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You have to do your own hiring, take care of all expenses at the shop and also run most of the show yourself. N Manikantan, GM marketing of Nandos echoes this point of view. Nandos looks for partners who can afford capital, have an interest in the food industry and are ready to be a working entrepreneur.
So you want to start a restaurant business? Here's what it'll take
It needs a lot of money Starting and running a restaurant needs a lot of money. A Nandos outlet would cost Rs 1. On the other hand it would cost Rs lakhs to start a Subway chain based on the location selected to setup shop. Griffith also says keeping a six-month buffer of working capital is a good idea to ensure day-to-day operations are not affected.
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Gaurav and Pallavi Jain Gaurav Jain, the founder of Mast Kalandar, who took the non-franchise route invested Rs 18 lakhs to start their restaurant in the outskirts of Bangalore two years back - which was all his life savings till that point.
According to the Indian startup ecosystem, this price point is equivalent to a typical seed round.
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Royalty payment can be a lot Every month the franchisee has to pay a percentage of the revenue back to the franchise. This is over and above the money spent on acquiring franchise rights.
While this may not seem like much but when you put together rent costs, salaries, maintenance cost and taxes, an additional 5 to 7 percent can be a burden. Keep in mind that sometimes a specific franchise may require a higher investment than opening your own fast food restaurant, but if it is a popular franchise the probability of return on investment can also be higher.
Usually, opening your own fast food restaurant requires less capital, but the risk of clients not liking your food is higher than the risk you have with an established brand such as McDonald's or Wendy's.
Also, if you have a fast food recipe you would like to make and sell, a franchise is not an option, since by purchasing a franchise you must sell what the franchise owner tells you to sell and not what you want to sell.
Select a Location Location is an important factor to keep in mind before you open your fast food business because it determines how many clients you will have. If your fast food restaurant is located in a place with little traffic and visibility, your business most likely will not be successful.
Things to Consider Before Opening a Fast Food Restaurant | thebluetones.info
Fast food owners usually locate their restaurants by highways, business streets and shopping centers and close to other fast food restaurants.
Malls, colleges and universities are also a good option for location. Raise Capital Reflect on how much capital you need to open a fast food business and in which ways you can raise such capital.
You can apply for loans and grants. The best tool you can use to raise capital is creating a business plan to present to your potential investors. Your business plan must include information on whether you will buy a franchise or open your own fast food restaurant. If you are going to buy a franchise, you must provide in your business plan information about that specific franchise, such as return on investment, profit and costs.