Almost the entire urban population starting from kids to the college going students, from vegetarians to non-vegetarians, everyone is fond of fast foods. One just looks out for occasions to make an excuse and bump into a fast food restaurants.
A report produced by Research and Markets say that Indian fast food market is expected to grow at a CAGR of 18% by 2020 due to changing consumer behavior and demography.
Fast food market in India is expected to be worth US$ 27.57 billion by 2020.
About 10% of the fast food market in India is organized. NOVONOUS estimates that the organized fast food market in India is expected to grow at a CAGR of 27% by 2020.
Vegetarian fast food constitutes of around 45% of the whole fast food market in India and is expected to grow at a CAGR of 18% by 2020.
According to the report, global fast food market was valued at over USD 539.63 billion in 2016, is expected to reach above USD 690.80 billion in 2022 and is anticipated to grow at a CAGR of slightly above 4.20% between 2017 and 2022.
It looks the stars are aligned in the favor of the aspiring fast food restaurateur, then what are you waiting for! Hit the road to be the leading businessman in this field.
Here are a few points to help you in opening a fast food restaurant in India:
Market study and business plan:
First of all, analyse the market and study the customers’ taste of any particular area, where you want to set your restaurant up.
Try to open a fast food restaurant, which is different from existing fast food chains in the area. A variety will keep you afloat in the competition as well as it will be proved to be a point to attract your customers.
After thorough study, make a business plan for your reference and to keep a check on the work as it progresses. A proper business plan will also fetch you investors as well as build trust on the bans, to provide you loan.
Rent an outlet:
Look out for space, where you can set up your restaurant. It should be at the main market and not at the farthest end or lost-in-the-crowd sort of place, because then your business would not be able to fetch desired customers.
Check for proper electricity, gas, grocery, water and ventilation in the place.
Build your business:
After renting an outlet area, decide what you are going to offer your customers, and design the place accordingly.
Cutleries, chair and tables, color of walls, decorative and kind of music you are going to play, deciding these things is equally important as the menu you are going to serve.
First please the customers with the aura, then with the food.
Staff and proper equipments:
Now comes the hiring part, where you need to hire chefs, managers, accountant, waiters, waitresses and cleaners, who are going to run your business on daily basis.
Hire smart employees, who can take care of emergency situations.
Moreover hospitality is an additional factor in running a restaurant business.
Also it is your job to keep the staff happy, as the saying goes by, ‘Take care of employees and the employees will take care of the customers’.
Provide them training, send them for holidays, give them bonus and take time out to talk to them and take feedbacks from them.
Market your business:
Before finally having a grand opening, market about your restaurant through all the media channels.
It is advisable to invite a celebrity or politician for the inauguration, so that the opening will be grand and this will let the people notice you.
You can distribute pamphlets to the houses in the nearby locality and in between newspaper pages, where you can offer first 100 or so customers some gift voucher or discount or things as such to attract more and more customers.
Take the help of these points and start you business plan today. The fast food restaurant business is on demand and will continue to be till the love for food in people’s heart exists.