Bar startup

by David Klemt David Klemt No Comments

3 Operators Address Surviving a Downturn

3 Wise Operators Share Tips for Surviving a Downturn

by David Klemt

AI-generated diorama-style image of woman behind bar using a tablet

I have to say, AI-generated, diorama-style images look rad.

During a standout session from the 2024 Bar & Restaurant Expo, a panel of three successful and highly respected bar operators answered an important question.

This year, BRE brought together an operator supergroup: Erick Castro, Nectaly Mendoza, and Travis Tober. The trio drove home the importance of becoming a student of the industry; being curious about business; understanding the need to nail the fundamentals; and operators knowing their numbers.

Castro summed up the path to becoming a successful operator rather succinctly: “You need to follow the fundamentals to make money.”

Of course, making money is just part of the success equation. Banking that money so it can work for an operator is another. Again, Castro put it simply, urging operators to live within their means when their bar or restaurant starts making money.

Taking it further, Mendoza pointed out that trying to project an image of success is foolish. As he explained, some operators and bartenders are projecting an image of prosperity and expertise, but it’s nothing more than an illusion.

Tober, who understands this business like few others, drove home the need to understand that really, operators are in the entertainment and relationship business. He, his business partners, and his teams are committed to giving guests a reason to visit their concepts and spend their money.

Toward the end of this incredible session, an audience member, to the benefit of every attendee, asked the trio for advice everyone could take back home to improve their operations.

Tighten Up

When it comes to appealing topics of discussion, most people want to shy away from economic downturn. However, ignoring the possibility of a recession doesn’t prevent it from becoming reality.

In fact, Tober said operators need to prepare now for things “to get rough for the next two or three years.” So, he advised the roomful of operators to tighten up their P&Ls.

For future operators this means making it non-negotiable to understand every aspect of their business. Systems must be in place and standards developed before the first guest ever steps through the doors.

According to Tober, operators who are aggressive and savvy can set themselves up “for life” in the next five or six years. We all know what that means, and it’s one of the reasons an operator need to re-invest in their business.

Adding to Tober’s thoughts on the next few years, Mendoza advised the audience to be prepared to attack opportunities when they present themselves.

On the topic of becoming a sharp and successful operator, Mendoza said to “overkill” the books. “Put the same attention into your books as you do your bar team and menus.”

Put simply, operators who know their numbers and the importance of reinvesting funds have chosen the path toward success. This also relates to hopeful operators. They’ll have the opportunity, if they follow their instincts and wait for the right location to become available, for a strong start over the next few years.

Fortuitously, that fits with Castro’s advice: Make sure you’re actually starting a business, not creating a job for yourself. Also, ensure pour costs, food costs, and labor costs are dialed in because they’re the variables over which operators have the most control. Lastly, aim for low turnover.

Takeaway

If we at KRG Hospitality didn’t agree with Castro, Mendoza, or Tober, we wouldn’t share their advice or insight.

The naked truth is that bars and restaurants are going to close. It happens every day.

Mendoza addressed this reality directly. Looking around the room, he said, “Look, some of you motherfuckers ain’t gonna make it.”

While it got a laugh, it was also true. However, one can improve their odds of success by putting the right systems in place; being curious enough to want to know everything about their business and the industry; hiring people for passion, and committing to mentoring and treating them well; and hiring people who will, as Mendoza said, make stress and pain points irrelevant.

It has been said plenty of times that we can hire for passion in this industry, and train for skills. What I hadn’t really heard until Mendoza said it is that we should also hire people who won’t cause an operator’s headaches. About midway through their session, Mendoza advised the room to ask themselves if the person they’re interviewing is going to be a problem or a good fit.

Another truth is that one operator’s failure represents another operator’s future success. However, that’s not possible without a high-level understanding of one’s business specifically and the hospitality business in general.

Image: Shutterstock. Disclaimer: This image was generated by an Artificial Intelligence (AI) system.

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Triple Threat: A Bar Owner Master Class

Triple Threat: A Bar Owner Master Class

by David Klemt

AI-generated image of a record album cover that reads "Cocktail House"

Three of the most respected bartender-operators formed like Voltron in Las Vegas during the 2024 Bar & Restaurant Expo to impart invaluable wisdom.

