Boatshed Restaurant
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Starting your own small business can be a daunting task. Many entrepreneurs who open their own store or restaurant do not set high expectations for success, but simply make a living. The reality is that by the time you’ve paid for all the overhead of the premises, bought the necessary inventory, employed the staff, paid the corporation tax and all other expenses, the profit margins are relatively low.
In fact, in the restaurant industry, the global average profit margin is between 2% and 6%. Taking the middle of that range, earning a relatively modest salary of around € 27,500 or € 32,000 (slightly above the average for a Western European country) would require a restaurateur to make nearly 690,000. € ($ 800,000) per year. These calculations do not even take into consideration any reinvestment of profits in the business itself.
It is therefore not surprising that so many restaurants are in difficulty, even before being forced to close shop due to the pandemic …
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