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Discuss the restaurant business while waiting for your meal

Waiting for food at a restaurant is the perfect time and place to teach your kids about business. Here’s some inspiration:

  • How would you change the menu? Which dishes would you add and which would you remove? What do you think of the prices? Do you think the prices are too high, too low, or just right? What do you think would happen to the restaurant if you doubled the prices or reduced the costs in half? A restaurant is not selling
    food to anyone passing by. Which customer group does this restaurant target?
  • What do you think of the employees working in the restaurant? Would you have hired the people working at this restaurant? Why? Do you believe they are doing a good job? Do they have uniforms? If so, do you like the look of the uniforms? Would you train the employees differently?
  • Now estimate seatings per day. Do they have one seating for lunch and two or three seating times for dinner? Then consider the occupancy rate. Is the restaurant half full or full? If the restaurant has three seating times and 20 tables that are only half full, then the number of tables served per day is about 30.
  • Now consider the average price a table is paying. Discuss and see what number you end up with. Finally, multiply the number of tables with the average price per table, and you have the daily revenues.

Do you think this restaurant is making money? To estimate if the restaurant is making money, you need to understand its cost. To calculate the cost, you first need
to know its structure. Have a discussion on the cost of food and drinks. In most restaurants, it’s between 25-35%. Use 30% to make the calculation easier. The
personal or labor cost is typically around 30%. You can calculate it in more detail by counting how many people work in the restaurant, multiplied by how much
money they make. Then, consider the rent. It’s typically somewhere between 5-10% of revenues. Think about marketing. Have you seen ads for this restaurant? How
much do you guess they are spending on marketing in a year? Finally, there is the miscellaneous cost that can be a few percentages of the cost and includes
(accounting, electricity, tech systems, etc.).

What type of restaurant would you create if you had all the freedom in the world? Challenge your kid on what type of restaurant they would like to start. You can inspire them with some thought-provoking questions:

  • What food do you think is most popular?
  • If you were the cook in a restaurant, what foods would
    you serve?
  • What if you were to create a restaurant for kids? How
    would it be different from regular restaurants? How
    would you decorate the restaurant?

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