Do You Love Food? - Then Maybe Opening a Restaurant
is Not Such a Crazy Idea
© By Howard Schwartz
The restaurant industry in the United States employs an estimated
12.2 million people, making it the nation's largest employer outside
of government agencies.
The restaurant industry in the United States employs an estimated
12.2 million people, making it the nation's largest employer outside
of government agencies. This industry provides work for more than 9
percent of those employed in the United States.
Eating-and-drinking places are extremely labor-intensive -- sales
per full-time-equivalent employee were $57,567 in 2003 and notably
lower than other industries. More than four out of 10 adults have
worked in the restaurant industry at some time during their lives
and 27 percent of adults got their first job experience in a
restaurant. Every additional $1 million in restaurant sales
generates an additional 42 jobs for the nation's economy. In 2004
more than 54 billion meals were eaten in restaurants and school and
work cafeterias.
The typical employee in a foodservice occupation is:
- Female 55%
- Under 30 years of age 52%
- Single 68%
Between 1970 and 2002, restaurant-industry sales will post a
compound annual growth rate of 7.3 percent. Industry pundits are now
tipping that restaurant industry sales on a typical day in 2005 will
topple $1.3 billion. This equates to an annual estimate for 2005 of
$476 billion in restaurant sales. This also includes the impact that
such sales will generate in related industries such as agriculture,
transportation and manufacturing. They estimate that there will be
more than 900,000 locations serving more than 70 billion meal and
snacks. The industry will continue to expand driven by the desire of
American's need for convenience an increase in their disposable
income, and the need for fast food to fit today's busy lifestyles.
Learn more about developing your own restaurant business plan:
http://www.hjventures.com/restaurant-business-plan.html
http://www.hjventures.com/restaurant-business-plans.html
Howard Schwartz is a partner in several business strategy groups,
including HJ Ventures International, Inc. Howard has worked with
hundreds of entrepreneurs worldwide with a focus on writing business
plans for companies interested in raising capital from Venture Funds
and Angel Investors. Howard's business plans have secured several
million dollars in funding.
For more information:
http://www.hjventures.com
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