Statistics indicate that over 60% of small restaurants or cafes fail within a year of their launch, but this type of small business still attracts a lot of young people.
The prevailing idea among a wide sector of youth is to Start a Fast Food Restaurant project that features global efficiency, but with a local flavor and low prices. In fact, if these restaurants stand out with these specifications, they can achieve quick and huge profits beyond imagination.
In this context, the American investment website "The Motley Fool" published a report written by Jessica Elliott, which identified the most important steps necessary to conduct a feasibility study for a small restaurant project in order to ensure its success and avoid failure.
Initially, the writer emphasizes that the owner of this project must have high cultural and artistic taste, as providing different foods is closely related to local and global heritage and culture.
One of the most important fundamentals is for the restaurant owner to have the ability to create an attractive atmosphere where customers can enjoy their delicious meals in a pleasant environment.
By following these simple tips, users can extend the lifespan of their computers and improve their performance for many years to come.
Main Questions:
Before embarking on this business adventure, you should ask yourself several main questions:
- Is entrepreneurship suitable for you?
- Are you capable of working long hours without weekly vacations?
- Do you have the ability to bear the responsibility of the project's success or failure?
- Do you have a creative mindset?
Choosing the Location:
One of the most important steps, even before starting the feasibility study, is choosing the appropriate location to attract customers.
The restaurant's location must have several specifications, such as being in a lively place near major shopping centers, public parks, cinemas, or on a main street.
Decide whether you want to start from scratch or buy an existing project
make sure to conduct this research before taking the first steps for your project.
If you decide to choose to buy an existing project, you should know the true reasons behind the owner's desire to sell their project:
- Do they want to retire?
- Is their project experiencing losses?
- Are they unable to manage it?
In another report published on the "EAT" restaurant blog, Saif Al-Nassour wrote a report that outlined the most important steps to creating a successful small restaurant feasibility study, as follows:
Determine Your Budget:
The amount you need varies depending on your location, the level of your project, and the amount of investment you desire. There are several calculators you can use to get an approximate budget for startup costs. Try to start small and expand with a good reputation. Plan based on not making a profit in the first year, and set aside enough money to cover your personal expenses for at least 6 months.
Study Local Food Safety Laws:
Restaurant health regulations vary from city to city, so you must comply with all local regulations related to food safety.
Identify Your Target Customers:
After choosing the appropriate location, it is important to identify the target customer segment. Without identifying this target audience, your project will be characterized by randomness and will not achieve the desired success. You can ask yourself the following questions:
- Does your restaurant target families, university students, or businessmen?
- What type of food do you offer to customers? Local or Western dishes?
- Will your restaurant be associated with heritage?
Necessary Equipment:
You must accurately identify the menu offered by your restaurant and based on that determine all the tools required to prepare food in a timely, quality, and hygienic manner.
Work Team:
You should rely on yourself at the beginning and not overdo hiring. Design a training guide that informs your employees of what you expect from them, and quality is the most important element that all workers must maintain with you.
Restaurants often experience a high turnover of employees, so make sure you have innovative ways to recruit new people quickly when you need them.
Agree with Food Suppliers:
You must have a wide range of suppliers to provide everything the restaurant needs, both in terms of dishes and other supplies. Make sure to balance cost and quality.