Are you an aspiring restauranteur with a fresh business idea, but not sure where to start? Find out what to consider, and how to make it happen with our practical 5-step guide. 

1. Create a Business Plan

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This one is a must: Develop an in-depth plan that clearly outlines how you will achieve your objectives. This includes information about your product, marketing strategy, and finances.  

Think of it as a road map: it’s possible to travel without one, but you are more likely to get lost along the way! 

2. Secure Your Financing

The next step is securing your funding. You can use your personal savings, or pitch your business idea to family, friends, and even potential investors by presenting your business plan. 

When you have sufficient funding, it’s time to manage it.  Make sure to pay yourself, keep good credit, monitor your books, and plan ahead. This is crucial because this will help you determine your monthly and annual sales targets. 

3. Do Your Competitor Research

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Let’s face it: you will compete with countless players in the market, so it’s crucial to learn from your competitors. Analyze their brand reputation, marketing campaigns and sales strategy because these will help you emulate their success and avoid their missteps.  

4. Choose Your Suppliers Wisely 

Selecting a supplier depends upon several factors: reliability, cost, and value for money. In general, choose trustworthy suppliers who have a good track record of providing quality products who will communicate their schedules honestly with you. 

Remember to use your negotiation skills because while you don’t want to cut corners when it comes to quality, overpriced suppliers can run your business to the ground! 

Another tip: Try to have two to three suppliers for each ingredient to minimize shortage risk!

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5. Advertise Your Business 

Effective marketing can help you reach your target consumers and increase your sales, so promote your business to alert your local community that there’s a new eatery on the block! 

While word of mouth remains the best form of publicity, social media is also a powerful tool to attract and retain your consumers. Create engaging content every day and remember to showcase your product in a way that will make your target consumers want to try. 

Are you ready to start your entrepreneurial journey? Join us and be C’BEZT and/or Yasaka next partner here!