restaurateur posts

Avid fans of The Food Network know that running a restaurant is serious business with high stakes (and sometimes even higher priced-steaks). Some entrepreneurs make it big with others who don't quite hit the mark. Take Sean "Diddy" Combs for example, who officially closed, Justin, his Atlanta-based restaurant this summer, claiming the decision was made so he could focus on his other business ventures. Meanwhile, some financiers may be view this closure as an example that supports the myth that the restaurant business is both risky and non-profitable. Further fueling this sentiment is the rumour that nine-out-of-ten restaurant businesses fail within three years.

However, according to research from the Small Business Administration and the Bureau of Labor Statistics, restaurants have a 60 per cent failure rate. Arguably, this figure is high, but it's on par with the averages of a broad-spectrum of new businesses.

In April NPD Group, a leading market research company, found that winter 2012 was a strong quarter for the Canadian foodservice industry. Restaurant visits had increased by four per cent compared to the same quarter a year ago. The winter quarter also indicated the third consecutive quarter of solid performance for Canadian commercial foodservice, posting a respectable five per cent increase in sales, the strongest sales increase within the last four years.

Are you hoping to make some records of your own with your restaurant dream? We contacted some of North America's top restaurateurs to get some real, practical advice on how to make it in the restaurant business. Hopefully their words of wisdom will help you on your journey.