Originally Answered: I need tips for starting my own restaurant?
Culinary and business management are a good start, but you also need to have common sense and feeling in it. You can have all of the education in the world, but that means nothing when it comes to dealing with customers, employees, issues that arise, etc.
But, to answer your question - You could run into a number of things. One might be competition, and your plan to retain your customer base when it happens. If a new restaurant moves in down the street that is in direct competition with you, you will need to develop a plan to keep your business going. Ask yourself how you will stay on top of the other restaurant. Another thing might be your quality or offering menu. You need to make sure you are catering to people's wants and needs by offering things they want, and are willing to buy. Also, take great care in hiring employees, as they will represent your business. Most of your success is based on customer loyalty, and this can only happen when the customer leaves happy, and returns to your business continuously. So treat your employees well, since it will reflect on you, and make sure your customers always come first.
As far as the process - you should learn this in your first college business class, so this is just an incomplete short version - but you will need to start with a business plan. You will outline your goals, how you will run the business, how you will obtain the funding for start up, what assets the business will be using, etc. This is very important on many different levels, so make sure you write a good, complete business plan... but you'll learn about that in the college. After you've received the funding and you've established your entity, you need to secure a location to build your business on(make sure you do a lot of research before you buy a location. You need to do market research on demographics for certain areas to make sure your business will succeed. Many businesses fail immediately because of bad location). From there, you will need to get all of your inventory needed to sustain your business for XXXX amount of time (Usually for a restaurant, you'll want weekly deliveries, so 1-2 weeks of most things should be sufficient, without knowing what business you plan on being in). Then you'll want to hire employees - waiters/waitresses, a head cook and supporting staff that specialize in making what you want to make, and possibly a manager unless you plan on being there by yourself most of the time (which you should for the start up and all anyway, so you know what's going on in your business and if you need to make changes) After that, sustainability and progress is the key. Keep the people happy, keep your employees happy, and you'll be happy.
Best of luck to you!