When you start a business, you want it to be successful, right? No one embarks on a venture hoping to fail! Yet, for so many, their destination points in that direction right from the get go.
Why? A lot of times, entrepreneur hopefuls don’t do what they are supposed to: they don’t plan well, they don’t do enough research, they are not passionate about what they are doing…basically, they start off on he wrong foot and end up tripping or falling flat on their faces.
Here are some things you might need to consider should you really be serious about opening shop.
Know your stuff
You want to open a restaurant but don’t even know that adding sugar to a dish helps cut down chili hotness. You can’t cook a proper dish. You don’t know where to get ingredients at the best prices.
Now, how do you expect to succeed?
At the car service centre, how does it feel like when the mechanic says, “Oh! This particular spare part costs $900.” And you can’t say that you think it’s too expensive because you don’t know the real cost. So, you just resign yourself to this suggestion, but with that feeling that you’ve just been taken for a ride.
It’s the same at you restaurant, you need to know your stuff.
A great location for a certain business might not be suitable for another.
You can operate a luxury car dealership that retails most expensive Maseratis in rather secluded area and still you will get your customers because he cars appeal to a certain market where affluent buyers will go anywhere to get they want
But when you open a stall or restaurant, it would be better if it’s located in an area where there are other food outlets, and where the traffic is high.
You mustn’t be afraid of competition as it creates choice for the consumer
You also need to know the type of crowd you are catering to and price your product correctly.
Just because you like to cook, don’t think you can make it as a restaurateur. At home, you might be used to cooking for family. You might even love hosting the occasional party with 30 friends dropping by.
At the outlet, it’s a daily affair.
It’s a lot of work in hot kitchen. And it’s not just the quality of food you have to be concerned about. You need to look at the service your staff provides. Don’t forget the occasional difficult customer.
You have to be passionate enough to work very, very hard.
Be hands on
If you want to open a business you need to be there, at least for a year, so that you’d know the ins and outs of the business enough and to make accurate assessments and estimations of stock take, customer flow and such.
Then no one will be able to cheat you. Also, after a year, your workers would more or less have an idea as to the way you like things done and what displeases you