The restaurant business is a tempting venture for new entreperneurs. There are so many types of establishments that serve food, with such a variety of options it is no wonder there is such universal appeal. Many have discovered the hard way that running your own restauant is not an easy task. A study run by HG Parsa, an associate professor of hospitality at Ohio State University discovered that the failure rate of 60 percent could be applied to new restaurant start-up. Usually the operation closed for a number of reasons, including lack of commitment, not enough capital or loss of interest. Bloomberg Businessweek published a subsequent article that quoted the study and added further support to the fact that the real rate is around 60 percent. This may be tough to swallow for a new business venture, but it is not discouraging for the strong willed. By following a few key steps, the chances of success will increase dramatically.

Commitment: Know Thyself

Before venturing onto the steps, answer the question, "Do I really want to go into a business that demands constant attention, has small margins and requires hours of dedication?" If you can answer yes to this, then you are ready to pursue your dream. Planning and organization are the key to any project and are the most important details that will anchor your start-up.

Business Plan: A Guide to Success

Writing a business plan is the best way to organize your thoughts and express your passion. Whether the restaurant endeavor will be self-funded or will need additional investors, having a business plan allows you to work out details and set a path that will guide the business off the ground and through its first years. Not sure how to start a business plan? A good resource is the Small Business Administration’s website, which has examples and templates that will guide you through the process.