Share 4 Shares Takeaways are great businesses for many enterprising and hardworking people. They provide a popular service to a wide range of customers and the trend for eating out is on the up. Before you take the plunge, here are six tips to help you get it right. What is a takeaway?
Competition is intense in many markets. Customer tastes and preferences continually change, forcing restaurants to adapt or lose business. A combination of factors must be in place for a restaurant to be profitable -- excellent food, great service staff and a high traffic location.
For startup restaurants, the planning process is critical to setting the venture up for success. Customers differ on the type of cuisine they look for, the price they are willing to pay, the ambiance they prefer and how much time they have available for the dining experience.
Busy working people in their 30s seek out reasonably priced restaurants where their kids are welcome. Understanding the core customer groups you will be serving is the first step to a sound business plan. The business plan must explain your vision so clearly the reader of the plan feels as though he is dining there.
The plan must address what is truly new and different about your restaurant. These points of differentiation are what you will emphasize in your marketing campaign.
Restaurant Design Your concept will suggest many of the design elements, including style of tables and chairs, color scheme and artwork. Make sure all the elements combine to bring your theme alive and express why they were chosen in your business plan. Design also refers to the kitchen and production area of the facility.
Considerations include making sure staff members have enough prep space and there is space for them to move from one station to another without crowding each other.
A poorly designed kitchen will result in lower productivity and delays in serving customers. Marketing Plan Devise your marketing plan to emphasize lower cost tactics rather than expensive TV or radio advertising.
Word-of-mouth recommendations from your customers are the best way to bring new customers through the door. Encourage this by providing discount coupons for them to pass out to friends and family.
Make sure your exterior signage is inviting and expresses your concept clearly. Become a part of your community by sponsoring sports or cultural events.
Contingency Plans Think ahead about what might happen to negatively affect the performance of your restaurant, and devise strategies to cope with these developments.
A popular restaurant franchise might move into a nearby location. The cost of seafood could go up substantially, causing you to need to revise your menu. Knowing what you would do to address these issues can save you time -- and money -- when they occur.
Financial Projections Key variables in the revenue forecast are the percentage of seats that are occupied, the average expenditure per customer and the number of times the table is turned each day.
Determine your breakeven point at different assumptions for these variables. You may find you need to adjust your pricing or increase the number of tables so you have higher potential revenue.Page 37 CHAPTER 5: BUSINESS PLAN Overall assessment of Business Development Proposal Business set-up is headed by the decision for having an entrepreneurial career and recognition of a promising business idea backed by a careful examination of the existence of entrepreneurial opportunities in the selected market.
“For someone who’s just entering the business, its a great idea to start with a reputed franchise, just to get an idea of how to work in the business. It’s worked for me,” says Griffith. If you set up such a business in a free trade zone, of which there are several in the region, it’s granted exemptions from import and export duties, commercial taxes, building and property licence fees, land tax and restrictions on the transfer of capital invested in the zone.
With the startup wave hitting the country, and a major disruption seen by the Restaurant Industry has encouraged a lot of people to start up their restaurant venture. Professionals and home cooks alike are now fuelling their passion for food and to get into the food business.
Getting Started in the Food Business Ok so you want to start a food business. Almost everyone dreams of some day owning their own restaurant, bar or coffee shop. Imagine you are at a dinner party.
A friend calls everyone to attention. Herself and her husband are about to open a cafe. Oh the buzz. You’ve set your company up to fail by setting business goals that simply aren’t attainable under any circumstances.
R elevant: A SMART goal fits your business model. When setting business goals, go back to your original business plan.