How to Open a Small Restaurant Business with Small Investment in Bangladesh
Small Restaurant Business with Small Investment in Bangladesh
If you open a small restaurant business then you’ll get many advantages over larger establishments. It not only offers instant ambiance and coziness but is ideal for a concept like a café or a bistro. Also, it requires a small investment for equipment that you can maintain less staff, and cost less in terms of utilities and maintenance.
Even smaller restaurants can still produce sizeable profits with a small amount of seating. So, you need not be free if you have a fantastic idea for a restaurant but lack the funds to get your dining concept off the ground.
Although starting a restaurant or coffee shop can be very fulfilling, these types of businesses can be difficult to maintain sometimes. As about 30% of independent restaurants fail within the first year, the longer you can stay in business, the less likely your restaurant is to collapse. That’s why you’ll need to take many things into consideration throughout the process of establishing your restaurant at the startup.
Why Open a Small Restaurant Business with Small Investment in Bangladesh
Opening a small restaurant business with a small investment in Bangladesh is not only an easy process but also profitable. That’s why if you can select the perfect location that is needed for a restaurant then it can make you a millionaire.
On the other hand, if you think about the population in the country then you’ll see that’s huge. It means that there is a great demand for food for the people who are far away from their homes. So, a restaurant can be a perfect solution to this issue and you can be one of them who are in the restaurant business in Bangladesh.
Apart from these, the business doesn’t require any specific degree, which is a great thing about it. As a result, if you’re an unemployed individual and thinking to do something that a job then you can start a small restaurant business in Bangladesh with a small investment.
Steps to Open a Small Restaurant Business
When you don’t have much money there are ways to open a restaurant. Although banks may not be willing to finance your dream, others that may agree with your hot new idea and think you’re worth investing in. and it can also help you get started while there is short of finding a non-traditional investor, a willingness to rethink your restaurant idea into a different concept.
After that, you can demonstrate to the banks, investors, and the world at large that you’re serious about food and have what it takes to be a success.
Despite the easiness of starting a small restaurant business in Bangladesh, it’s difficult to continue for years if you don’t have proper planning and other related steps. Well, let’s know how to open a small restaurant business with a small investment in Bangladesh.
First Step: Business Plan
A business plan for any business whether it’s small or big has many elements so it needs to keep in the right order. In this case, you must have a very clear idea of your restaurant’s identity, including what food it will serve, its location, and its long- and short-term goals while starting a small restaurant business in Bangladesh.
When you’ll develop a clear marketing strategy you should be absolutely clear on who your target market is and what actions your business will take to draw them.
As you should know who your competitors are and how you will compete with them, you should also present the average costs of the types of marketing you’ll use, as well as any licensing and permit requirements.
And while making a menu, you should ensure sure that you know exactly what your restaurant will serve. So, when you’ll present a clear breakdown of all costs you should state how much-
- The amount of the lease or mortgage
- Salaries and wages will cost
- Benefits packages will cost
- Furniture and equipment will cost
- Your food products will cost, etc
Second Step: Location
Regardless of the size of your restaurant, whether it’s small or big, location is one of the most important factors to consider. As a good restaurant location is hard to find, not every available space is right for a restaurant. For example, a bustling pedestrian street in the heart of downtown may turn out to be a dud sometimes.
Read also- Businesses You Can Start in Bangladesh with 5 Lakh BDT
But, in an old factory in a former industrial park may be in a success that you would never think to put a restaurant. So, when you’ll want to make sure that your restaurant or coffee shop is in a convenient, easily accessible location, nearby businesses will help generate foot traffic that can benefit your business too. In this case, if you get an existing restaurant then it’s generally much cheaper to renovate than it has to build one from scratch.
Third Step: Budget
Although you’re starting a small restaurant business, you need some capital as a small investment. At least at first, it’s a good idea to keep your ambitions small. Then you can expand when you have built your reputation on your menu. When you write your business plan you’ll need this information.
As you need aside enough money to cover your personal expenses for six months at a minimum, you should plan on not turning a profit for at least the first six months. But, the amount of money you need it varies dramatically and it depends on-
- Your location,
- The scale of your venture
- How much investment your property requires
Fourth Step: Marketing
You should already have detailed marketing plans in place as you have a business plan. Because your goal is to make your business visible to customers, you should provide a compelling reason for them to visit.
You can run ads in your local papers form social media accounts and this can make yourself a public figure. And you should be visiting locales like fairs and farmers markets for your business promotion.
Apart from these, it’s very popular if you can arrange a gift-certificate giveaway and “free food”. On the other hand, you can consider donating gift certificates as prizes for local charities, nonprofit, and professional organizations. When you’ll do these, these will generate goodwill toward your business and spread the word about your business. It’s a good way to get some press for your small restaurant business while you can’t control what they write.