Category: Food Service Industry
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Mobile Food Vending – Profitability and Issues
Many of you are wondering if you can make a good living as a mobile food vendor. If there is profit, how much?
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Pizza Restaurant Audit Guide used by the Internal Revenue Service
In the mid 90’s, the Internal Revenue Service created an audit guide specifically for pizza establishments. Today, this guide along with the Retail Industry Guide, specifically Chapter 4 which covers the examination techniques for the food service industry is used to audit the typical family style pizza restaurant.
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Restaurant Profit and Loss Statement – Best Format to Use
A well organized and understandable restaurant profit and loss statement can provide infinite value to a restaurant owner. The best format to use allows the owner to understand his prime costs, total variable costs and the required contribution number necessary to cover fixed costs and desired profit.
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Fixed and Variable Costs in a Restaurant
Many restaurant owners and managers do not understand the difference between their fixed and variable costs. The problem with defining fixed and variable costs in a restaurant relate to their connection with sales.
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Alcohol Costs – Monitor Closely
In the restaurant business, alcohol is the single best margin generator. If you are going to have a profit, this is where the money is made.
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Tip Income – Employer Responsibilities
The Internal Revenue Service is acutely aware of the volume of tip income generated in the United States. Therefore they are shifting the compliance aspect of this income onto employers.
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Franchise Fee, Royalty Fee, License and Marketing Fee – Franchise Agreement Terminology
To negotiate a franchise agreement, the potential franchisee needs to fully understand the terminology used in the franchising industry. Often, new franchisees misunderstand the terms ‘Franchise Fee’.
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How to Purchase Equipment for a Restaurant – Business Finesse
Purchasing equipment for a restaurant is a daunting task. There are three phases to successfully purchase restaurant equipment.
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How to Purchase Equipment for a Restaurant – Research Phase
This is really an extension of planning. If done properly, this will take a few weeks of work for a new restaurant. The key is to go through your list and look at the different models for the needed equipment that are out there.
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How to Purchase Equipment for a Restaurant – Planning Phase
Equipment costs for a restaurant can easily consume the gross profit of your business. The key is to keep the costs low in order to spread the costs appropriately over time. Purchasing equipment for a restaurant requires planning, researching and using finesse to acquire equipment at the lowest cost possible.