How to Open a Restaurant in Nevada
- 1). Take inventory of your strengths and weaknesses as well as those of your friends and associates. Be thorough, and use this process to build your team. Select people whose strengths balance your weaknesses. You will want to open with two or three partners with whom you work well and genuinely desire to build lasting relationships.
- 2). Brainstorm your concept. It may take several long sessions to come to an agreement, but it is crucial that your team embrace identical vision and goals for the restaurant. There are about 4.5 restaurants per square mile of inhabitable Nevada land area and 80 percent of new restaurants are out of business within two years. Throughout the process, stay focused on one question: What sets your restaurant apart?
- 3). Draft a detailed business plan. You must identify your target market and how you will reach it. You must outline a working menu in order to estimate upfront and daily operating costs; remember to include things like salt shakers, cocktail napkins and gambling machines. Set profit goals and add them to your costs to project what your menu prices need to be. Set production goals of where you expect your restaurant to be in six months, a year and two years. Make a game plan for hitting those marks.
- 4). Determine how to finance your business. Are you and your team able to carry the expense of opening and sustaining the restaurant for at least two years? The Small Business Association provides loans, grants and mentoring for entrepreneurs; contact the Nevada Small Business Development Center (see Resources) for assistance with obtaining financing. Your social network, on- and off-line, can also be a source of financing opportunities. Tell everyone you intend to open a restaurant; you never know who you know or who they know.
- 5). Find a location that accommodates your vision for the restaurant and is compatible with your budget. Consider leasing a building that was once a restaurant; eliminating the need to retrofit the building.
- 6). Decide on your formal business structure and file for a business license from the Nevada Secretary of State. Request an Employer Identification Number (EIN) from the IRS and schedule an inspection with the local health district. Complete state and local tax documents and apply for your liquor license (see Resources).
- 7). Hire employees and prepare the restaurant for inspection. Ensure the utilities are on, appliances are functioning and everything is stored properly. Once the state of Nevada issues your health certification and business license, you are ready to open.