{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"FULL COMP: The Voice of the Restaurant Industry Revolution","title":"The Mindset Required to Succeed in Hospitality: Michael Chernow","html":"","width":"100%","height":180,"duration":2021,"description":"The biggest advantage to coming up in the restaurant industry is that it forces you to be innovative. It rare that you have the money you need so you learn to do without or you learn to do it yourself. On today's show, we chat with chef , TV host, fitness guru and family man Michael Chernow who tears down the veil on our industry, showing the best and worst it has to offer. Chernow leads us on a no-frills tour of the lessons he's learned at the highest levels of our industry. \nClick to sign up for our weekly newsletter.\nClick here to book time on my personal calendar.\nClick here to download our Restaurant Recovery Guide.\nWant to streamline your front-of-house operations and increase sales? Head over to http://restaurants.yelp.com/fullcomppodcast to claim your free page and learn more about these powerful tools for your business.\nSHOW NOTES\n\n NYC is the epicenter of culture and community\n Community congregates at restaurants and bars\n 50% capacity is not likely to work in NYC due to low revenue\n Renegotiating with landlords\n Tax loophole for landlords if they lose business\n Landlords don’t want to lose all of their customers\n Ball is in the operator’s court to renegotiate\n Could make a big difference to margins\n Medium article suggests that 19% margins in a restaurant is possible\n Micahel thinks this is unlikely because of the structure of the restaurant business\n Poor working conditions in the hospitality industry\n Many can’t afford health care\n No 401k\n No savings\n Raising prices as unlikely\n Michael believes people won’t pay more for food\n Overheads of the restaurant business\n Labor imbalances\n Food costs are not coming down\n Making many brands is not necessarily the way forward\n Could be more successful opening 1 restaurant every 3-5 years instead of a new concept every 3-5 years\n Focusing on one restaurant and making it amazing\n Hard-work can only get you so far\n In fitness, putting in the work creates 90% of the results\n In business,...","thumbnail_url":"https://img.transistorcdn.com/6OAanP6N7rKCCEP4OYgZT_i74QmCwgk2rH1cSWqhfvs/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zYzkz/MGQ5M2Y5MWZmM2E0/NGM3MzFmNzQ0OGZl/NDhhYi5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}