 Hello friends welcome back to module 2 lesson 2.2. Today we're going to be talking about choosing the concept that matches your unique lifestyle. Previously we talked about the four different restaurant types to pros and cons, now today we're going to help you by helping you choose the winning restaurant concept, sharing with you three different variables that you should really consider when opening up a restaurant. So last time we talked about the golden trifecta in the beginning of the module, so what is the golden trifecta? Our goal is to be able to find this middle spot right here where the concept, the customers and the locations all overlap to ensure that you have the highest level of success, that highest chance. A lot of restaurants they run into a business because they only rely on their concept or because they have a great location or they have a solid foundation of customers that follow them, however they don't have all three overlapping which really minimizes their level of success or the chance of success rather. So last time we talked about the four restaurant types, there's a fast concept, quick service restaurant, casual dining, fine dining. At the end of the day we want to be able to choose a concept that best fits your needs guys, this is something that I do want to emphasize because so many different restaurant tiers that I interview, that I mentor, they get into a big trouble because they end up creating a monster, a beast that they never really went out to set to create in the beginning because they might have just wanted something simple, quick and easy. They just want to escape their corporate job and create something that they're happy with that would be able to provide them with the financial needs to go on trips with their family and so on and so forth but after creating a restaurant it tied them in their job for more than 12-hour days over years to come and this became a huge regret in their eyes but then at the end of the day it really comes back down to what is it that you're looking for, what is suitable for your needs, why are you creating this restaurant and that's precisely the reason why we're covering this right from the get-go. Now let's dive right in the first variable to consider is your stress level now keep in mind guys everything that I'm talking right now there is no right or wrong I'm just providing this for you as context okay would you rather handle a full service team of 20 plus full front of the house and cook or would you rather handle a small three to four person team once again no right or wrong answer some people thrive in a really chaotic environment handling 20 different plus people they get a lot of satisfaction coming from that versus some other people might find that dealing with two or three people they're much more comfortable with that at the end of the day understand yourself and your own personality that allows you to pick what is most suitable for you would you rather deal with customers expectation or not have to deal with any customers at all there is a big disengagement here because at the end of the day if you're running a fine dining experience people have certain expectations when they come over to your restaurant which is the reason why you want to make sure that when you're dealing on opening up a concept you understand specifically what you're setting yourself up for this is something that I really wanted you to be aware of in the link below download that worksheet and we are able to actually identify specific variables so make sure you go and download that sheet below and we're going to be able to actually figure out what is the best solution for your preference next up is to consider your risk level guys risk level is huge when it comes to running a business because would you rather spend millions of dollars building up a fine dining experience with potentials of making millions if you have the deep pockets and if it's something that you do enjoy then you know what fair game or would you want to spend a few hundred thousand dollars to build something with good cash flow as well at the end of the day there's no right or wrong answer once again I spent a hundred thousand dollars building my first ice cream shop because my risk tolerance for this particular industry was quite low whereas if I were to start building a restaurant right now I would probably spend maybe like six hundred thousand or even close up to a million dollars just to create that concept because now my I guess my journey has evolved so for you it could become something completely different would you rather spend a premium on rent for high traffic location or choose a destination location that is heavily dependent on word of mouth at the end of the day this is a key item to consider as well because if you have a location at a prime spot with high traffic high foot traffic then the rent would be substantially higher yet this might be a more I would say safer choice because there's always going to be traffic and your food just needs to be decent and up to standard and your marketing just needs to be there in order for you to be actually profitable in order for you to actually have sales whereas if you were to build a destination location that is in the middle of nowhere and you're just requiring word of mouth yes rent is going to be cheaper you're going to have a few more months to to be running your restaurant without that I guess financial burden however if you don't do a good enough job then you're going to be squatting flies so at the end of day once again really really consider the risk level that you want to put yourself at when considering the different types of restaurant concepts next up is the work level this is also a very important variable are you a workaholic that enjoys working in chaotic environment or do you prefer slower pace environment where you can handle the workload where you can enjoy the one-on-one times talking to the customers work level is one thing that you should really consider because running something that has 15 people is very different than running a shop that has two three people to help you out with right so once again work level is something you should really consider before jumping into the concept of your choice just as a quick recap there's the fast concept there's a quick service restaurant casual dining and fine dining these are the four different types consider your risk tolerance and then go ahead and choose the restaurant type that best fits your needs now it is your turn to go and identify the stress risk and work level identify the food and beverage type that best fits you in the link below download the worksheet and start working on it guys in this lesson what you've learned is how to pick a winning restaurant concept that best fits you in the next lesson we're going to jump into the four elements so watch out for when choosing the perfect restaurant location i'll see you guys in the next lesson