Market Conditions in 49328>Question Details

Annette, Other/Just Looking in Hopkins, MI

I would like to open a breakfast and lunch restaurant in Hopkins, MI. Is this profitable?

Asked by Annette, Hopkins, MI Sat Nov 1, 2008

Help the community by answering this question:

Answers

3
Well, I'm a Real Estate Agent and also own a restaurant. I got into real estate because it has been in my family for over 30 years. When I was younger, I loved the restaurant business. Paul is right, it is the number one business start up to fail.

Breakfast and lunch places are even harder to keep afloat. It all depends on the type, location, population, saturation in the market and so on. A great place will succeed if you work hard, have a great following and great food. I just learned that 4 of my favorite restaurants in San Diego, all which had been open for over 20 years, are all closed due to the economy and what they had to do to stay open was simply not happening.

It's a risk, but sometimes, risks were meant to be taken. Good luck!
0 votes Thank Flag Link Sat Jul 10, 2010
I owned a restaurant in Hopkins if I remember correctly it was around 1978 lovely little town but not big enough to support a business. The only busy dat was the day the area had its livestock auction.
The restaurant was called The Laurie EL named after its original owners.
Best of luck.
0 votes Thank Flag Link Sat Jul 10, 2010
Your question is more than a little outside the scope of a Realtor's provence, but let me give you a little information.

Restaurants are the business startups most likely to fail. They involve a large investment up front, and generally offer a fairly slow rate of return - especially breakfast. They also require a high level of dedication and personal involvement. Restaurant owners typically put in 10-12 hour days (or longer) 7days per week. You will probably have to be open on days when you know you aren't going to make money so that people will come back on the days you will. When starting up you are likely to be the cook, wait staff, cashier, manager, and bookkeeper; even when you have staff. You will also have to familiarize yourself with health codes and employment laws if you arent' already aware of these.

That having been said, obviously there are many restaurants that are very successful due to the dedication of the owners - particularly in having a good business plan. The state of Michigan and the county health departments will have lots of helpful, free or low cost support for you. You should also look for someone to help you write a business plan - and if you don't know what one is, find someone with a solid background. There may also be funding available for you through different government programs for small business owners.

In short, you can make money in this line of work, just be sure you do you homework.
0 votes Thank Flag Link Wed Jun 24, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer