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  • Tim Lynch

How much does it cost to open a restaurant in 2023

ROI, a successful restaurant investment company, provides a real-world example of the costs associated with opening both fast-casual and full-service restaurants. Over the past five years, ROI has embarked on ambitious expansion plans, opening a total of 12 fast-casual restaurants and 22 full-service restaurants. The following details shed light on the costs associated with these ventures:

**Fast-Casual Restaurants:**

- **New Construction**: ROI's new construction fast-casual projects typically fell within the range of $600,000 to $850,000. These costs encompass expenses related to construction, kitchen equipment, interior design, and more.

- **Existing Restaurants**: Taking over existing restaurants for fast-casual concepts proved to be more cost-effective, with expenditures ranging between $100,000 and $400,000. Renovations and rebranding were common in these cases, and the costs depended on the extent of required modifications.

**Full-Service Restaurants:**

- **New Construction**: When it comes to new construction for full-service restaurants, ROI invested significantly more, with projects ranging from $800,000 to $5.3 million. The substantial variation in costs is influenced by factors such as square footage, design elements, and the complexity of the restaurant's concept.

- **Existing Restaurants**: Acquiring and revamping existing full-service restaurants came with a cost range of $350,000 to $1.8 million. The expenses were dependent on the condition of the acquired establishment and the extent of the required renovations and upgrades.

It's important to note that these costs are subject to numerous variables, including location, size, design choices, and market conditions. The level of finishings, the choice of equipment, and the overall concept of the restaurant play a pivotal role in determining the final investment. ROI's experience highlights the need for meticulous planning, thorough financial analysis, and a clear understanding of the specific market and customer base when opening a restaurant.

In conclusion, prospective restaurant owners should take these real-world figures into account when planning their ventures. Careful consideration of the type of restaurant, whether fast-casual or full-service, and the decision to build from the ground up or take over an existing establishment are critical steps in ensuring a successful and financially viable restaurant business. Each choice comes with its own set of costs and potential returns, making it crucial to align your decisions with your budget and long-term goals.

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