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Traditional sit-down restaurants and mobile food businesses have uniquely different needs when it comes to insurance. While there is some overlap in coverage needs, it’s important to understand the differences when it comes to insuring your business. Traditional Sit-Down RestaurantInsurance Needs.
Ahead of New Year’s Eve celebrations, Society Insurance, which provides coverage to the hospitality industry, has put together the top four tips on how a restaurant can protect themselves, their patrons and their employees as well as create a safer environment on Dec. Understand Your State’s Dram Laws. 31 and beyond.
Restaurant accounting isn’t easy. Learning basic accounting is like studying a different language, regardless of how many decades you have in the restaurant industry. Learning basic accounting is like studying a different language, regardless of how many decades you have in the restaurant industry. Sounds complicated?
Running a restaurant comes with a unique set of risks, especially when serving alcohol. For example, if your establishment serves alcohol to an intoxicated patron who subsequently drives and causes an accident, your business could be held liable for any resulting property damage, personal injury, or even fatalities, depending on local laws.
Society Insurance, which provides coverage to the hospitality industry, has put together four tips on how restaurants and bars can help create a safer environment on St. Understand Your State’s Dram LawsLaws regarding the sale and consumption of alcohol are not established by the federal government.
Ahead of this year’s football season, the team at Society Insurance has put together the top four tips on how a restaurant and/or bar can protect themselves, their patrons and their employees as well as create a safer environment for football season and beyond. Understand Your State’s Dram Laws.
Restaurant owners should likewise be concerned about the condition of their premises. What to Do: Contact a licensed contractor or engineer to evaluate. If your restaurant was recently constructed, you may be under warranty for certain claims. Consult a construction defect law firm to evaluate a potential lawsuit.
The cultural phenomenon of Drinksgiving (or Blackout Wednesday) continues to grow in popularity for the restaurant industry, especially as sales continue to rebound from the pandemic. If an intoxicated customer leaves a restaurant and causes injury to someone while driving, it could be tied back to the restaurant that served them.
Insuring The Liquor Business. Title: President and CEO, Hospitality Insurance Group. For the last three decades, Richard Welch has held a variety of roles in the insurance industry in Massachusetts and Connecticut. After Travelers, Welch spent a few years as an independent consultant before joining Concord Mutual Insurance Co.,
Selling a restaurant can be a major decision for many reasons. One of the main reasons is to cut losses due to financial challenges, with 52% of restaurant owners saying high operating and food costs are really cutting into their profits. If restaurants in your area sell at a multiple of 2.5
Successful restaurant owners and operators don’t just provide great food. The people piece of the puzzle can be challenging for restaurants. Because of the complicated nature of human resources (HR) and the sprawling regulations surrounding payroll, HR and payroll can be a recurring headache for restaurant owners and operators.
Opening a restaurant can be challenging. Therefore, you need to familiarize yourself with the different restaurantlicenses required to open a restaurant in the UK and how to obtain them. . The main objectives of licensing and food safety regulations are: food, health, and hygiene quality assurance.
Restaurants are unique businesses that come with their own specific set of startup costs. Your average restaurant labor cost and restaurant food cost will vary based on your type of concept, location, size, and other details. Before rushing to open your doors, you need to understand your restaurant costs.
How you run and track your payroll accounting has a significant impact on restaurant operations. From hiring and onboarding to running employee payments and paying taxes, payroll touches on many different parts of a restaurant business. Tracking labor and payroll data for restaurant employees.
Licenses And Permission . Every state has a separate set of guidelines and policies for licensing and permits for catering companies. Every state also has different requirements for liquor licenses. . Here’s a list of licenses and permits that are common across all states – . General business license .
There are many things to consider when opening a bar, from the type of establishment you want to open to the licensing and zoning requirements in your area. Additionally, each state, county, and city has different laws and regulations regarding alcohol sales. Obtain alcohol licenses and permits. Choose the right location.
How to Deal with Legal Regulations Affecting Your New Restaurant There’s no universal checklist for all of the necessary licenses, permits, inspections, postings, and signage for your new restaurant. These requirements vary greatly between states, cities, restaurant types, and even counties and neighborhoods.
The loss of volume for the franchise, the forfeiture of jobs for the community, and the closed restaurant locations could have been avoided with a thoughtful succession plan. Despite this, restaurant owners and franchise brands routinely shy away from discussions around exit strategies or succession planning.
Successful restaurant owners and operators don’t just provide great food. The people piece of the puzzle can be challenging for restaurants. Because of the complicated nature of human resources (HR) and the sprawling regulations surrounding payroll, HR and payroll can be a recurring headache for restaurant owners and operators.
Local, state, and federal laws make it mandatory that you do so. In most cases, a company’s Human Resources department maintains all employee documents and grants or denies access to those records on a need-to-know basis (and according to confidentiality and security laws). 1) Abide by all recordkeeping laws. Medical file.
Ask any owner what it was like opening their first restaurant, and they'll say it was one of the most challenging accomplishments of their career. Then, ask them, "How much does it cost to open a restaurant business?" How much does it cost to open a restaurant? How much does it cost to open a restaurant?
