- January 23, 2019
- Posted by: simba001
- Category: Starting a Restaurant
Restaurant business is competitive as you have to drive customers to dine and enjoy at your place more than they do in others restaurants.
A restaurant business can survive the tough competition from established and new players, if it formulates a unique marketing plan. It must know its market niche, target customers, competitors very well. But it must also have a strategic plan and proper systems in place to ensure smooth operations.
Restaurant business is competitive as you have to drive customers to dine and enjoy at your place more than they do in others restaurants. If you are unable to catch their attention, chances are that your small venture will be closed. Most of the restaurant business in Kenya are closed abruptly and do not survive as they fail to engage people.
People go to restaurants to spend some memorable moments with friends and family while enjoying food. Still, many entrepreneurs either abruptly close their restaurant business in Kenya or they are not satisfied with its performance. Most of them fail because they do not adhere to some basics of operating a restaurant business and end up losing their customers to the competitors.
A majority of the owners of restaurant business in Kenya wrongly believe that if a restaurant serves good quality food, then that is enough to run a lucrative business. Good quality of products or services is something basic. Beside the quality offerings, you need to turn your restaurant business into a brand that people can trust and work on the “operations” side of the business.
A majority of the owners of restaurant business in Kenya wrongly believe that if a restaurant serves good quality food, then that is enough to run a lucrative business.
Many restaurants fail to explore their full business potential. Several of surveys have found that the failure rate in the restaurant industry is actually very high. A recent study by Sonex Associates estimates the failure rate within the first year is 45%. This means that the starting phase is crucial for your restaurant startup. However, do not be frightened by these stats.
All you need to do to run your restaurant business effectively is to avoid making the mistakes others made. For example, many unsuccessful entrepreneurs opened a restaurant without proper research of the market and customers.
They had no plan to deal with any financial emergency. Most of them had no marketing plan for the brand building, which is something you should be doing right away to start building a reputation for your business in your area. An established brand can easily ward off competition.
We have helped hundreds of business owners from all over the country with advise and practical steps that ensures the success of their restaurant business.
One of the key things that most of the restaurant owners ignore is the branding and operational aspects of the business. Every business worth its salt must have professional branding (from menu design, wall patterns to the logo) as well as proper systems (both software and operational standards).
Also, research your target customers to know about their economic, social and other backgrounds. Find out more about your competitors. Get right answers to some key questions before you launch your restaurant business.
What are the tips to ensure your restaurant business succeeds? Watch out for PART 2 to learn the 10 TIPS that will guarantee success.