Start Your Restaurant Business with 4 Core Elements
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jan 19,2021
- 14 Mins Read
Food is an essential element for survival. It is interlinked to various niches including a business industry. If you are interested in the food industry, then it is the apt time to build your food venture. There are various options available in the food and beverage industry--restaurant, food kiosk, and food delivery, to name a few.
One of the common food businesses is restaurant business. To start a restaurant business,first of all, you have to have interest in cooking or have to develop the interest. Indigenising various food dishes is primal in the restaurant business and for that, you have to work on sharpening culinary skills. According to IBEF's report, the Indian food processing industry accounts for 32 per cent of the country’s total food market and one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth.
As per the report, the Indian gourmet food market is currently valued at $1.3 billion and is growing at a Compound Annual Growth Rate of 20 per cent. While, the online food ordering business is still in the nascent stage. However, the niche is expediting swiftly. Some of the prominent companies are Zomato, Swiggy, and FoodPanda.
Seeing the rapid growth of the food industry, you can also penetrate into it. While understanding the market, you should ponder more on your restaurant setup. You have to ascertain the average restaurant setup cost in India. Consulting various research reports about the restaurant industry and conversing with veteran restaurateurs will help. Following this, you need to start building your restaurant through this step-by-step process.
Similar to other businesses, it is crucial to design everything in advance through a restaurant business plan. Initiating a business model is an intricate task and thus, one has to jot down everything in the business outline.
The plan will later help to stay focused and achieve goals in the long run. It will also aid in remaining committed to business' values. While creating the plan, you have to envision the future of your venture and also, undertake a veteran's guidance. This will render a concrete path to walk on.
In contemporary times, the restaurant industry has varied drastically. Besides food, there are several other elements that entice people across the globe. Restaurant's theme is one such strand that attracts millennials. You can explore various theme-based restaurants such as Puppychino, CAD Tech Bar, Pind Balluchi and Uzzuri Deli.
Similarly, you can choose a theme and embellish the restaurant's interior accordingly. While selecting a theme, ensure that you have immense knowledge about that subject. Secondly, gather things relating to that culture, tradition or subject to add in the restaurant. Lately, you have to employ chefs that you can create food dishes as per theme if your restaurant represents a culture or foreign cuisine.
Despite how good the interior the restaurant has, the food menu is invariably limelight of the restaurant. Add subtle dishes in the food menu that are fast to prepare. Try to understand customer preferences before rolling out a big food menu list. You should also find out what competitors are offering to customers. Food dishes that are highly demanded should be added in your restaurant's menu as well.
In addition, you should invariably be up for indigenizing dishes to meet your customers’ demand. Henceforth, keep adding new dishes to the menu as new food trends emerge in the market.
Finding a good location is difficult for the restaurant business. You have to consider various factors while selecting a location. Firstly, target millennials and see where you can find them the most. Market, university, cafes, and malls are some of the places that are highly populated with young adults.
Thus, you can consider establishing the restaurant business in one such place. Once you shortlist the business, ascertain competition in those locations and customer foot fall. After selecting the location, plan out how to promote the business and attract customers' attention toward your restaurant business.
These elements are prime to comprehend while establishing a restaurant business. They are a core of every restaurant setup and hence, should not be ignored. Besides this, they are other factors as well. If you know any, share with us in the comment section below.
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