Restaurant or fast food business is one of the lucrative daily income businesses that is very profitable. Starting up this business is not always difficult, especially those that derive joy in cooking but like any other business endeavor, it requires careful planning and execution.
This business has been in existence for a very long time in Nigeria, it involves buying raw foodstuffs and transforming it to finished product by cooking it. One can decide to start up a fast food business on a small scale or large scale depending on one’s financial capacity.
Due to the growing population, increasing urbanization in Nigeria, starting a restaurant business in Nigeria is an exciting and rewarding venture. The restaurant industry in Nigeria offers abundant opportunities and it is worth exploring. One good thing about the fast food business is that it is very easy to scale up if you manage it properly. However, it is important for you to maintain a good customer relationship, ensure that your food is always yummy and maintain a clean environment to experience an unprecedented boom in your restaurant business.
How Profitable Is Restaurant Business?
Restaurant business is very profitable because people must eat at least twice a day and many people don’t normally cook due to their tight work schedule. Nigeria has a growing population in geometric progression and this populace will continue to eat hence making the restaurant business very lucrative. You will make more profits if you buy raw foodstuffs from rural areas where they are always cheaper.
How To Start Restaurant Business In Nigeria
1. Conduct Market Research
Before starting a restaurant business, it is important to conduct thorough market research. The market research will help you to Identify your target audience, understand their preferences, and evaluate the competition in your chosen location. The research will also enable you to determine the demand for specific cuisines, price ranges, and dining experiences of your targeted customers. This research will help you shape your restaurant concept, menu, and overall business strategy.
2. Develop A Business Plan
Once you’re done with your market research, the knowledge gained will help you to draft a well-crafted business plan which will serve as a roadmap for your restaurant’s success. In your business plan, outline your vision, mission, and objectives. Define your target market, menu offerings, pricing strategies, and marketing tactics. The plan will also include your financial projections, startup costs, and potential sources of funding. A comprehensive business plan will guide you through the startup phase and keep your business thriving without hitches.
3. Acquire The Required Skill
Cooking is one thing but cooking quality and delicious food is a different thing entirely. Hence, to ensure that you compete favorably with your contemporaries in the business, it is best to get all the needed cooking skills.
You can get the cooking skills by going to catering school, where you will be taught how to cook different kinds of foods with their ingredients requirements. You can also get the skill by watching different Youtube videos on how to cook different delicacies
4. Choose The Right Location
One of the major factors that contribute to the success of restaurant business is the location. Hence the right location will definitely lead to success of your fast food business. It is important to consider factors such as accessibility, visibility, parking space, and closeness to your target market before siting your restaurant. Additionally, it is also important to site your restaurant in a less competitive environment to enable it to stand out and thrive.
5. Register Your Business
Before you start operating your restaurant business fully, it is best to register your business to enable it to operate without hitches. You can visit the Corporate Affairs Commission (CAC) to register your business and obtain a Certificate of Incorporation.
However, if you want to start it as a small scale business, there may not be a need for you to register your business especially if you don’t have money to do that. But if you wish to scale it up to a renowned brand, it is best to register it to enable you to get full certification to operate.
6. Recruit And Train Staff
The success of your restaurant business relies heavily on your staff. Hence it is best to hire skilled chefs, experienced kitchen staff, and friendly waitstaff. It is important to prioritize excellent customer service and engage them in regular training to ensure consistency in the food quality. It is also good to foster a positive working culture among your staff to promote teamwork, accountability, and dedication among them.
7. Source Quality Suppliers
It is very important to establish good relationships with reliable suppliers who can consistently provide fresh and high-quality ingredients to your restaurant. When establishing the relationship, it is best to negotiate favorable terms and prices to enable you to get high profits. Ensure that you evaluate your suppliers’ performance regularly to ensure consistency in the quality and timely delivery of your supplies.
8. Implement Effective Marketing Strategies
Develop a comprehensive marketing plan to create awareness and attract customers to your restaurant. You can use both online and offline advertising channels to publicize your business. Social media platforms, online food delivery apps can also be a perfect option to advertise your restaurant. Ensure that your brand is unique to enable you to attract customers. It is also important to have a comprehensive menu so that it will attract people to come and have a bit of it at your restaurant.
9. Buy Cooking Equipments
At this stage, you need to go to the market to buy different cooking utensils that you will need in your restaurant, ensure that you buy all the essential equipment that you will need in your store like gas cooker, plates etc. Apart from kitchen utensils, you will also need to buy electronics and furniture to give your restaurant store a face lift.
10. Start Cooking
After following the above guide carefully, the next thing is to get started by cooking and serving your esteemed customers with yummy and palatable dishes. Ensure that your food is tasty to help you maintain regular customers which will be patronizing you on a daily basis.
Basic Restaurant Equipment
The major equipment that you need in a restaurant include but are not limited to:
- Electric Cooker
- Gas Cooker
Restaurant business in Nigeria is a very lucrative business because it comes with lots of profits due to increasing population and people’s craving for quality. Starting a fast food business is not difficult especially for those who derive joy in cooking though it requires some training.