I`ve advised on this very thing several times in my past and have been right every time.
Good food is the simpelest part.Ffinances, cost and profit margins are the really important part.
Ask alot of questions. For the location, what is the expected traffic? How many tickets do you realisticly expect per day/meal? What is the expected ticket avg. per meal? How much will be spent on all labor ( fully loaded with taxes insurance ect)? What are the "fixed costs" rent/ mortgage utilities licencing ect.? Can the hired production staff maintain a CONSISTANT great quality product?
Based on these answers I recomend 25-27% on food, 27-30% on labor, and no more than 30% on fixed cost (includeing signage and advertisement). If the math doesn`t work out to be a positve margin....run away from this as fast as you can!
Being chef/owner- operator is completely different from just working in one.
YOU ARE MARRIED TO THIS THING 24-7 for 12- 24 months until it is self sustainable,and mabey longer.
I have been in this business for nearly 40 yrs. and I would NEVER open my own place ....it`s too risky, especialy in our current economy.