It is not uncommon for the average person to believe that restaurants have one of the highest failure rates of all start-up businesses. Many believe the percentage to be between 75-90%. Even representatives in the industry quote the same statistics.
In reality, the failure rate for new restaurants is the same percentage of all new businesses across all industries. (Drum roll) the percentage is about 60%. Granted that is a high failure percentage but considerably less than 90%.
Fortunately, the entrepreneurial spirit of all start-up business owners gives them the courage to face the odds and go for it (restaurateurs included). Would you be scared to face even the 60% failure rate?
