|
 During the last 10 years the restaurant industry in Australia has expanded rapidly. This is evident in the proliferation of franchise operations, as well as the explosion of coffee shops.
The fact remains that a large number of these businesses do little better in their profit margin than bank rate, or even worse than bank rate. Operators need to ask themselves why invest so much capital in a venture that returns less than or the equivalent of bank rate???.
The key success factors for a successful restaurant are
- Planning
- Consistency
- Excellent service
- Atmosphere
- Determination
- Attention to detail
Key sensitivities for new operators
- Changing lifestyles
- Changing work patterns
- Improved product offerings from alternative suppliers including supermarkets
- Product mix to customer expectations ( baby boomers to the X and Y Generation)
The State Government of Queensland offers a “Smart Guide” to starting a Restaurant /Café/ Take away business; which is an excellent guide to review the questions of starting a business and includes;
- Existing or new business
- Buying vs Leasing
- Business Structure
- Licensing
- Other Issues pertaining to your premises
As new legislation has now been enacted, they have automated the site to keep up with the changes. It is well worth the visit http://www.business.gov.au/Business+Entry+Point/How-to+guides/Starting+a+business
In operating a New Restaurant, we look at the concept as a start-up business, and our first step is to develop a plan for the business to develop over a number of years. At this point it is also important to develop a strategy on how to enter the business (i.e the make up of the structure) and in examining this it is also important to consider methods of exiting the business as well. Consider the concept as similar to buying a car; many people will consider having a car for only 2 to 3 years, and then upgrading by trading in their current car due to its resale value. Businesses are the same - develop an entry, maintenance and exit strategy.
Under the New Restaurant we have a number of premium downloads available as well as some free downloads;
To access the premium downloads simply subscribe to Wellingtons Hospitality Services
|