In an attempt to prevent the trio from roasting one another, I’ll organize them alphabetically, by surname: Erick Castro, Nectaly Mendoza, and Travis Tober. And yes, I’m aware they’re still going to roast each other.

This triumvirate came together to co-present “Bartender Masterclass: Building Bars that Change the Game Yet Make Money.” An aptly named education session as it was certainly a masterclass.

Importantly, this wasn’t a how-to class on tracking costs. The trio didn’t pop P&Ls up on a screen and explain how to read them. Rather, they delivered the naked truth about becoming a bar owner and chasing success.

Bluntly, the reality is that Castro, Mendoza, and Tober are noticing disturbing trends in bar ownership. People going against their instincts. Hopeful owners accepting terrible deals in a bid to live their dreams. Setting the stage for failure with excuses. No talent as the new talent. A lack of understanding of the fundamentals.

Speaking of fundamentals…

With the jokes out of the way—these three won’t hesitate to spit a bit of good-natured venom at one another—this panel got right to delivering the truth.

Almost immediately, Castro addressed a grim reality. A lot of the panel’s friends and peers own and operate bars that are busy and winning awards. And they’re not not making any money.

When he asks to see their costs, he often hears that the owner doesn’t know that information. That doesn’t work for anyone among this trio.

“You need to follow the fundamentals to make money,” explained Castro.

Adding to that, Mendoza explained the situation succinctly. A lot of the flashy markers of success some bartenders and bar owners flaunt on social media and in their real lives are bullshit.

I can tell you with certainty that Castro, Mendoza, and Tober know their numbers. It’s obvious they have the fundamentals down, and they don’t take them for granted. The same can be said for the teams they build. Nobody’s career is long for any of their businesses if they don’t learn to respect and embrace the fundamentals.

At KRG Hospitality, we also drive home that the fundamentals are keys to success. There’s a reason KRG president Doug Radkey’s first book is subtitled Developing the Fundamentals for an Epic Bar.

There’s no room for excuses.

There’s more than enough on any owner or operator’s plate; there’s no room on it for excuses.

Yet, these three are noticing that many new bar owners seem to be piling their plates high with justifications for impending failure.

“For some reason, no talent is the new talent,” said Mendoza.

Justifications for refusing to learn the business like, “I don’t know accounting,” or, “I don’t know restaurants,” are excuses that lead to two things: more excuses, and the closing of bars.

If you’ve never had the opportunity to hear Mendoza speak, I’ll tell you this: He doesn’t sugarcoat anything. He’s a fun person, he’ll make you laugh, and he wants to see people succeed. Mendoza loves hospitality. However, when it comes to business, the jokes stop.

Let’s not forget that owning and operating a bar is a business. Bars need to make money to stay open. Bar ownership isn’t a reality show, sitcom or movieit’s stressful. Operating at a high level doesn’t remove stress completely, but it certainly mitigates much of it.

Crucially, embracing the fundamentals and rejecting the impulse to excuse mistakes large and small allows a bar owner to step away from their business eventually. Imagine being able to take actual week-long vacationspluralas the owner of a bar, without worry. That should be among every bar owner’s goals.

So, when Mendoza says bar owners need to have the guts to learn everything about the business, that’s not hyperbole. And when Castro, who now co-owns the recently opened Gilly’s House of Cocktails, states that someone needs to be genuinely curious about the business to succeed, you can take that to the bank.

Bet on yourself.

“I bet on myself,” said Tober during this panel. He meant that in both the past and present tense, by the way.

When Tober opened the first Nickel City in 2017, it cost nearly a half-million dollars. The goal was to make $800,000 with the bar in its first year. To say that Nickel City surpassed projections is a bit of an understatement.

It did $2.4 million. The bar now generates $3 million per year on average. The latest Nickel City outpost in Houston cost $1.3 million. On average, Tober and his tight-knit group pay back investors in 18 months.

