Hotel startup | KRG Hospitality

February 28, 2024by David Klemt David Klemt No Comments

Questions Future Operators Need to Ask

Questions Future Operators Need to Ask Before Opening

by Jennifer Radkey

Taking your dream bar or restaurant from vision to reality can be an exciting journey but too many people get ahead of themselves during the process.

What are some of the first actions a future operator takes when deciding to open a new restaurant or bar? Well, many will dive right into deciding on a concept, looking at locations, or figuring out costs. Some may take the time to wisely invest in feasibility, concept, and business plans.

Very few will ask themselves the crucial questions that will help them figure out if they are truly ready to take on this huge endeavor—and be successful at it.

Before designing menus, hiring a real estate agent, or looking for investments, you need to sit down and gain a clear understanding of the state of your mindset. Successfully opening a restaurant or bar can be mentally and physically exhausting. Well before you open your doors you need to have acquired a mindset that is built on resilience, growth, leadership, and positivity.

Below are several questions to consider—and answer truthfully—before diving in.

Mindset Questions

What is the purpose behind wanting to open a restaurant or bar? Why is this goal significant to you?
How do you currently stay motivated and do you have a system in place to turn to when you lose motivation?
Do you feel capable of handling the day to day pressures of starting and operating a business? Why or why not?
Have you been in a leadership position before? On a scale of one to 10 (one being not successful at all and 10 being very successful), how successful of a leader were you?
What kind of leader do you want to be and Is there someone in a leadership position you admire and can learn from?
If you feel that you can not be the leader your business needs to succeed is there a partner you can rely on for this?
Are you currently in a good position to be able to devote the time, energy, resources, and focus needed to undertake this endeavor?
What non-negotiables do you have in your life? What are you willing to sacrifice for this dream and what are you not?
How comfortable are you with meeting people and being open to others’ ideas?
What are three key strengths you possess? How will they help you succeed?
What are three weaknesses you possess? How might they hinder your success?
Are you comfortable with delegating to others when you are not the best person for a task?
Do you have a strong support system in place of people you can turn to when needed?
Why are you choosing to open a business in the hospitality industry? How do you plan to leave your mark in it?
Do you possess the knowledge to run the day to day operations of a restaurant or bar? If not, how do you plan to gain that knowledge?
How open are you to continuous education and learning for yourself and your future team?
How will you balance opening a new restaurant/bar with your personal life?
Are you willing to adapt and pivot when needed, even if it means an entirely new concept?
How do you currently deal with failure?
How will opening a restaurant/bar impact other areas of your life?

Once you have answered these questions you will have a better understanding of where your mindset stands right now, what areas you may need to improve upon, and if you are truly ready to open your own restaurant or bar. There is a saying that knowledge is power, and self-knowledge is the most powerful kind!

Cheers to professional and personal well-being!

Image: Laurin Steffens on Unsplash

2024 KRG Hospitality Start-up Costs Guide

December 21, 2023by David Klemt David Klemt No Comments

KRG Releases 2024 Start-Up Guide

KRG Hospitality Releases 2024 Restaurant Start-Up Cost Guide

by David Klemt

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

March 17, 2023by krghospitality krghospitality No Comments

KRG Hospitality now Serving Midwest Region

KRG Hospitality adds Midwest Region

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

Image: Tobias Brunner from Pixabay

March 1, 2023by David Klemt David Klemt No Comments

5 Books to Read this Month: March 2023

5 Books to Read this Month: March 2023

by David Klemt

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