A Journey to Open My Restaurant: Part Two Insights
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Chapter 1: Progress Update
Welcome back! For those who are just joining, I’m in the process of launching a restaurant, and this diary chronicles my journey. Now, let's dive into the latest developments and what lies ahead.
In my previous entry, I shared my motivations for venturing into this seemingly crazy endeavor. This time, I’m excited to provide some updates on my progress and future plans.
Recently, I relocated back to Chicago, and although I’m still waiting on a few boxes from Germany, I’m starting to feel at home. During my last six weeks in Germany, I completed a first draft pro forma for the restaurant, currently dubbed Watterson's. I’ve sent this draft to some friends for their thoughts, and I’m now refining the numbers based on their feedback.
My obsession with Google Sheets has intensified. I’ve compiled an extensive spreadsheet that includes every Michelin-starred restaurant in Chicago, detailing their neighborhoods, price points, whether they offer tasting menus or à la carte options, and whether they provide wine pairings or non-alcoholic alternatives. There’s certainly more data to consider, such as tipping policies, average nightly covers, and the number of courses in their tasting menus.
Additionally, I’ve created a comprehensive list of artisans I wish to collaborate with, including ceramicists, woodworkers, painters, and textile makers. This list currently features about 250 names. I’ve also compiled a separate list of suppliers, which includes organic farmers from the Midwest, as well as those from outside the region, dairy and meat producers, seafood suppliers, grain farmers, and specialty product vendors, totaling around 100 names. I aim to visit as many of these suppliers as I can over the next six months.
Another important list I’ve developed includes all the items I’ll need to stock the restaurant, from tableware to essential supplies like toilet paper and hangers. This will be invaluable for those late-night moments when I suddenly remember something crucial, like knife rests, and can easily add it to my “small service goods” section as a reminder. This list is bound to grow as new ideas and needs arise.
I’ve also compiled a list of ferments and preserves I plan to make this summer and fall to prepare for the upcoming winter months. Given that this will be a produce-driven restaurant, I must be ready for the harsh Midwest winters. My current priority is to register an LLC, allowing me to purchase produce, jars, and fermentation equipment with tax benefits. I began this process by making pickled ramps and ramp oil yesterday—just a small start for an upcoming pop-up dinner.
As for my to-do list, it encompasses all the essential tasks that need to be accomplished in the short, medium, and long term for this venture to come to fruition. The lists I’ve created reflect my due diligence, focusing on competitive analysis and building a solid network that will inform my business plan. While I don’t believe I need a detailed business plan to pitch investors, I appreciate having a comprehensive document to refer back to when the going gets tough.
On another note, I reached out to a Japanese design firm whose work I admire. To my surprise, they responded the next day, and after discussing my vision, they expressed interest in collaborating. They’re eager to expand their projects in the U.S., which is excellent timing. However, those discussions are currently on hold until I start searching for a location. They advised working with a Chicago-based Japanese architect to help with the language barrier, and I’ve identified a few candidates to contact in the coming months. Additionally, I’ll be meeting with a local restaurant consultant this weekend for advice and to discuss potential collaboration.
As I mentioned earlier, my immediate focus is to solidify the legal framework of the business. I want to be prepared to accept investor funding as soon as the opportunity arises. I also plan to brainstorm final name ideas and secure the relevant domain names for the website and social media.
In my next entry, I’ll elaborate on the concept I envision for the restaurant, allowing us to track its evolution as financial and spatial realities unfold. While I’m still months away from searching for a physical location, I anticipate traveling a lot this summer.
It’s also noteworthy to mention, for those who read my initial entry, that I’ve decided to stay in Chicago rather than move to LA. Apologies to Sophie if you’re reading this! It’s interesting that whenever I tell people about my restaurant plans, they all ask, “Which neighborhood are you considering?” Given Chicago’s neighborhood-centric nature, everyone expects me to choose a spot that aligns with my vision. However, I’m more focused on finding the ideal space for the restaurant rather than the neighborhood itself. I recognize that a high-end dining establishment will need tourism to thrive, so I’m open to various areas that are easily accessible to visitors.
Vision Board
I’m attaching a vision board I’ve created that captures the aesthetic direction I hope to pursue for the restaurant. Additionally, since I want to be transparent about my financial planning, I’ll share some feedback my friends provided on my initial financial plan that needs addressing:
- I underestimated the budget for silverware, which I’ve now increased significantly.
- My budget for legal expenses was too low, so I’ve adjusted it accordingly.
- I didn’t account for liquor license renewal costs every two years.
- I initially over-calculated the cost of staff meals, mistakenly planning for a five-day work week instead of four.
- I overlooked the annual fee for a registered agent, a requirement for maintaining an LLC.
- My pre-opening food budget failed to include expenses for fermenting and stockpiling.
They also suggested increasing my budgets for extermination services and signage, but I’m not entirely convinced about those adjustments. I believe those costs can be logically estimated.
So that’s my update for now. Thank you for following along!
Chapter 2: Reflecting on My Journey
As I reminisce about my journey, I’m reminded of my past experiences. This video, "Reading My Old Diary Part 2 | ONE YEAR ON YOUTUBE," captures my reflections and growth over the past year.
In another perspective, the "Wasia Project - North American Tour Diary (Part 2)" shares insights from my travels and influences that shape my culinary vision.