Blog #5: Opportunities for Entrepreneurs in the Restaurant Industry

               There are numerous opportunities for small businesses and entrepreneurs in the restaurant industry.  Many of them, however, call for a significant amount of startup money, ranging anywhere from $80,000 dollars (restaurants such as Subway) to $375,000  (like Dunkin’ Donuts) to $1 million (restaurants like McDonald’s or Denny’s) (Entrepreneur, 2012).  Such an investment is a hefty and risky one, but the reward that could potentially come out of is just as great.  For example, many people from countries like India come to America to start up their own franchise.  This is because finding jobs in those types of overpopulated and somewhat underdeveloped countries are jobs that are relatively low in risk and even lower in reward.  Becoming part of a major quick service (or even full service) restaurant in America is one that certainly provides an attractive opportunity for entrepreneurs from not only within borders, but also from thousands of miles overseas.

                Another opportunity for entrepreneurs include entrepreneurial veterans.  “‘America’s restaurants are…a stronghold of entrepreneurial spirit and opportunity, and veterans are finding both in the nearly 66,000 restaurants that are owned by former military personnel’” says Dawn Sweeney, National Restaurant Association President and CEO (Stensson, 2011).  In fact, almost 10% of American restaurants are 50% owned by military veterans (Stensson, 2011).  This is a phenomenal opportunity for an even greater variety of people to contribute to the restaurant industry.  Hopefully in a time like today, where the U.S. economy is slowly coming out of a recession and into a recovery stage, people of all ages will begin to take hold of this entrepreneurial spirit and contribute to the growing economy.

                In order for the restaurant industry to really take off, however, entrepreneurs need to take hold of the technology that is now offered.  For example, to better manage tables in one’s restaurant, a new app by New York City “restauranteurs” offers the ability to view tables in “real-time,” send orders to the chefs, arrange menus by catagories (alphabetically or by ingredients), and more (Stensson, 2011).  Technology like this is certainly valuable to a new restaurant, be it part of a franchise or a privately-owned full-service restaurant.  Embracing such technology could lead to a definite surge in sales, and thus a major opportunity for entrepreneurs in the restaurant industry to really succeed.

Works Cited:

Entrepreneur (2012). 2012 Fastest-Growing Franchise Rankings. Retrieved from www.entrepreneur.com/article/224332

Pullen, John Patrick (2012, September 6). 5 Technologies Changing the Restaurant Industry. Retrieved from www.entrepreneur.com/franchises/rankings/fastestgrowing-115162/2012,-2.html

Stensson, Amanda (2011, November 7). Restaurants Support, Provide Entrepreneurial Opportunities for Veterans. Retrieved from www.restaurant.org/nra_news_blog/2011/11/restaurants-support-provide-entrepreneurial-opportunities-for-veterans.cfm