With the current Nigerian population, which its majority are middle class, starting a restaurant business is definitely a lucrative business. Food is a necessity of all humans, we must eat at least two times a day so invariably we must patronize restaurant establishments. With the rapid growth in the food industry, the restaurant company is among the fast growing Business. This notwithstanding, 5 percent out of every 10 restaurants establishment set up in Nigeria still fail due to so many reasons such as lack of planning and detail analysis of the industry so in this post we will provide necessary information that will help start up a restaurant business and attain success.
If you want to start a restaurant business in any location in Nigeria then this article is a must for you, as we will provide you with detailed analysis, planning, how to source for food stuff so you should read through because this post will equip you with suggestions that will help you prevent the danger associated with starting a restaurant business.
Just like every other business in Nigeria, starting a restaurant business still pose some challenges but this challenges can be overcome and overturned to your own favor. Steps to successfully start are as follows.
Research and analyze this business
No matter how lucrative a business seems, or no matter the number of testimonies you have heard of a particular business, you should always conduct a detailed research, dig deep into the business and know what it takes to attain success in that business. In this business of Restaurant business, it will be worth the stress to look before you leap. A business that has to constantly deal with people usually is a challenge, human beings is one of the hardest creation to please, in this business you will be dealing with so many types of individuals, those that will want to frustrate you and those that will want to end your business so it’s worth it to research and study how to be crafty in your day to day relation with them. Know if your type is the type that can cope with this business, know the pitfalls and do not before investing.
Get a Business Plan on this business
The need for a business plan in this business is synonymous to the need of a drug to a sick person. Like every other business to attain the success you need to have a well-written business plan comprising of the market analysis, practical feasibility report.
Choose a location
Lighting a lamp and putting it under the table is tantamount to not lighting the lamp. So it is for a restaurant business, no matter how good and professional your plan or the actual restaurant is location plays a major role in the success of this business. In setting up your restaurant business choose a well-exposed location. Chose an urban location, a location filled with working class, students or companies, it should be a location with the right market for your business. Chose a location with the higher number of restaurant patronize/customers.
Choose A Name
A good name speaks thousands for a business, a good name represents you even when you’re not there, your business name will be the next thing on your customer's mind coupled with the great service you offered. So in setting up your business, you might want to take time and choose a good business name. Many seem to invest their all in starting up a business but invest nothing in creating a good business name not knowing that a business name says much about your business.
In my previous post on How to create a Unique business name, I outlined practically how to create a good and unique business name. If you don’t know how to come up with a good business name then you should read that post.
For example, your hungry and cut up in a new neighborhood you know nothing about and you needed to eat and ahead you is two good looking restaurants ahead, you having difficulty choosing. Since it’s your first time your will likely judge this restaurant based on their name. Now one said “Just Eat Restaurant” while the other said “Heaven Served Restaurant” you will probably choose the later as you would love to see why it is called Heavenly served, you would want to be served by heaven.
As simple my example is I hope it served it purpose as I want you to know the impact a good business name can have on your business.
Register Your Business
After going through the above-mentioned steps the next is to register your business, knowing your registered create more trust for your business from your customers. Registration provides customized branding and poses standard thus separating you from other local unbranded restaurant around you thereby keeping you at the top of the ladder in your location. To register your business in Nigeria you register with Cooperate Affair commission (CAC). For more on registration of the business name in Nigeria, I strongly recommend you read my previous post on How to Register Your Business With CAC.
Setup and Furnish Your Restaurant
The restaurant is usually an option B for many so you should provide the hospitality and comfort option A(homes) could have offered even better and one of the ways to achieve such is through good furnishing and proper arrangement within the restaurant. Create a home outside the home through your furnishing, invest in furnishing your restaurant as it will leave a good and lasting impression on your customers and will keep them coming back.
If you won’t be managing your restaurant yourself, the next step is to employ workers. Note this is a vital aspect of this business, in employing workers employ beautiful/handsome workers with good manners and not the type that will throw back or pay back customers for their wrong deeds. It might surprise you that some customers will keep coming back to your restaurant just because your workers are good and friendly. Invariably the opposite can still happen so you might want to decide the own you will pay for.
Never forget to advertise your business, no matter how many customers you have in the first day, still invest some token into advertising through effective and available means to you. Have I missed any point or should I have included something? Please do let by replying