Do you dream of owning a restaurant? Do you understand what that entails?
While being a chef comes with its difficulties, becoming a proprietor is a mighty step up, for which, according to Richard Johns, the chef owner of The Hovingham Inn, not everyone is cut out.
We asked the chef what you should consider before taking the leap, here's what he said:
This feature appeared as part of a series about how to open your own restaurant.
Other chefs include
Pip Lacey , Hicce
Emily Roux, Caractère
Tommy Banks, Roots
Tommy Heaney, Heaney's
Scott Smith, Fhior
Simon Bonwick, The Crown
Stay tuned for more!
Identify your market
First of all, location, explained Richard, "is key" to a restaurant's success. He and his wife Lindsey learnt this the hard way with Rascills, which he said wouldn't have stayed open for as long as it did if they hadn't had the experience they have.
Secondly, you need to be offering a product that your customer wants.
"It's not all just about what you want to do," he said.
"When we started our first restaurant, Artisan, we were some of the first in our area to introduce a tasting menu. We've come full circle from that now because what we've seen - certainly over the last six years - is that customers have moved away from it."
"The chefs that we know that aren't particularly well-known but are just maintaining this: 'we want to do a tasting menu at all costs' and it's like: well why, you're just absolutely crucifying yourself for nothing."
"If you're not doing any business - you think well why are you doing it, is it just for the sake of trying to capture Michelin stars or what is it? It's crazy."
Having investors is (almost) inevitable
Sadly, there's no set path to becoming a restaurant owner, explained Richard, and it's harder than ever to take that first step without external funding.
"The old traditional route of going to a bank and asking for a wad of cash," he said, is long since gone.
"Getting bank finance - even for us - is nearby impossible. They're so risk averse to the industry that you've just got no chance."
While some chefs, such as Gary Usher, who Richard said "seems to have the Midas touch when it comes to crowdfunding" can go it alone, this is rarely an option.
The alternative is to seek private equity, which can have its pitfalls, but means you have the extra support you might need to keep the business afloat.
"I don't think it's an easy proposition at all, that's why you've really got to think long and hard - it's not just a romantic notion about opening your own business. It is really really hard
