90% of all restaurants fail in their first year. Or is it 60%?
The answer depends on whose statistics you believe? In any event, it appears that more than half of all restaurants fail within 3 years.
Is a franchise better than an independent? Not really. 57% of franchise restaurants close within 3 years compared to 61% of independent restaurants.
See the statistics at:
Here’s a list of the 10 Reasons Restaurants Fail:
- Restaurant Owners Who Don’t Work
- Hiring Poor Management
- Not Paying Taxes
- Bad Customer Service
- Not Watching Your Cash Flow
- Keeping Payroll Too High
- Not Advertising
- Not Understanding Food Costs
- Spending Too Much Money Before Opening Day
See the list along with extended explanations at: