Opening a restaurant or bar is a risky endeavor even under the most ideal of circumstances. So when the economy is in a downturn it would seem like the worst possible time to take the plunge into the uncertain world small business.
Not so fast, says Tony Marchese. In 2008 Marchese opened a restaurant called Trio in Palm Springs. In a recent article for iSante Magazine Marchese wrote that there are a number of factors associated with bad economies that can actually help the process.
Marchese pointed to:
-Bad economies tend to mean lower costs with respect to rent and vendors. Because of those savings you can sometimes open with lower prices.
-In a climate with higher unemployment there are often higher quality people looking for jobs, meaning the team that gets you off the ground will be stronger. Marchese actually looked for out-of-work people in other professions where he thought skills like listening would transfer well to serving and bartending.
He also touched on a few additional steps his ownership team took to try and give themselves the best chance at making it, including studying other businesses in the area and getting involved with charities in the community.