The restaurant business is booming nowadays as people try it as a lifestyle. There are ambient opportunities to profit from your investment if you have done a proper feasibility study or research. Here, we have discussed the steps to start your restaurant business by investing fewer amounts.
1. Market Research
Conducting market research is essential before you venture or invest in the restaurant industry. The restaurants offer different varieties of food and beverages. It will help you analyze the area well and see what menus are and drinks your competitors are serving.
Area or Location
It will help you find how many restaurants are functions in the location you have chosen. If no restaurants are present, you can come with your innovative food menu or the standard ones. If there are many restaurants in that area, you have to design a new theme restaurant to beat your competitors.
Food & Beverages
Some restaurants will serve food and drinks. It is advisable to see how many of your competitors serve them. You have to add some additional beverages that others do not have on their list. On the other hand, it will help you if you could make a difference by making your restaurant free from alcohol.
The restaurants are vegetarian, non-vegetarian, and a mix of them. A vegan food lover does not prefer to eat from a restaurant that serves non-vegan foods. Thus, you have to analyze these things while conducting a market survey with the floating public, nearby residents, and shops. You can decide on the minority of restaurants and start that type of business.
Investment in a restaurant needs a higher budget to attract customers. If your competitors function in a modern restaurant, you have to think out of the box and design a theme restaurant. These are the points where your investment is necessary.
• Commercial property for Rent or Lease
• Interior designing
• Exterior designing
• Commercial Kitchen equipment and accessory
• Restaurant furnishing
• POS Software
• Glass wears
• Cool Storage
• LED Signboards
It will be better to estimate and invest after looking for a place to start your own restaurant.
The food you serve inside is what is going to pull dinners. You might have some recipe secrets. It will help implement them to make new flavors, tastes, and aromas in your dishes. Moreover, it would allow an experienced chef to make seasonal foods per restaurant’s region. Design a food menu in such a way it looks attractive. Use digital printing technology and make them available with pricing in small, medium, and large printouts to place on the walls of your restaurant.
2. Restaurant Staffs
It will help you if you have found all of your restaurant staff before starting your new restaurant. It is because; your master chef, bakers, assistants, and helpers matter to prepare different culinary varieties in your restaurant. People prefer to dine and visit again if your food is different from others serving in the same area. Hence, it is advisable to find out experienced restaurant staff and fix their salary and incentive if you wish to pay them.
3. Accounting Software
Inventory, stock, and sales accountability are necessary to track properly to avoid wastages. There is much restaurant software in the market, including POS software. For billing purposes and receiving payment in different modes apart from cash, you need e-POS and Mobile POS. It will save your time, and you have better tracking of your billing and accountability.
Pricing depends on your restaurant investment and the way you wish to take out them day-by-day. It is advisable to get a cost accountant and fix the food pricing to get the invested cost if you are willing to cross the equilibrium in a certain month. Thus, your competitor’s price does not matter here. Here, your investment and what return you want matter the most.
5. Local Promotion
A local sales promotion is necessary to make aware of the nearby commercial establishments and residents of your new restaurant opening. It will help you attract customers if you can give some freebies, discounts, and offers in the 1st one or two weeks of opening your restaurant. You have to print flyers, marketing flex banners, and local media ads coverage. It will help you if you could promote with your customers by giving them coupons to visit again.