A Career As Restaurant Owner Vs Restaurant Manager

There is a big difference between a career as a restaurant owner and a career as a restaurant manager. Restaurant managers sometimes go on to own their own restaurants, restaurant owners often do a great deal of managerial work and both are heavily invested in the success of the restaurant and involved in its daily operations, but the general similarities end there. The specific roles and responsibilities of a restaurant owner vs. a restaurant manager will be explained in further detail below.

A Career as a Restaurant Owner

Restaurant owners are responsible for overseeing the entire operations of a restaurant, even when they hire someone else to manage it. They make an initial investment and either buys the restaurant from someone else or starts his or her own restaurant. Owners must make additional investments down the line when the restaurant needs new equipment and supplies, or when the business has outgrown its location and needs to move or expand, and they will also be responsible for cleaning up the mess if the business fails. The owner has a vested interest in the success of the restaurant, not just because it’s his or her job, but because it’s his or her investment, brainchild and often a dream come true. The owner takes the most financial risk, but he or she also gets the biggest payoff if the restaurant is a success.

They vary in their level of responsibility in the kitchen and on the floor. Some owners hire other people to do everything and trust they will make the right decisions, while others are there every day, interacting with customers and staff and taking on managerial duties. Many of them must work long hours every day of the week as they get their business off the ground, but if it becomes a success, they get the opportunity to sit back and relax a bit.

A Career as a Restaurant Manager

They work closely with restaurant owners to ensure that the business runs smoothly. They also have a vested interest in making sure the restaurant is operating at a profit; in fact, this is their primary concern. The manager has pay increases, bonuses and profit shares to entice him or her to succeed, and the fear of losing his or her job to entice him or her to avoid failure. This career requires skills in budgeting, leadership, communication, analysis and planning, as well as a knowledge and appreciation of the culinary arts and customer service.

Catering Business Profits, Earnings and Salaries – How Much Money Can You Really Make?

Many people have turned their love of cooking and entertaining into a good living by starting catering businesses.

Catering is a multi-billion dollar industry in the U.S. and as one of the fastest growing segments of the food and beverage industry, the catering business offers great opportunities for those wanting to start a small business with a low start up cost.

In this article we will look at catering business profits, earnings and salaries and how much money it is really possible to make in this industry. Then we will examine some of the things that separate the really successful players from the amateurs.

Is a $100,000 Yearly Profit Possible in Catering?

Many people consider a $100,000 pre-tax salary or profit to be a benchmark for success and they wonder if they can reach this level of earnings in catering.

Most small catering business owners who put in the effort can expect to earn between $20,000 and $40,000 profit per year for the owner during the first couple of years. After a couple of years in the business, you can easily scale up to earning a ‘six figure’ annual income from catering.

Tips for Getting to the ‘Six Figure’ Level

1) Forget catering from your home kitchen if you want to get to this salary level. Business savvy caterers do volumes that require them to either rent commercial kitchen space by the hour, arrange access to restaurant kitchens during off-hours or focus on ‘on-premises’ jobs only and use the kitchens of their clients.

2) Successful players love spending time creating menus, following food trends and interacting with people without neglecting the business side of catering.

3) Start to create a powerful brand right from the start with your logo, company values and unique service that will grow into a valuable asset that allows you to command a premium price for your catering services in the market.

4) Develop systems for every part of your business to streamline day-to-day operations. Analyze the way that you and your staff work and strive to increase productivity.

5) Understand that there are ‘niche’ markets within the catering industry that you would never think of until you really start looking. Top caterers find these untapped opportunities, and carve out a business catering to the specific needs of these groups.

6) Perfect the process of consulting with new clients and learn how to politely up-sell them on some of your more expensive offerings.

7) Realize that you are leaving money on the table if you don’t also up-sell additional event related services to your customers.

8) Learn how to hire, train and organize a small team to assist you with food preparation, delivery, service, and even sales if you want a realistic chance of getting to an income level above $100,000.

9) Don’t neglect traditional advertising methods but also pursue other modern marketing methods such as networking, cross promotions and guerrilla marketing.

10) Successful caterers also recognize the importance of customer referrals. Customers may introduce friends to you because they like your food and services but there are also other ways to get them talking about your company.

To get started on the right track, do as much reading as you can about general small business management and the catering business specifically. Many highly successful caterers have published start up guides and you have a chance to learn from their mistakes instead of making your own and you can benefit from their expert advice and insider tips.

It is possible to make a lot of money in the catering business if you put in the effort. Reaching a level of earnings that will allow you to make a ‘six figure’ salary from your catering business is entirely possible within your first two years in business.

How to Take Care of Your Hand Tools

A good set of tools will always serve you well, provided you take care of them, protect them against rust and damage and keep them stored neatly. High quality hand tools can cost quite a bit of money, although many people assume they require no maintenance or care and throw them carelessly into a drawer or cheap plastic toolbox. Here’s a look at the proper way to take care of your screwdrivers, pliers and all other metal tools to make them last you a lifetime.