Opening your own restaurant is an exciting business venture. Wanting to start a restaurant business and knowing how to open a restaurant are two different things, however. If you have a passion for food, food service, or bringing people together over a meal, the restaurant business might just be for you. . Plan Your Menu.
When it comes to the restaurant business, there is no debating the fact that the United States has become a global hub, attracting a lot of investments and start-ups across several countries, including India. Can a Foreigner Open a Restaurant in the US? Can a Foreigner Open a Restaurant in the US? Arm’s Length Investment.
With the impact of the coronavirus pandemic crippling nations and their health care systems, people are abiding by local laws, practicing social distancing, and despite lockdown easing in many regions. The restaurant industry, in particular, has taken a major hit. Can Small Loans Help Restaurants Survive Financial Instability?
But if you are considering the idea of learning how to start a small restaurant, this is the guide for you. Planning ahead When it comes to knowing how to start a small restaurant in the spring, planning ahead is the best step. Before you start, you want to consider the idea of hiring a restaurant consulting firm.
The startup costs are lower than what you’d have to shell out to open a brick-and-mortar restaurant, and as the world continues to grapple with the COVID-19 pandemic, food trucks offer both a safe dining option for your guests and a reliable income source for you. Licenses and Permits. In 2020, the food truck market surpassed $1.2
After all, they let you change sites, keep menus short and focused, and create an exciting and dynamic small company on wheels since they are smaller and most importantly mobile, unlike a restaurant. Moreover, since the COVID-19 pandemic, many customers prefer to eat from food trucks rather than restaurants as they are relatively safer.
This edition of MRM News Bites features a double dose from US Foods, SpotOn Transact, DoorDash Kitchens, Virtual Restaurant Consulting, Tripleseat and Gather, wagamama, Toast, The Gluten Intolerance Group, Instawork and StaffMate Online, Procurant and Yellofin, Sift, 7shifts, ParTech, Revel Systems and Como, Kabbage, Bluecrew and Cuboh.
In this edition of MRM News Bites, we feature help for small business owners and products for the 'new normal' for restaurants as they reopen. ” Traditionally, to enable delivery most sellers list their menu on food delivery platforms because the restaurant doesn’t have their own couriers. .
Most restaurants need funding, especially during the initial stages when they’re setting up. The purpose of this guide is to help you with all the ins and outs of funding a restaurant with top tips from those who have been there, seen it, and done it. What makes someone a good Investor?
However, to minimize conflict between food trucks and the already existing fine-dine restaurants and to not create chaos on roads, the BMC has come up with many policies that regulate food truck businesses. . Make sure you are well versed with all the laws in order to avoid penalties. . Find The Right Events.
The business structure choose will affect the following aspects of a restaurant: The amount of taxes you will pay. The extent to which you and your partners/investors are held personally responsible for debt incurred by your restaurant (liability). If a restaurant is a corporation and it fails, everyone who. Corporations.
CHOOSING A LOCATION FOR YOUR RESTAURANT OR BAR There are many factors to consider when deciding where to lease space for a restaurant or bar- including the high cost of rent, the size of the space, and the accessibility of the space/location within a busy city.
If you’re working towards opening a bar or restaurant that serves alcohol, figuring out how to get a liquor license is an important step along the way. . Liquor licenselaws vary by state, and depending on your location they can be simple or difficult to obtain. Liquor Licenses. Liquor license costs and quotas.
However, note that bar profit margins vary due to various factors like tax rates, licensinglaws, customer demographics, and the cost of living in your area. Zoning and health regulations: Get acquainted with your location's zoning laws to know what to do, what permits to get, and what laws to follow.
YEA uncovers longer term trends, including a correlation between increased interest in restaurants, bars and nightlife, and gyms to a spike in COVID-19 cases across hotspot states. Permanent Closures Continue to Increase Across Restaurants, Retail and Other Industries.
Blue Hill at Stone Barns’ alluring story — that a fine dining restaurant could be a model for changing the world — seduced diners, would-be employees, and thought leaders alike. Located on a working farm that was once part of a sprawling Rockefeller estate, the restaurant is a beacon of the sustainable food movement.
Unlike other business owners, restaurant owners often need significant sums of money to open their doors. A donation of $10 in exchange for a coupon or a tee-shirt is not typically going to raise the amount of capital needed for a restaurant. citizen or alien admitted to the U.S. citizen or alien admitted to the U.S.
But no, for the 5 o’Clock Somewhere Bar, one of four restaurants and bars at Manhattan’s new Margaritaville Resort Times Square, you must wait until the workday is over. Sure, the License to Chill Bar opens at 2, but it’s the principle of the thing. I am furious about this. But this is the kind of leisure Margaritaville is built on.
Everyone is intertwined, whether it’s through helping out at someone’s pop-up or sharing advice on where to get the cheapest and best produce or which of LA’s restaurants are currently paying the best for back-of-house work. Lil’ Deb’s Oasis The bar at Lil’ Deb’s Oasis in Hudson, NY.
Nair, a partner at Ervin Cohen & Jessup LLP compiles recent legal news affecting the restaurant, food and beverage and hospitality industries for Modern Restaurant Management (MRM) magazine. The Restaurant Rescue Plan establishes a $25 billion grant program for restaurants hurt by the pandemic and was based on the RESTAURANTS Act.
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