subject: Do You Want To Try Your Luck In The Food Business? [print this page] Opening up a food service business can be exciting most especially if you have a passion for food. Depending on how much risk you would want to take and the availability of funds or access to cash, you could open up your own place or take a spot at the food court. Here are some things to consider when you have decided to venture on your own and become an entrepreneur:
- Figure out the theme of your food service. Some people would like to open a unique food service business: something different, special or inexpensive or the combination of the three. Does one need to be a chef to open up your own restaurant? Not really but one should be able to know what one wants in that business. Being in the food business, there must be a distinctive advantage whether it be in location, food presentation and service, or price. - Have a budget. Like anything else, opening a food service business involves money. Your mastery of finance should be taken in consideration in the sense that you need to have an initial budget which includes your initial capital expenditure, your working capital, and your sources to funds. Knowing all these terms and being able to utilize them correctly is vital. There may be a point when you may even have to borrow capital from either banks or investors to start up your business but if you can afford to do this on your own or with partners you trust, then by all means do so.
- Location and sanitation. For a full standing restaurant or bake shop, location is the key. You need to consider the area where you need to put your business. Knowing the area, the foot traffic, the socio-economic demography of that area you intend to serve affects the pricing of your food as well as the service you render. You need to also know that the most vital area in your place is the kitchen which is the centre of how you generate your revenue. A key part connected to this is the sanitation condition. If you are leasing the place, make sure that there is no mice infestation in the area. Mice infestation is a key factor to keeping your restaurant operational. First of all, your place needs to pass the inspection of the local sanitary inspectors before it can even operate. Do a thorough inspection to check if there are incidents of mice infestation and even spend a little money to have a professional exterminator check out the place. Doing this saves you time and money in the long run.