Step One: Cleaning

All tools should always remain free of dust and debris, which can cause damage over a long period of time. If your tools get dirty or wet during use, take the time to clean them afterward. Most tools can be cleaned with a simple soft brush that you keep near your tool cabinet. Rust, the main enemy of metal, can cause permanent damage if left unchecked. Rust forms from moisture, although you can prevent it with most tools by applying a light oil on rust-prone areas. When rust does form, use a fine scrubber and oil to remove it but remember, rust will also be prone to reforming on this area in the future. If you can afford it, invest in tools that are made from high-quality metal alloys to make them resistant to rust and corrosion. Finally, any moving parts should be lubricated occasionally so they remain in good working order.

Step Two: Proper Storage

What’s the point of cleaning your tools regularly if you don’t have proper storage in place? Depending on your needs, a simple toolbox will suffice. If you have a large collection of tools or use them professionally in a trade, a metal cabinet is a good option. Tools should always be organized and sorted and put back in their designated area after each use. This way, they’re always there when you need them. Ideally, tools won’t touch each other while they’re stored. A few companies have developed storage systems to address this. Keep all of your instruments in a dry area free of moisture, dust and direct sunlight. For sharp instruments like chisels, keep them in a holder so you won’t accidentally hurt yourself when you get them out. Tools should never be left on the ground or a working area as they can pose a serious hazard. Try to group your tools together in a way that makes sense to you.

Step Three: Maintenance

Most people are injured using their tools when they aren’t kept sharp or in good condition. Metal blades should always be well oiled and replaced when they lose their sharpness. Regularly inspect your nuts, bolts, screws and other small parts for damage so you know when they need to be replaced. If you own hand tools with a wooden handle, take the time to sand and oil it regularly to prevent splinters and splitting.

Living in the Philippines – Best "Passive" Businesses to Start

For those OFW’s and foreigners wishing to start a business, but not wishing to involve themselves with the stress of a business involving day-to-day operations, employees, landlords, inventory, and so forth, there are several available opportunities for foreigners living in the Philippines. Buy fixer upper properties, improve them, then rent or sell them.

1. Buy Fixer Upper Properties, Improve Them, Then Rent or Sell Them. This is a great business for those of you who have experience in your home country in buying, fixing up and renting or selling properties. Over the past 10 years, a lot of people got involved in this kind of business in their homeland.

With the overall economic problems in the world the past couple of years, the Philippines has not been immune, and there are a lot of properties in a state of disrepair, as well as lot of distressed and foreclosed properties.

2. Build An Apartelle. An Apartelle is an apartment building where all but one of the units are rented out long term, and you are left to operate on a nightly or weekly basis, like a hotel – hence the combined name of apartelle. These are common in the Philippines.

This business will require a heavier capital investment, yet with the right property and by focusing in the more rural areas or smaller cities, you can construct a small 4 unit apartment building for Peso 3,000,000 – not counting cost of the land.

You would want to rent out 3 units on a long term rental basis, and keep one for short term rentals – for the many traveling salesmen that frequent the countryside. They like booking into such short term apartelle units rather than the much more expensive hotels in the area.

3. Condotels. I have not given this business my “thumbs up” in all instances. Condotels have been heavily touted and promoted the past several years and there have been many, many new condominiums built in Manila, and now even in Cebu and starting in Davao.

The problem is that although the developers offer great down payment terms (usually around 30% down financed over 3 years) and in some cases carry back the mortgage and finance for perhaps 10 years, the interest rates are incredibly high, and the split of rentals with the management team runs around 50%/50%. There is also always a nominal monthly maintenance fee.

What looks like “cheap” entry point and cash flow out each month, in many cases simply becomes a bet on long term property appreciation – finding someone willing to pay you more for it than you paid for it.

This is because with all the inventory on hand, there is a surplus of condos which have been into hotel type rental pools, but not enough visitors to rent them all.

Consequently, what an investor thought would be a good positive cash cow, turns out to be a continuous negative cash flow – not what a new retiree to the Philippines is looking for to supplement his pension or annuity! This type investment will only drain you pension.

However, having written all this, I HAVE FOUND the past several month two exceptional condotel investments which DO meet my criteria of creating good ongoing rental income.

4. Farming. The likely cessation of the Agrarian Land Reform Program (CARP) will give the rural sector renewed confidence to invest in agricultural production capacity. CARP has held back investment in both production capacity as well as farm acquisition. An end to CARP will mean higher land prices since land will be valued for its higher income producing potential.

However, higher land prices are simply a “serendipity”, an added value, to the type of farming business I am writing about. I have found an extremely unique business opportunity, which will generate a great ROI (return on investment) and is completely passive. It has been structured by the developers (all foreigners) to be a one turnkey investment price. The price includes cost of the land, plus all

Clearing, planting, cultivation and harvesting for the first 5 years.

The business has been priced to fit the capital investment budget of the average foreigner retiree, and all landowners will be members of a cooperative which will share the farming equipment (tractors, equipment shed, and others). The farm will be “farmed” by the developer’s management team

The hottest trend now is in organic farming, and yet it is only in its infancy stage in the Philippines. There is one export product in particular which has caught my attention – the pili nut. The Philippines is the ONLY country with which produces and processes this nut in commercial quantity.

The current status of the pili is equivalent to that of the macadamia some 30 years ago. It has huge potential to develop into a major industry. They are in demand not only in Hong Kong and Taiwan but also in Singapore, Korea and Austria.