, and make sure you properly plan your business. Fields taught me the importance of assessing the potential number of customers by evaluating population size, site characteristics, and potential traffic generators. Fields talks about the importance of becoming familiar with and identify potential target customers. By knowing these theses restaurant fundamentals, more effective research and evaluation can be done. By quantifying data results in the form of a financial feasibility study, evaluating whether my idea will make money. I understand better how to realistically prepare a budget of the cost to open my restaurant from estimating level sales and expenses I will need to pay myself a decent wage, pay back lenders and investors, and still break even. I learned how to properly design and decor my restaurant, including menu design and pricing. As well designing an efficient layout, flow of design, setting up tables and chairs to maximize seating capacity. Fields also covered a wide range of restaurant topics in detail from how to create a loyal customer base to food spoilage prevention, which I found very useful to re-read in the future. I found that concise, comprehensive, and convincing business plans will demonstrate to investors and lenders that your restaurant has the fundaments to be profitable and also have the...