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The foodservice industry is a growing industry. According to Fortune Business Insight, the global foodservice market size was $2,386.0 billion in 2020. The market is projected to grow from $2,525.4 billion in 2021 to USD 5,027.9 billion in 2028 at a CAGR of 10.34% during the 2021-2028 period. These statistics are a huge one that should motivate anyone interested in going into the food service industry. From all indications, it is a profitable venture. However, starting a restaurant business is not like any other venture. The restaurant business is a very delicate business that requires careful planning and execution. In this article, I highlight how to start a restaurant business successfully.
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  • Target Markets

The restaurant business requires you to serve in demographics. Even if you intend on serving all kinds of people, it is important that you divide your market into demographics and reach out to each section and serve them maximum services. You can split your demographics into:
  • Gen Z: These are people born between 1997 and 2012 (10 yrs ā€“ 25 yrs);
  • Millennials: These are people born between 1981 and 1996 (26 yrs ā€“ 41yrs);
  • Gen X: These are people born between 1965 and 1980 (42 yrs ā€“ 57 yrs);
  • Boomers II*: These are people born between 1955 and 1964 (58 yrs ā€“ 67 yrs);
  • Boomers I*: These are people born between 1946 and 1954 (68 yrs ā€“ 76 yrs).
These generations can be classified as youths, mid-aged, elderly, and seniors. There are ways to reach out to each generation of people.

  • Restaurant Service Styles

Restaurants are classified into three primary categories: quick-service, midscale and upscale.Ā  Quick-service restaurants can simply be described as “fast-food restaurants.” This style of restaurant offers limited menus of items that are prepared quickly and sold for a relatively cheaper price. Apart from having very casual dining areas, they generally offer drive-thru windows and take-out service.
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Fast food restaurants are not only about selling hamburgers and french fries, but this type of restaurant can also serve chicken, hot dogs, sandwiches, pizza, fresh seafood, and ethnic foods. Midscale restaurants, as the name indicates, are found in-between quick-service and upscale restaurants. This type of restaurant serves full meals but charges prices, which customers see as giving good value with plenty of special offers. Midscale restaurants carry out limited- and full-service options. InĀ  In a full-service restaurant, customers place and receive their orders at their table, while in a limited-service method, buyers request their food at a counter and then receive their meals at their tables.Ā  Finally, upscale restaurants offer full table service and are not very interested in promoting their meals as offering great value. They are rather focused on the quality of their cuisine and the ambiance of their facilities. These places are more designed to be exotic, benefiting a tourist attraction. They charge a lot because they have state-of-the-art facilities. They employ renowned chefs, which adds to their popularity.Ā 

  • Carving Your Niche

Starting a restaurant business is niche-inclined. This is why you must choose which specific segment of the foodservice industry you want to operate in.
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There are many niches, however, there are popular ones that are easy to start and run as well. Moreover, it all depends on your skills, interest, and knowledge. You can choose to open a vegetarian restaurant, a bakery, a coffee shop, a full-scale kitchen where you cook and serve traditional and local dishes, or perhaps a catering service.Ā  If you are a night person or a night owl, you might be attracted to the hours expected for bar-and-grill types of restaurants, fine-dining establishments, and even pizzerias. It is important to consider some fundamental questions that will help you choose the right niche. They are as follows:
  • Do I like dealing with the public, or are you happier in the kitchen?
  • Ā Do I have a passion for a particular type of cuisine?
  • Do I enjoy a repeatable routine, or do you prefer something different every day?Ā 
  • Am I inclined to deal with the additional responsibilities and liabilities that come with serving alcoholic beverages?
Conducting a self-analysis will help you choose the best niche that aligns with your personality, interests, skills, knowledge, and as well experience. Featured Image Source:Open Table
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This article was first published on 24th May 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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One thought on “How To Start Your Restaurant (Part I)”

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