On episode 50 of our Bar Hacks podcast, Tober “jokes” that he wants a Nickel City in every major city throughout the US. If you want to listen this conversation, here’s the Spotify link, and here’s the Apple Podcasts link.

Given how quickly he and his team lead bars to success, I won’t be surprised if a fourth Nickel City location opens by the start or middle of 2026. Further, I won’t be shocked at all if it’s the first Nickel City outside of Texas.

Again, his success is the direct byproduct of his belief in himself, and an understanding of bar operations that few can match.

It’s not the drinks.

Successful bar operators, embodied by the three who hosted this panel, know that they’re not in the business of selling drinks.

“We’re all in a relationship business,” said Tober. “It’s not about the cocktails.”

This is coming from an operator whose team puts more than 20,000 Frozen Irish Coffees across their bars each year. They’re the second-highest seller of Tullamore DEW.

And you know what else? Tober will give you that recipe. In fact, he’ll tell you that all you have to do is visit the Erin Rose in New Orleans and modify their recipe.

Tober will give you that recipeall of his recipes, if I had to guessbecause you could open a bar across from one of his and having his drinks won’t make your venue a threat.

That’s betting on yourself.

Someone may be a better bartender than Tober, if one were able to put stats on the role. But Tober won’t be bothered, confident in the knowledge that they won’t tend bars better.

Setting ego aside, Tober told the room at Bar & Restaurant Expo that about once every three months, he reminds his team that he’s a C student and a college dropout. People could easily write him off as just some loud bar guy.

However, he knows the bar business in general and his bars in particular at the highest level. And he knows that he’s the guy people would like to sit down with to have a beer and a shot. As he told that room in Las Vegas, he gets by on his personality. That personality bleeds into the heart and soul of his concepts and informs the level of service and hospitality that makes everyone feel welcome.

As important, Tober also feels that bar owners are in the entertainment business. He ensures that he and his team give guests a reason to want to visit and hand over their money.

Trust your instincts.

Let’s trek back all the way to the point about some of the world’s most-awarded bars not making any money.

In some instances, it’s more accurate to say that the well-known bartender-operator isn’t getting paid. Yet another way to frame such a situation is to refer to the bartender-operator as the face of the bar.

I say they’re the face because their ownership stake is likely under 25 percent. In fact, it’s probably 20 percent or lower. The controlling stake is owned by one or more investors.

So, the bartender-operator’s vision has turned to brick-and-mortar. Their hard work turning their dream to reality is resulting in traffic, media coverage, and awards. But they’re also taking on all the stress of everyday operation while most likely struggling to pay their own bills.

They haven’t attained their dreamthey’ve gotten a job. Worse, it’s an incredibly stressful job, and they’re not being compensated properly.

Driving home this point was an interaction between an audience member and Mendoza.

Would you take this deal?

This future bar owner (assumedly, and hopefully) was asking about seeking funding through investors. It was revealed that the project would likely cost around $600,000.

So, illustrating how easily a person may be tempted to leap into a bad deal to have what they think is their dream, Mendoza said he could fund that project (hypothetically). However, he would want 87-percent ownership in exchange (again, this was hypothetical). Mendoza went on to guess that the audience member and his partners would take that dealand that they absolutely shouldn’t, because it’s a terrible offer.

Rationally, most of us would know that’s a bad deal and that we should walk away. That includes the audience member who interacted with Mendoza.

But we can all be susceptible to the “lizard brain” inside us. This is the portion of our brain that causes us to act on emotions rather than logic. There’s your dream! Your heart is pumping so hard you can hear it thumping in your ears. All you have to do is sign and it’s “yours,” at the cost of 80 percent or more of its ownership.

If a deal seems off, trust your instincts, walk away, and seek the right partners.

When you do land the right deal…

“…take the fucking shot,” says Mendoza.

In this instance, “the right deal” means a bar within your budget, cautioned Castro. Buy what you can afford.

Mendoza owns and operates award-winning concepts Herbs & Rye and Cleaver — Butchered Meats, Seafood & Classic Cocktails in Las Vegas. He shared that Cleaver is the concept he envisioned first. At the time, however, he had the budget to build Herbs & Rye.

