Some good advice in the thread. Here is some RESTAURANT specific information.
I worked for 5 years in a restaurant, and sold restaurant equipment for a mega vendor for another 2.
1) 50% of restaurants close their doors and fail for good within the first year
2) 90% of all restaurants close and fail by the 5th year
3) It is a cash business, some employees will scam and steal because of such
4) There are many many many expenses that people do not see up front
5) Your number one job for your financial success is NOT your cooking or food.
It will be your ability to promote, do public relations, and brand your business in the local eye.
Yes food is important, but you must be a marketer/entrepreneur first and a cook second.
6) Do not make any decision by emotion. A balance sheet and facts should guide you 100% of the time.
7) Most restaurants are open 7 days a week and have employees in them for a minimal of 12 hours.
That is a minimal of 84 hours of operation that either you or someone you EXPLICITLY trust has to be there.
This schedule is hellish on personal life and family.
Most of your sales comes from weekends and nights, which the owner MUST be there for most of the time to have successes.
Can your personal life handle this schedule?
8 ) If you are not open for business 7 days a week with looong opened hours, people will not remember when you are open or closed.
They will choose to go elsewhere even when you are open as opposed to taking a chance "IF" you are open.
9) Start small and remain small for a good while. Add changes to your business slowly.
Sales WILL cycle and may be seasonal. It will take you at least a few years to be able to predict how this works for your restaurant specifically.
10) If you never worked extensively in a restaurant, I advise strongly to work in one that has had success.
NOW A BAR-B-Q specific thought. Your fires have to be started hours before you are ready to serve food.
This would not be a chain operation where most food is cooked in 10 minutes from order.
To have fresh brisket and pulled pork ready for lunch, what time would you have to start the fire and get meat on by?
Then if you are serving dinner, and close by 9 pm... how long from the first lit match in the morning, to the last mop of the floor be? I see 18 hour plus days there.
For more financial advice, speak to a CPA that has handled restaurant accounts. He will set you up with proper expectations.
Not trying to scare or discourage you, but as I mentioned above... FACTS and a BALANCE SHEET need to be what guides your decisions, not feelings and emotions,
"pat on the backs" or "atta boys" from friends and families.
With all the above stated, I am a firm believer in the sole proprietor ownership model. I would gladly support and pray for your business, if this is the road you decide to go.