How Much Does it Cost to Start a Restaurant (+5 Money-Saving Tips) | Restaurant Management Tips 2022

How much does it cost to startup a restaurant business or cafe?
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👀 ABOUT THIS VIDEO
Every day I get asked how much it costs to start a small restaurant business. Is $20,000 enough? Is $60,000 enough? It's hard to say without knowing all the details like your restaurant business type, the location, the nuances in your country, and more. But I can give you a some ballpark numbers and ways that you can use to calculate the potential startup costs for your restaurant business. These are the numbers that I see from my experience and from my F&B friends.
When I was starting out, I made many mistakes that had me spending $10,000s that I didn't need to or didn't foresee. All that goes into how much it costs to start up your food business. To make sure YOU don't make the same mistakes, I'm also revealing 5 money saving tips that you can take advantage of and SAVE $10,000s. These tips are ones that I WISHED someone would have told me when I first started...I hope these tips will help you in building your dream F&B shop!
HOW MUCH DOES IT COST TO START A RESTAURANT
• How Much Does it Cost ...
• How Much Does it Cost ...
#restaurantmanagement #restaurantstartupcost #wilsonklee
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👤 ABOUT WILSON:
I’m Wilson, your new restaurant business partner. I’m here to help turn your food and beverage concept into a reality with expert tips & tricks for success.
My videos are based on years spent in the industry building multi-million dollar businesses, including my own international dessert chain (720sweets.com/) with locations spanning the globe. Since my franchise was acquired (2020) it’s been my mission to share this knowledge with people like you who have great ideas, but just can’t seem to break through. If I did it all with no experience, so can you. I know firsthand the struggles and mistakes most entrepreneurs make, and want to show you exactly how to avoid them.
I’ve helped hundreds of restaurant owners and entrepreneurs create explosive Food & Beverage businesses. You don’t have to take my word for it. I’ve been awarded Top 30 Under 30, Young Entrepreneur of the Year, Top 10 Emerging Entrepreneurs, and recently a Forbes Business Council Member.
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[@WilsonKLee]

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[@shanemcconnell9182]

Wilson K Lee - How To Open A Restaurant / F&B Shop saving up for this right now!

[@carlaandreina5554]

Thanks for the Video clip! Excuse me for chiming in, I would appreciate your thoughts. Have you tried - Bonincoln Wordless Authority (erm, check it on google should be there)? It is a smashing one off guide for getting finance for your business without the headache. Ive heard some unbelievable things about it and my close friend Aubrey after a lifetime of fighting got excellent success with it.

[@papeetechild]

My four young friends partnered and opened a very successful restaurant with only a few thousand. The space was turn-key, and they ran it without employees. They and their friends spent a week sprucing the space up, promoting it, and making signage, got food on credit.

[@otierareito]

That smack sound effect is super enjoying.

[@WilsonKLee]

Rare that someone likes it haha

[@SuperYour1]

Thank you for giving great advices! I enjoy watching your videos. My dream is to open a bubble tea and ice cream restaurant one day.

[@WilsonKLee]

it doesn't have to be a dream! just work hard towards it and chip at it every single day :)

[@tonytastes]

Thanks for the vid!

[@WilsonKLee]

thanks for your support!

[@aswyers8816]

I am building out a lease building that already had a restaurant for 1,500 sq foot for $50,000. My lease is only $3,500 a month . Bar's there and tables. But I have already owned my own bakery and farm for the past 7 years ..

[@WilsonKLee]

looks like a good challenge!

[@monarchbutterfly3154]

Hi, How much do you think it would have costed you if it was built out as an office before you took over? The only thing holding me back is being afraid to not afford the build out.

[@thapa1266]

Thank you for this helpful video Wilson. I was wondering if you could cover the new trends in F&B and what it would cost to start a restaurant in shipping containers and food halls.

[@WilsonKLee]

hey Sulav! check out my other vid "top 5 most profitable food business ideas". what do you mean shipping containers and food halls?

[@thapa1266]

@@WilsonKLee Food Halls meaning various restaurants in small spaces under one roof. Check out this popular one in Denver! avantifandb.com/ Also, here's a shipping container concept in my town of Fort Collins, CO. theexchangefortcollins.com/

[@jdtran.33]

amazing ! thanks from Vietnam

[@WilsonKLee]

Cheers!

[@7figurematchmaker]

Thank you for the video Wilson . Is it better to buy and existing restaurant or start from scratch ?

[@gunawangunawan677]

Thank you for sharing, where we can find auction for used equipment? Anything online ?, I live in CA Thanks

[@ShoppingwithRina]

Thank u

[@WilsonKLee]

No problem!

[@hedylai2027]

That’s very helpful advice, thank you for sharing Wilson , how you branding your business? Do you need Make the logos before you open your shop?

