SAN FRANCISCO, Feb. 24, 2016 /PRNewswire/ -- Today, OpenTable, the world's leading provider of online restaurant reservations and part of The Priceline Group (NASDAQ: PCLN), has released "How to Open a Restaurant: The Modern Restaurateur's Guide to Starting & Growing a Restaurant Business," to provide prospective restaurant owners with a roadmap for success. Noting that 60% of restaurants fail within the first year and 80% within five years[i], this digital guide serves as a recipe for success – hitting on key topics from business planning and funding to staffing and utilizing restaurant technology – to avoid common pitfalls or become a statistic. Additionally, a new OpenTable Restaurant OPEN 2016 contest launches in tandem with the guide to foster entrepreneurship in the restaurant industry.
OpenTable partnered with Alison Arth, founder of hospitality consulting firm Salt & Roe with 16 restaurant openings under her belt, to create the essential guide of DO's and DON'T's for prospective restaurant owners to navigate through unchartered waters and prepare for the unexpected. The guide is ripe with cautionary tales and "if I only knew" anecdotes from Michelin-starred restaurateurs, including the restaurant groups of Daniel Boulud and Danny Meyer, and James Beard-nominated chefs Gavin Kaysen and Aaron London.
"After doing some digging, we noticed that soon-to-be restaurateurs didn't have a widely available or digestible guide to reference on their journey, especially one with true expert advice from been there, done that entrepreneurs," said Olivia Terenzio, Editor of the guide and Content Marketing Manager at OpenTable.
OpenTable introduced the guide to minimize the risk factor associated with opening a restaurant. "There are so many talented, passionate chefs and operators who find themselves unprepared to start their own business. I realized we can fill this space by tapping into our unrivaled network of restaurant partners to create a business how-to that provides people who love food and hospitality with crucial insight and savvy tips to get their businesses off the ground," added Terenzio.
Highlights from "How to Open a Restaurant" are being chronicled on OpenTable's blog Open For Business, which helps aspiring and current restaurateurs succeed with fresh ideas, best practices, tips and resources.
A selection of insights from the guide include:
The Restaurant OPEN 2016 contest offers restaurant industry professionals the chance to get their concept off the ground by winning the "Ultimate Restaurant Starter Kit." Restaurant professionals nationwide may participate in the contest by downloading the e-book and submitting their idea(s) via an online entry form for a chance to be selected as a finalist. Submissions will be accepted starting on February 24, 2016, and the deadline to enter is April 1, 2016. OpenTable will select three finalists based on the entries received by the deadline. The finalists will then launch a Kickstarter Project to raise funding for their restaurant concept, and the Project which raises the most funds shall win the "Ultimate Restaurant Starter Kit." The Kit is valued at close to $40,000 on top of any Kickstarter funding raised, which has a goal of $35,000. To learn more about the contest rules and details, go here.
Highlights of the "Ultimate Restaurant Starter Kit" includeii:
Hopeful restaurateurs, and even those looking to grow their businesses, can learn more and receive straightforward tips from some of the industry's most esteemed entrepreneurs by downloading the entire guide for free here and discover further restaurant industry insights and perspective on Open For Business.