The "Jobs Act" shall support small businesses. (Photo: meironke/flickr)

Since you first moved to New York City, you’ve been dreaming of your own little restaurant. Last week, Obama announced payroll tax cuts for small businesses as a part of his “Jobs Act” and you decided to take your chances. But before you start writing your menus now, there are some things you should know.

1) Financial crisis
A 50 percent cut in payroll taxes, as announced in Obama’s “Jobs Act” certainly sounds good to you as a future restaurant owner. But before you can benefit from them, the plan has to pass Congress. Moreover, you first have to have a small business in order to become part of Obama’s plan. And only because the President introduced a what is to him rescue package for the US economy, it is not certain that banks are willing to lend you the capital you need for starting your business, as Rohit Arora for smallbiztrends.com states.  In his opinion, “banks simply aren’t lending”.

2) Know the law 
In order to keep your place in New York City open to the public, you need to know the laws, from minimum wages to hiring an immigrant worker. The Mayor’s Office of Immigrant Affairs has published a manual for restaurant owners, where you can find all the different regulations.

3) Know your neighborhood
Opening a restaurant in the Bronx is different from opening one in Downtown Manhattan. Do a deep analysis of the neighborhood you wish to open your restaurant in, look for property prizes and the social structure of the residents. Having done that, you can think about the target group of your business and strategies to establish your business within the community. Many areas in New York City are affected by the crisis, but a few seem to experience an economic boom, as for instance Cony Island.

4) Think about your costumers
The financial crisis not only affects you, but also your future costumers. According to a poll by Rasmussen Reports from January, 43% of American adults said they are going to eat out less often then they were 6 months before. Think about that when you are planning your menu and the prizes for your dishes. You need some good ideas to get the costumers in your restaurant.

5) Be innovative
And for this reason: Be innovative. Do things other restaurant owners don’t do. Be the alternative for the husband, who always has to go to this sushi restaurant across the street with his wife, although he hates sushi. You could offer a wider western-like menu.
Be present, especially online. A nicely designed, clear structured website gives your costumers a good first impression.