'Bar Rescue' Star Debuts Taffer's Tavern

This is no doubt a trying time for the nations restaurants. According to new data from the National Restaurant Association, 70% of restaurants have had to lay off or reduce hours. Jon Taffer, host of 'Bar Rescue' and hospitality expert, joined Cheddar to discuss.

Nationwide minimum wage hikes mean consumers should expect to see price hikes on food and beverages, too, "Bar Rescue" host Jon Taffer told Cheddar."I'm guessing that we're going to see a good 4 to 7 percent increase over the next year," Taffer said.

With strong jobs numbers and low unemployment, Bar Rescue's Jon Taffer sees a lot of opportunity for entrepreneurs looking to take chances. He joined Cheddar to give his outlook for the hospitality industry and share advice for budding entrepreneurs.