Facts say that almost 90 per cent of the restaurants fail and gets shut down in the first two years or so of their launch. In order to get sustainability in the market, there are several things to be considered while coming up with a venture.
Restaurant industry is experiencing a drastic growth thereby providing a lot of opportunities for people to come invest and make profits. Having proper marketing strategies can help to sustain in the market creating the brands name and image.
Conducting a research for the potential market is highly essential before starting a venture. A proper research should be done regarding the current market, the target customers and so on. You should be aware about the people who can be your long term customers. “We did a lot of surveys and questionnaire before coming up with our venture. It was necessary to know what kind of audience is available around the café’s location so that we can provide suitable products to them,” says Puneet Khurana, Owner, For God’s Cake.
Having Proper Capital
A business cannot be started without having the proper idea about the capital required for the restaurant. Otherwise an unplanned strategy can halt your business in between which can certainly be troublesome. Writing a proper business plan can further help in running the venture successfully.
Mapping Your Business Structure
Creating a business structure is very important. Having proper paper work regarding investors, location and partners help to take important decisions. Business structure acts as a skeleton which helps you in acquiring things step by step. It provides a good shape to the restaurant which works towards its successful establishment.
Finalizing a Name
Name is highly essential as it will be the first thing to attract target customers. The name says a lot about the company. “The name of your venture should be something which everybody can memorize. You want it to be quirky and simple both at the same time. Ultimately, the name of your venture creates your brand value,” shares Sneha Singvi, Owner, Paris Café.
Hiring of Proper Staffs
Staffs are considered the soul of the restaurant. In your absence, they are going to handle your restaurant. So it’s very important to hire good staff to continue to build a good image for the restaurant. Hence, keeping in mind the above mentioned key points can help a restaurant go a long way without facing any trouble or loss.