In 2020, the food service industry suffered a huge setback due to lockdown. However, as things are starting to get better, the industry is starting to progress again. According to a report, the market size of a “fully functional” restaurant industry is expected to reach 1.7 trillion U.S. dollars by 2027 worldwide.
Moreover, the lease and mortgage rates are also low as compared to what they used to be before the pandemic. That means starting your restaurant now will benefit you a lot; as the significant fixed expenses will be low. At the same time, the CAGR is expected to rise over 4.72% in the coming years.
Apart from the growth and profits, there is another crucial factor that’ll help you succeed in the industry. Do you have any idea what this factor is? No? That’s all right!
Another crucial factor is “Concept Description.” To learn more about this, keep on scrolling!
What Is The Concept Description?
Just like every other startup, you need to draft a thorough plan before commencing a business. Generally, a business plan includes a company overview, industry and customer analysis, marketing, and operations plan. However, for the food service industry, the business plan also includes a section of concept description.
In simple terms, you need to decide on a concept for your restaurant. It will include target demographics, the food you’ll service, and the ambiance of the restaurant.
Long story short, these things need to be decided before the registration or commencement of business. It is critical to have a theme and concept for the restaurant. It will help you determine your target audience, budget, and management plan.
Having a concept description will help mitigate risks like poor cash management, poor control, and overdependence on customers. Moreover, your overall business plan will be well researched and free from any time of omissions.
That being said, let’s learn about the different aspects of concept description.
Menu And Product
One of the most crucial aspects of every restaurant business is its food. There are several restaurants out there that provide food. So the question you need to answer here is “how can you make your business better?”. It usually includes deciding the head chef, receptionist, manager, and food that you’ll offer. In addition to this, the style or design of your menu is also decided.
For instance, you might wish to open an Asian restaurant. Here, you need to have knowledge about different Asian cuisines. You must also know about the special herbs, spices, or other ingredients that’ll make your food stand out from the rest.
Apart from this, you also have to understand the food cost. Creating a menu of Asian food will help you reduce wastage of products wherever you can. Moreover, it will also give you an idea about how you can make your business profitable.
A restaurant is a combination of perfect planning and hard work. And the aesthetics of your business should reflect this. It is generally done after deciding the restaurant's theme and includes logo, branding, color scheme, and decor (both interior and exterior).
Understand that the customer doesn't know about the history or behind the scenes of your startup. They will judge on the basis of how presentable and attractive your restaurant looks. If they are not impressed, chances are they'll leave the place before trying the food. Therefore, you need to work over it.
For instance, to give an Asian vibe to your restaurant, you can decide to get the Timberwood roof and flooring work. It will help add a natural touch to your premises, which is also inviting. To get the work done, you need to go through different commercial projects portfolios related to timber construction. The project portfolios can help you find inspiration for the type of work you want. Moreover, the experts will also help you create ambiance according to your need.
Likewise, to maintain these aesthetics, you need to add wooden decor and arrange the lights accordingly. All this will help you look unique and aesthetically pleasing.
One of the reasons why concept description is so essential is that your target audience will not show up at your restaurant automatically. To make sales, you need to attract them. Having a unique and aesthetically pleasing concept will help you attract prospective customers. Apart from this, you also have to create a strategy to ensure that the customers revisit you.
For instance, for your Asian restaurant, the decided concept should appeal to Asian people. There are different Asian groups. So, you have to either narrow down your theme to one or two. Or, you have to create a concept that is appealing to every group. You can do this by providing numerous food options, amplifying the restaurant’s aesthetics, and keeping costs reasonable.
In simple terms, you need to create a strategy that will help keep your customers happy. As only happy customers can help you survive the market.
The initial cost of investment for starting a restaurant is very high. You need to get all the tools and equipment, hire a staff, improve your restaurant's condition, and pay attention to marketing. Not to mention, expenses such as cleaning, inspection, product delivery, etc., are also unavoidable.
Therefore, after deciding on the concept, you need to develop a detailed budget. Figure out what will be the fixed expenses for your concept and where you can help save more. Having a detailed budget will help you find potential investors.
Moreover, having a well-thought-out concept and a drafted budget with tangible figures will also create a good impression on the investors. It will indicate that you are serious about your startup and will work hard and smart to help it succeed. Thus, you’ll get the ball rolling!
To Sum It All Up!
Business owners often forget about deciding a concept before starting their operation. This might create trouble in the later stages of business. Therefore, you must avoid making the same mistake. Understand that concept description is a significant part of business planning. So, you must take every aspect of concept description into consideration and help your business succeed.
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