When Should you Open a Restaurant?

You're a great cook, a great designer, a great businessperson, a combination of all three, or a group of friends with one specialty each. You're dead set on cooking for, designing, and putting up that restaurant. Your gut says it's time, and everything seems to be pointing in that direction.
But think about it: with economies sliding, pockets being emptied, and practically millions of restaurants on any one street in the world a time - with all these put together, are you sure you're ready to take the risk of putting up yet another restaurant in our crowded global marketplace?
As important as great food served is great timing - and as important as great ambience in a restaurant is the great business ambience you have to have before you attempt anything.
Are you ready for a little soul-searching? Ask yourself these questions before you start work on your restaurant:
Do I have a complete business plan? A business plan is a document containing all the information on a restaurant: its organizational structure, the food it serves, its financial projections, studies of competition, its mission and vision, its target market and marketing strategy, even its exit plan! A business plan is both an official document to serve as reference for the restaurant's management, as well as a portfolio for investors and potential customers.
If you have all the answers - and more - then get working on your business plan. Working on it will tell you what areas you're strong in, and what you may still need to work on.
What makes my restaurant different? The most important goal of any business is to fill an unmet need. Does your restaurant serve food so good, but food everyone's already met with before? Does your restaurant serve food no one's ever tasted, but you're sure anyone will love it if they try?
How am I going to market my restaurant? It would take a whole other article to give tips on how to market your restaurant, but suffice it to say that marketing is the most important part of your business strategy. Not only should your restaurant be unique, it should strike the perfect balance between innovation (or adding new things, changing old ones) and tradition (keeping your customers happy with constant, unchanging things).
Most important: What is my Plan B if things go wrong?
If you know all the answers, and if all things fall into place, then by all means, put up that restaurant. But if things still seem a bit shaky, then by all means, wait. You'll be glad you did.