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2024 Outlook: Restaurant Trends and Challenges, Part One

Modern Restaurant Management

– Amy Chen, COO, UPSIDE Foods License Plate Recognition (LPR) is already playing a vital role in business security infrastructure. Currently, License Plate Recognition is used to improve safety at drive-thrus by monitoring license plates and reporting incident disputes in case of investigations.

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Average Restaurant Profit Margins: What They Are And How to Improve Yours

ChowNow

It factors in all your operating expenses, like labor, rent, insurance, equipment repairs, marketing, and more. came to $35,000, and your operating expenses (labor, rent, insurance, etc.) Restaurant type: Whether you run a fine dining, fast casual, or quick service concept plays a big role in potential margins.

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The Ultimate Guide to Restaurant Costs

7 Shifts

Your restaurant is different so ensure you find your ideal food cost (discussed later) Labor cost : Roughly 30% of revenue including management salaries of 10% Insurance varies by provider and type. Fixed costs include rent, mortgage, salaries, loan payments, license fees, and insurance premiums. Fast casual: 28.9%

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Owning a Bar: Everything You Need to Know

7 Shifts

Will it be a casual neighborhood bar or a more upscale establishment? Sorting Out Paperwork and Licensing Below is a breakdown of the licenses and documentation you'll need: Business license : The cost of registering your business will vary by state and includes a registration and filing fee.

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A Comprehensive Guide To Restaurant Profit Margins For All Restaurant Types

7 Shifts

Fixed costs Fixed costs are expenses that remain constant, including rent, insurance, and utilities. If transferring isn’t an option, you can try to reduce other fixed costs like insurance premiums. However, they do have high startup costs due to the licenses and permits needed to operate.

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How to Read a Restaurant P&L (Profit and Loss) Statement + Free Template

SpotOn

If you're a fast-casual place and only offer a couple of alcoholic beverages, then "alcohol" should be enough. Health insurance, retirement plans (401(k)), paid time off (PTO) (vacation, sick leave, holiday pay), workers compensation, and meal discounts Training and onboarding. Think of your lease, insurance, and licenses.

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Restaurant Accounting: A Comprehensive Guide

7 Shifts

Meanwhile, fast-casual restaurants should aim for about $500 per square foot because while they are smaller in size and overhead cost, they have much higher foot traffic. This metric helps you measure the amount spent on labor, particularly salaries, worker benefits, insurance, overtime, and payroll taxes.