So, he built Herbs & Rye in 2009. He trusted his instincts and, like Tober and Castro, bet on himself. In 2018, he opened the doors to Cleaver.

Could he have blown his budget and built Cleaver first? Sure. And we probably wouldn’t have either bar and restaurant now had he not been pragmatic. The industry more than likely wouldn’t have Mendoza to share his wisdom and mentor future operators.

“Your first bar is your best work. It’s like your first album—raw and uncut,” Mendoza says.

When it’s time for a second location, create something different. Get a bit uncomfortable.

“I think there’s a big disconnect about what being a bar owner is,” says Mendoza. “Success will create the fastest path the farthest away from what brought you success in the first place.”

How many sophomore albums from artists receive critiques that they’re good, just not as good as the freshman release?

When you’ve got the fundamentals down, when you understand your business at a high level, you keep that experience and wisdom. Getting uncomfortable and taking on a new challenge isn’t as risky as it was with your first bar.

So, take the fucking shot.

Seriously, trust your instincts.

There’s an episode of Castro’s award-winning Bartender at Large podcast that every bartender and hopeful bar owner should give a listen.

On episode 320, released in October of 2022, Castro gave Moe Aljaff the opportunity to tell the story of Two Schmucks. Mere days after earning the number seven spot on the 2022 World’s 50 Best Bars list, Moe and most of the team left the bar.

The situation that affected the Two Schmucks team is more common than some would like to admit, unfortunately. It inspired the cautionary phrase, “Don’t get Schmucked.”

To listen to Aljaff’s story, follow this link to the podcast episode on Spotify. After you’ve listened to that eye-opening episode, consider giving number 236 of Bartender at Large a play. It’s a conversation between Castro and Daniel Eun, a bartender and practicing attorney. This link will take you to the podcast’s website, where this episode has been embedded.

Image: Shutterstock. Disclaimer: This image was generated by an Artificial Intelligence (AI) system.

KRG Hospitality. Bar Consultant. Nightclub. Lounge. Mixology. Cocktails.

by David Klemt David Klemt No Comments

2024 500-point Start-up Checklist

2024 KRG Hospitality 500-point Bar & Restaurant Start-up Checklist

by David Klemt

KRG Hospitality 2024 Bar & Restaurant 500-point Start-up Checklist

Opening a bar or restaurant is a daunting undertaking, with projects requiring the completion of 500 unique tasks within four phases before welcoming guests.

It takes strategic clarity along with a strong supportive team around you to ensure your dream doesn’t turn into a nightmare. To help you get ahead and start 2024 with the strongest opportunity for success, we’re giving you access to a number of free resources.

First, our 2024 Bar & Restaurant Start-up Costs Guide. If you haven’t already, download this informative guide today. And now, our 2024 500-point Bar & Restaurant Start-up Checklist.

KRG Hospitality’s feasibility studies, concept and brand development, and programming are unique and customized to every client. However, the journey from idea to grand opening is a well-worn path dotted by hundreds of waypoints.

There’s a reason we call our project plans Roadmaps to Success: we’re here to help guide our clients to and through each point on the map.

Below you’ll find 32—only six percent—of the 500 unique tasks we at KRG believe you must complete before your grand opening. Just these tasks alone should provide an idea of the enormity that is taking your concept from idea to brick and mortar.

To download your free copy of our 2024 500-point Bar & Restaurant Start-up Checklist, click here. As you’ll see once you open this checklist, it’s interactive. You can easily check off items as you complete them, and the document will save your progress.

Opening a bar or restaurant is challenging. We’re here to help make it easier.