[@WilsonKLee]

You are welcome! Hopefully it helps! There are many components to branding. Design is just one aspect. Branding is really how your customers interact with your brand and the perception they have of you. Long story short, yes, you need a logo. Go on upwork.com or fiverr.com to find designers.

[@hedylai2027]

Wilson K Lee Thank you ! Couldn’t believe you give the solutions already, appreciate your time and experience sharing, looking forward for another new video coming soon ^^

[@WilsonKLee]

Thanks!! What would you like to see next?

[@marceloalfonso7130]

Lovely video content! Forgive me for the intrusion, I would love your thoughts. Have you ever tried - Bonincoln Wordless Authority (just google it)? It is a great one of a kind product for getting finance for your business minus the headache. Ive heard some great things about it and my mate after a lifetime of fighting got great success with it.

[@efrainmendoza5223]

is this the same with cloud kitchens? i assume not but i'm curious about this for cloud kitchens. I am thinking a cloud kitchen pizzeria.

[@VanTran-rq3vz]

thank you for the video Can you please cover how to select a good consulting company for your restaurant? Are consultants worth the money, or are they too much theory and not applicable to your business? Is there a website for auction used equipment? Do you get warranty if you buy used machine?

[@WilsonKLee]

hey Van! simple put, consultants/mentors are well worth their money. they share their many years of experience with you so that it short cuts your time to achieve your desired result and also potential pitfalls that could cost you tens of thousands. in relative to the up front cost, yes, their expertise is worth it. However, you are right, finding the right one is VERY important. you have to find one that has walked to the talk and not just someone who consults for a living, but have no practical experience. in terms of used equipment sites, just google it for your local area and majority does offer limited warranty. feel free to email me if you have any other questions. I can share some resources with you. [e-mail]

[@aaronlaw6202]

What are some auction place can I look for some second hand equipment? Thanks!

[@WilsonKLee]

google auction sites within your city.

[@silent2oo3]

How can i choose professional service?

[@hudsanity_1590]

did you take out a loan or self fund all this?

[@kimberlyguambana1024]

When you say to have a contingency fund of 6 months worth what factors would you say would go in this fund. For example: rent, food costs etc

[@keeferharder4427]

Everything that you need to pay for

[@LB22222]

Bit of advice - buy a microphone. Couldn't watch more than 20 seconds of this because of the echo.

[@pizzabot2023]

7:25

[@asimthelonewarrior3825]

Hey!do u we need to do any course or diploma in hotel management to open a restaurant?

[@WilsonKLee]

nope. :) eveyrthing you need is on google :) or u can check out my course if u want, but not necessary.

[@Phatboy414]

@@WilsonKLee link?

[@62202ify]

Your head would spin if you knew how many business owners there are that never spent a day in college.

[@makotito73]

When you say "dollars", you mean CAD and not USD, is that correct?

[@WilsonKLee]

CAD :) Costs are different everywhere so keep that in mind that the numbers are rough estimates. Are you starting a restaurant Takano?

[@makotito73]

@@WilsonKLee Thank you very much. And yes, I'm in the planning phase. It's all quite overwhelming, but your videos are definitely helpful. Keep up the good work and best regards,

[@K3andK4]

The sound effect on the text popping up on the screen is annoying

[@beetrootjellies]

I thought you quit brick and mortar!

[@WilsonKLee]

totally - stopped any expansions and have completely shifted my attention on growing my direct to consumer brand. im just making these videos as i keep getting emails of people asking for certain questions, so why waste what I've learnt in the past 10 years.. 😄

[@andrewesquivel5442]

should i purchase my packaging from Alibaba or from a local broker in the US?

[@WilsonKLee]

i'd recommend working with someone local since the MOQ will often be lower than purchasing from over seas. quality is often much better since there is someone you can go after locally. an additional bonus is that you don't need a huge storage space for this versus buying from overseas.

[@azizbaloch437]

i wanted to word with you,without salary to learn how to bulid aa brand...plz reply me

[@WilsonKLee]

for sure. - join our fb group, i engage in there frequently

[@benu.s2619]

@@WilsonKLee hi Wilson! What is your Facebook account? Thanks!

[@kyawlah4568]

I want to open Thai foods my bro

[@WilsonKLee]

Best of luck!

[@alexlee1501]

Open restaurant is easy …if you hire a chief always complain about salary 😂you headache this kind of business I don’t like …what I like is auto run business example lounge bar or club much more easier to manage

[@asimthelonewarrior3825]

What kind of education or course is needed to open a restaurant?

[@WilsonKLee]

just the school of hardknocks :)

[@weirdgaming4628]

You can spend less then 100k to build a resturant

[@WilsonKLee]

Depends on your geographic location (and a lot of other factors) since everywhere as their own price.