'Many mistakes will be made, but it's how you learn from them that will help you succeed'
Christophe Moreau - Owner of Twisted Restaurant
Published 06/11/2016 | 02:30
'As an Irish person, it is natural to be self-deprecating and downplay achievements.
The first thing I'd say to anyone thinking of setting up a business is to go into it with your eyes wide open, but be positive and tenacious. Many mistakes will be made, especially if you are new to the industry, but take each and every mistake as part of a learning experience.
Communication is a necessity, whether it's with customers, suppliers or employees. You will be surprised at how supportive people can be when they understand your situation.
Accurate business projections are extremely important; these will lay down the foundation for your business's financial future. And while you are at it, make sure you limit your start-up costs. Putting all your capital in at the launch of a venture may leave you stranded when you need the money later for other business uses. Speaking of money, always check to see what kind of grants or financial help is available. Accurate reporting is also important, and it is hugely frustrating for me to not have reports available on the health of the business. It is very difficult to make decisions when you don't have this kind of intelligence to fall back on. This is something you will learn very quickly when you set up a business.
If you don't like admin work, unfortunately you will be in for a tough ride. It is a necessary evil and you will need to stay on top of this, otherwise it will build up and cause you more hassle. Get an overdraft facility in the early stages as this will help when times are tough. And there will inevitably be tough times.
It is paramount that you get feedback from your customers, whether is it encouraging a restaurant review on TripAdvisor, getting customers involved in menu changes or just asking them on a regular basis whether they are enjoying their experience in your restaurant. Feedback from customers will help you steer your business in the right direction.
Always stay true to your unique selling point and to your DNA. Tenacity, a tough skin and patience will help you through.
Twisted restaurant is in Kinsale, Co Cork
Sunday Indo Business