Planning Phase

Self-assessment

  • Mindset assessment
  • Support network assessment

Feasibility Study

  • Market viability study
  • Technical viability study

Brand Strategy

  • Vision statemet
  • Frame of reference

Tech-stack Plan

  • Service technology plan
  • Payment processing technology

Project Set-up Phase

Job Scopes for Project

  • Landlord presentation
  • Equipment vendor presentation

Project Support Team Plan

  • Industry consultant
  • Legal Advisor

Menu Testing

  • Final flavor profile creation
  • Theoretical costing, food

Interior Design

  • Final choice in furniture
  • Final choice for millwork design

Operational Set-up Phase

Operational Vendors

  • Bar and kitchen smallware vendor
  • Refrigeration tech vendor
  • Hood cleaning vendor
  • Grease trap cleaning vendor

SOP Procedures/System

  • Finalize hourly operations plan
  • Application forms
  • Food safety quiz
  • Leadership team manual

Launch Phase

Marketing Execution

  • Creation of media package
  • Search engine optimization

Tech-stack execution

  • Point-of-sale systems
  • Menu management systems

Team Onboarding

  • Leadership team onboard
  • Team-building exercises

Soft Opening

  • Menu timing
  • Menu feedback

To download your free copy of our 2024 500-point Bar & Restaurant Start-up Checklist, click here now!

Image: KRG Hospitality

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KRG Releases 2024 Start-Up Guide

KRG Hospitality Releases 2024 Restaurant Start-Up Cost Guide

by David Klemt

2024 KRG Hospitality Start-up Costs Guide

KRG HOSPITALITY RELEASES SIXTH ANNUAL RESTAURANT START-UP COST GUIDE

Toronto-based hospitality industry consulting firm with offices in key markets throughout Canada and the United States of America unveils their latest restaurant cost guide and interactive hospitality calculator.

December 21, 2024 (TORONTO)—Today, KRG Hospitality releases their 2024 Bar & Restaurant Start-up Costs Guide, which is free to download. The Toronto-based consulting firm specializes in startup restaurant and bar projects along with boutique hotels, experiential concepts, and entertainment venues. KRG Hospitality’s American headquarters is located in Las Vegas, Nevada.

For the past six years KRG has researched, reviewed, and published the annual start-up cost guide, one of the industry’s leading resources dedicated to restaurant project costing.

And each year this informative and transparent guide is used as a trusted budgeting tool by developers, lenders, contractors, consultants, and aspiring restaurateurs. The guide is founded upon KRG Hospitality’s proprietary database of previous project costs, which includes project data from restaurants, bars, and cafes developed over the past 24 months.

Further, this annual KRG Hospitality guide also includes the interactive KRG Hospitality Calculator, which is updated for 2024.

The costs to start a restaurant have been on a steady rise over the past six years. Major drivers are increases in inflation, interest, labor, construction, and equipment. Of course, there are also the unique materials required to deliver a scalable, sustainable, memorable, profitable, and consistent on-premise, off-premise, or hybrid-style concept.

Drawing upon this comprehensive guide, an industry-leading expert has analyzed the information and provided a succinct and user-friendly summary of the findings for each major start-up category. This isn’t simply a couple of pages identifying a few costs. Rather, the sixth annual guide is a deep dive that provides real insight into what to expect in 2024.

The guide is available now as a free download via this link.

About KRG Hospitality

KRG Hospitality is a storied and respected agency with proven success over the past decade, delivering exceptional and award-winning concepts throughout a variety of markets found within Canada, the United States, and abroad since 2009. Specializing in startups, KRG is known for originality and innovation, rejecting cookie-cutter approaches to client projects. The agency provides clients with a clear framework tailored to their specific projects, helping to realize their vision for a scalable, sustainable, profitable, memorable, and consistent business. Learn more at KRGHospitality.com. Connect with KRG Hospitality and the Bar Hacks podcast on social: KRG Twitter, Bar Hacks Twitter, KRG Media Twitter, KRG LinkedIn.

Disclaimer

While using this guide helps develop a rough preliminary financial and strategic milestone plan, it is strongly recommended that you seek professional expert advice to provide you with a more precise, project specific estimate as each concept and market will be slightly different. KRG Hospitality Inc. is not responsible for any project that is not currently under contract within the company.

Image: KRG Hospitality

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KRG Hospitality now Serving Midwest Region

KRG Hospitality adds Midwest Region

Marina City Towers in Chicago, Illinois

KRG HOSPITALITY NOW SERVING MIDWEST REGION

Toronto-based hospitality industry consulting firm with offices throughout Canada and the USA now serving the Midwest through Chicago office.

