There are many entrepreneurs who are drawn to the high profits that the retail food industry boasts, and although there are attractive returns to be made, it is definitely not to be taken for granted that your eatery will be a success. There is much to consider, your menu, the décor, and of course, the location of your premises, but if you have done your market research and you feel you have a killer menu, here are a few helpful hints to ensure your food outlet is a raging hit.
Create a Business Plan
Some people think a business plan is only necessary when they wish to borrow money for a business startup, and although the loan provider would insist on going over your business plan, it is really beneficial to you, the business owner. Yes, compiling a business plan is exhaustive, and there might be times when you really can’t see the point of all these projection forecasts and long term investment charts, yet once you have put together the plan, you will know the answers to all the questions that may arise during the course of the first few years.
Know Your Operating costs
The initial investment aside, which would be considerable, you would need to narrow down your running costs to the hour, and then you simply divide the expected revenue by the number of open hours, and you have a gross income benchmark that you must attain in order to break even.
The initial investment would include the interior decoration, the furniture and fittings, and all the essentials that a retail food outlet would require. Cutlery and crockery in some ways define your establishment, so great care should be taken when choosing, and there are online wholesale crockery and cutlery suppliers that have an impressive range for the retail food industry. Your napkins and tablecloths should have your logo visible, and the colours are important, and should be factored into the original interior design.
This is the key to a successful retail food outlet, and it is a combination of sight, sound and smell, and if you are about to open a new eatery, a lot of thought needs to go into the design concept. This is far too expensive to make a mistake, so you should contact a professional interior designer who has working experience in the food industry. He or she can discuss your ideas, and armed with the necessary information, the designer can begin to formulate ideas, until, eventually, the client is happy with the concept.
Your staff matter in any retail environment, but when people are dining, it requires a delicate balance of service, not appearing to hover, but always there if required. Your serving staff will be a major factor in determining the overall dining experience for the customer, so spend some time recruiting, and perhaps the right personality is more important than work experience, as this can be gained over time, whereas, it is almost impossible to change a person’s character.
If you plan effectively and have done your market research, your business idea can soon become a reality, and by considering all of the above, it is likely your new eatery will be a hit.