|
More and more potential small business operators are turning to the restaurant industry as a rewarding and lucrative business move. Australians dine out more and more each year, making the hospitality industry a popular new business venture.
A key to the success of any restaurant is market research, an excellent location and premises, sound financial management, determination and a love of customer service.
When it comes to market research, considering we are all individuals, it will be difficult to predict who is likely to make up the greatest proportion of your market.
People's tastes vary and what one likes another will dislike. If you were to base your market research purely on the style of food you were to offer, you would still find it difficult to determine who will eat at your restaurant.
For example, if you decided to start a French restaurant you would not just expect French people to make-up the majority of your clientele. Your French-influenced menu will appeal to all tastes so you cannot rely on identifying and marketing only to those with a French connection.
The same approach applies for any restaurants that base their menu on a particular "type" of cuisine.
As for your premises, you will need to decide on your location and the "atmosphere" your restaurant will project. It is worth considering that site location is probably the most important factor in determining success for the majority of restaurants.
When investigating possible premises you will need to consider the space and layout of the restaurant, including potential dining area, kitchen area, whether you will also have a bar for your partons and your preparation and storage areas.
Another major consideration will be health standards and hygiene regulations, including your legal responsibilities when it comes to issues such as liquor licensing and smoking areas.
To make your business a success there are a number of factors to consider, especially when you are in the start-up phase. These include:
- How to conduct your market research
- What to consider when it comes to servicing market segments
- What to consider when choosing business premises and location
- How to oversee the financial outlay when it comes to your equipment needs
- The type of equipment you will require, including the pros and cons of leasing equipment
- What to consider when it comes to your pricing methods
- Stock control, maintenance and ordering systems
- How to set-up your business, especially when it comes to tax and legal issues to consider.
All this and much more is outlined in this guide. Remember, not only is starting a business a major life-changing decision, it is also a major financial investment. As a result, you will need to make sure you are fully aware of the commitment you are about to make and what is involved.
This guide will help you to arm yourself with the appropriate information. Information that is accurate, up-to-date and applicable to your individual circumstances.
| High net profit before tax | $325,000.00 | | Average net profit before tax | $163,000.00 | | Average startup investment | $130,000.00 | | Minimum startup investment | $73,400.00 |
| 
