Don't name your bar Dick & Finger "The name has to inspire you to think about the concept in more ways than one. With Employees Only, it partially means that we want to primarily cater to other restaurant industry employees. But also, we as owners work that place continually for days and years every day of the week, which means we are employees as well. The third aspect is the speakeasy aspect. Your name has to tell more than one story." BONUS TIP: "I'm surprised by the lack of creativity in naming lately. Everybody has two words connected by an & -- like Salt & Pepper. Come on, alright already, be a little bit more creative. What's next, Rise & Shine?
A business plan is your best realtor "In business school when you want to open a restaurant, they tell you that you want a corner location, foot traffic, parking. It's all important, but how many people have those things and they still fail? You have to write a business plan before you find a location and choose your location based on the business plan. Either find a location that fits your plan, or you have to adjust it. If your concept is allowing you to make rent on an expensive location, hell yeah, go for it. But if you're going to open a reservation-only craft cocktail bar, and you pay $50,000 rent a month, don't do it. If you are opening in a high volume location, you have to have a high volume concept." BONUS TIP: "It's great to pioneer in a gentrifying area, but there's always this danger that you have now in Williamsburg -- the first question the clientele is still asking when they come is 'What is the cheapest beer?' If they can only afford one beer and a shot per night, you might look busy, but you're not making much money. Go out and do your research, spend your night on bar stools in the area and see what people are spending.