Failing restaurant
I have a beautiful ethnic restaurant with decent food and lots of potential, it was built with love and passion alone! No Pryor experience in the business, i mean literally zero experience, i have never worked in one and what i do for a living has nothing to do with a restaurant, i love food, and im a passionate cook!
THE PROBLEMS.
In order to do it i sold a house and got a mortgage on the house i live in. It has affected my family negatively, I went back to my old work in order to bring some income to support my family. My adult kid is suffering by being there all the time. Im broke all the time.
The place is relatively busy, but by not knowing the business, whatever potential profits I should have are wasted with my mismanagement in every level.
Schedule to minimize payroll , food cost , food portions, menu items and pricing , food waste, whatever is a mistake im doing it, but I do not know how to fix it because I dont have the experience and im guessing all the time.
Im afraid to raise prices and im second guessing myself because I dont know if its the right thing since im lacking the experience in everything that is problematic with the fear that I will worsen the situation.
MY GREAT IDEA BEFORE I FALL ON MY SWORD
find a chef that knows his shit and give him absolute control in order to create profitability (the place is relatively busy everything is there for success including the costumers!)
GIVE THE CHEF A PERCENTAGE OF OWNERSHIP
How do I structure this?
Is it stupid?
Should I just give up (it will ruin me financially)
With my new job I dont need a penny from the restaurant, I provide for my family.