CHICAGO, IL (March 17, 2023)—Today, KRG Hospitality announces the addition of the Midwest region of the US to their North American service area. The team will operate out of an office in Chicago, Illinois. However, the agency will serve Midwest markets outside of Chicago as well.

KRG is excited to announce their presence in the region and their ability to serve clients effectively. The agency will offer the full suite of their proven hospitality solutions, including: hourly consulting and coaching; complete feasibility studies, fully customized concept plans; in-depth, focused business plans; project support and management; food and/or drink menu development and consulting; and personalized F&B education.

“I was born in Chicago and first entered the hospitality industry in the Northwest Suburbs. I got my first taste of nightlife in Chicago’s incredible bar and nightclub scene,” says David Klemt, partner and director of business development of KRG Hospitality. “Those experiences shaped my entire hospitality career trajectory. It will be an honor to serve the great people of the Midwest and bring their hospitality visions to life.”

“2023 is turning into quite the growth year for KRG, with the addition of team members Kim Richardson and Jared Boller, and now an exciting new market,” says Doug Radkey, KRG Hospitality founder, president, and project manager. “We see great opportunity in the Midwest, not only in Chicago, but many of the surrounding regions. The food, beverage, and hotel scene is incredibly strong, and we’re open to the challenge of not only helping launch new hospitality brands but helping transform existing brands scale and be successful in the new era ahead.”

KRG is ready to work with clients of all experience levels in the Midwest. The consulting agency’s suite of solutions serve new operators looking to open their first concept and veterans seeking a rebrand or expansion. From independent pizzerias and QSRs to multi-unit regional chains and boutique hotels, and everything in between, the KRG team is eager to take client visions and transform them into brick-and-mortar realities.

To schedule an introductory call to learn how the KRG Hospitality team serves clients, please follow this link.

About KRG Hospitality

KRG Hospitality is a storied and respected agency with proven success over the past decade, delivering exceptional and award-winning concepts throughout a variety of markets found within Canada, the United States, and abroad since 2009. Specializing in startups, KRG is known for originality and innovation, rejecting cookie-cutter approaches to client projects. The agency provides clients with a clear framework tailored to their specific projects, helping to realize their vision for a scalable, sustainable, profitable, memorable, and consistent business. Learn more at KRGHospitality.com. Connect with KRG Hospitality and the Bar Hacks podcast on social: KRG Twitter, Bar Hacks Twitter, KRG Media Twitter, KRG LinkedIn.

Image: Tobias Brunner from Pixabay

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5 Books to Read this Month: March 2023

5 Books to Read this Month: March 2023

by David Klemt

Flipping through an open book

Our engaging and informative March book selections will help you hone your leadership, entrepreneurial, and operational skills to dial in your business.

To review the book recommendations from February 2023, click here.

Let’s jump in!

Whiskey Women: The Untold Story of How Women Saved Bourbon, Scotch, and Irish Whiskey

It shouldn’t come as a surprise that women have been involved with and influencing alcohol for centuries. Still, women’s contributions to the spirits, beer, and wine we imbibe are often overlooked. Fred Minnick’s Whiskey Women seeks to change that.

From Amazon: “Whiskey Women tells the tales of the women who created the industry, from Mesopotamia’s first beer brewers and distillers to America’s rough-and-tough Prohibition bootleggers. Women have long distilled, marketed, and owned significant shares in spirits companies, including Bushmills, Johnnie Walker, and Maker’s Mark. Williamson is one of many influential women who greatly influenced Scotch, bourbon, and Irish whiskey. Until now their stories have remained untold.”

Unvarnished: A Gimlet-eyed Look at Life Behind the Bar

Even now it seems like people don’t view the service industry as offering “real” careers. Indeed, some restaurant and bar owners are asked when their “real” plan is because it can’t possibly be running a hospitality business.

