Are you a young business grad or even a student with some savings dreaming of an entrepreneurial venture? Do you want to invest your retirement funds in something lucrative Food business and eateries, in particular, are one of the most thriving business areas?
There is a reason why you are noticing a dearth of food bloggers Instagram these days, Eating out is more of a lifestyle symbol now. If you are a beginner and are planning to get into this business, here is a quick guide to help your startup.
Type of Restaurant
Start your plan by determining and clearly defining what type of an eatery are you planning to set up. Do you want it to be fine dining that serves exotic cuisine or a casual walk-in fast food joint?
Many new food entrepreneurs often neglect the importance of defining the nature of their eatery and often end up in a mess.
This one step will impact everything, from your target audience to your marketing strategy to your staffing needs, location decisions, and the design and layout of your restaurant.
Once you have identified the nature of your eatery, identify who will be your prospective customers? Your type of eatery will also hint you about what kind of customers should you be eyeing.
For example, fine dining is most likely to attract adults or business executives that fall in the upper-income bracket.
Likewise, a casual coffee place or pizza joint will most attract students, teenagers, and young adults. Defining your target groups helps to decide an appropriate pricing strategy and relevant menus.
The million-dollar question is what will you be serving at your new eatery. Will it be seafood, chicken, or vegetarian?
Will it be continental, Chinese, or Indian? Will you be serving a seven-course meal? Some eateries also have a very vast menu with a little bit from everywhere in the world.
Although that is not a bad idea either, it is not recommended to put up everything on your menu as soon as you launch.
More menu items mean more tools and equipment, more inventory of ingredients, and of course more chefs. Therefore, it is always better to start slow.
Decide where do you want to locate your new business? Do you want it to be inside a popular shopping mall or in a food court?
Do you want it to be in a downtown area that would attract executives, or in a posh residential locality? Remember that your location decisions will also be reflecting on your rental expenses, so choose wisely.
Equipment and Supplies
Make a list of all the important kitchen equipment and supplies that you will be needing. Do not go overboard with your purchases, but avoid being too stringent too, or else you will find yourself running in chaos to buy something.
Take a head chef on board, who can guide you about what are the necessary items that you need to invest in, such as a commercial oven, cooktops, commercial refrigerators, and commercial ice machines.