
According to a study conducted by Ohio State University, 60% of restaurants fail within their first 3 years of operation. Within their first 5 years, 80% faltered and closed their doors. There is no doubt that opening up and sustaining a new restaurant is not without a struggle. With the latest adversary being COVID-19, many restaurants throughout the US were forced to shut down operations and close their doors, for some, permanently. Yelp reported that 15,770 restaurants closed in July of 2020. Why Do Restaurants Falter? Restaurants typically subsist on meager profit margins. Based on an IBIS World Study, the […]
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