In Unvarnished, Eric Alperin, owner, manager and designer of the Varnish in LA, and author Deborah Stoll reject that idea. This fascinating book offers lessons learned from Sasha Petraske, Alperin’s partner and mentor; the many tiny details bar owners will turn over and over in their heads before finalizing plans; reasons to not date a bartender; and much, much more.

There are also 100 recipes that Alperin required hopeful bartenders to know before they could land a job at the Varnish.

Heads in Beds: A Reckless Memoir of Hotels, Hustles, and So-Called Hospitality

Last month we featured In the Weeds. In January, we recommended Your Table is Ready. Both books are similar to the amazing Kitchen Confidential, a book all hospitality professionals should read.

Heads in Beds is essentially Kitchen Confidential for those in the hotel business. The Amazon listing describes this book as “a funny, authentic, and irreverent chronicle of the highs and lows of hotel life, told by a keenly observant insider who’s seen it all. Prepare to be amused, shocked, and amazed as he spills the unwritten code of the bellhops, the antics that go on in the valet parking garage, the housekeeping department’s dirty little secrets—not to mention the shameless activities of the guests, who are rarely on their best behavior.”

There are also emotional stories and revelations about the darker side of the industry we all need to address.

Impactful Influence for Modern Leaders: How to Use the Power of Influence to Lead Other People Toward Success

None of us can really become a true leader without the ability to influence those who work for us. That means, however, that we must continually develop ourselves. Influencing those around us to perform at their best isn’t as simple as giving orders, of course.

And that’s where Impactful Influence for Modern Leaders comes in. This book will help you build trust with your team; mentor others effectively; learn to let go and trust your team; and much more.

Lady You Got Balls: The Gift of Being Underestimated

If you’re an entrepreneur, odds are you’ve experienced being underestimated. You’ve likely had a taste of office life and decided it wasn’t for you due to the politics and betrayals.

If that’s you, you have something in common with Patricia Stroberg, author of Lady You Got Balls. In this book, you’ll see why being an underestimated underdog can be to your advantage. Lady You Got Balls “is for anyone wanting to run a successful company and live a life of purpose when the challenges seem too overwhelming to overcome.”

Image: Mikołaj on Unsplash

KRG Hospitality Complete Bar Menu Audit

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Introducing the KRG Start-up Calculator

Introducing the KRG Bar & Restaurant Start-up Calculator

by David Klemt

The KRG Hospitality Bar & Restaurant Start-up Calculator banner

We are incredibly excited to announce the launch of a helpful new tool for new and veteran operators alike: the KRG Hospitality Bar & Restaurant Start-up Calculator.

It couldn’t be simpler to use, and it will give users an idea of how much funding their project will require.

Just enter the square footage you desire or that you know you’ll need. Then, our brand-new calculator generates more than 40 key costs for your review.

Know Your Numbers

New or veteran, single unit or multi, success in this business requires an obsessive knowledge of numbers.

Costs, in particular, are operators’ eternal opponents. People incur the greatest costs before they ever open their doors for business.

Now, that’s just common sense on one hand. Securing a location, kitting out a kitchen, building out the front of house—these are five-, six- and sometimes even seven-figure endeavors.

However, on the other hand, the massive costs that come with opening a new restaurant or bar are often the result of surprises or insufficient planning.

That’s where our calculator comes in.

Here to Help

There’s a reason that the KRG Bar & Restaurant Start-up Calculator populates more than 40 fields.

That reason is simple: preparation is key.

For instance, does your current plan budget for utility deposits, business insurances, opening F&B inventory, soft opening and launch month strategies, the complete array of construction or renovation costs?

Here’s a real-world example of our calculator at work:

Let’s say you want to open a 2,200-square-foot pub. At the minimum, you should budget at least $2,547 for business insurances and nearly $8,200 for opening F&B inventory. And you’ll likely want to set aside at least $14,806 for emergencies.

Try it out for yourself today!

Disclaimer

As with any online calculator, this free calculator is to be used as an initial reference point. Every project is unique in its own way. Property and leasing costs, equipment, and renovation costs will heavily fluctuate based on market, concept, and the status/condition of a chosen property.

Image: KRG Hospitality

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