Starting a Restaurant Business in Nigeria
Starting a business a business in Nigeria is tough; starting a restaurant business is tougher. Despite food being a basic necessity of our lives, there are still some restaurants that fail. Statistics show that many restaurant business fail. A study by Ohio State University on failed restaurants found that 60% close their doors or transfer ownership within the first year, and 80 percent of them fail after five years. Although starting a restaurant is one of the most profitable businesses in our age, it’s important to be careful and follow all the correct procedures. As hospitality consultants,
Curzon& Jones has a proven track record of restructuring restaurants that are on the verge collapsing. In this post, we will teach you how to set up a thriving restaurant in Nigeria.
The Location
Location is the key factor in setting up a restaurant in Nigeria. As an example, we will use Lagos to show that restaurants located on the Island or Ikeja in Maryland are more likely to attract corporate clients than those situated in Okokomaiko and Iyana Ipaja. Because of the island’s reputation for elegance and class, there are more restaurants on it. The cost to get a location varies, so it’s important to find the right place for you.
The menu
What are you offering? Is there a unique selling point to your product? Are there any markets for your unique products? These are the most important questions to ask before you open a restaurant. The market is saturated. Once you’ve answered all of these questions, you can start to plan a menu that is both simple to understand and delicious. It is important to offer food people know. Your menu should reflect who you are – make sure it is memorable. While some restaurants may be known for their delicious breakfasts, others have a reputation for serving great dinners. With time, clients will become familiar with your brand.
Digital Marketing for Restaurants
Not just for restaurants, digital marketing is becoming a very crucial aspect of every business. Social media can help you reach more people, build a larger client base, and increase your visibility. You can start off by setting up your Instagram and Facebook pages.
Staff
You know that headache you get when you hire an incompetent person, that is how destructive the wrong set of staff can be. Do not rush to hire someone, and take the time to review interview questions thoroughly. Do not contract out – you must be present.
Be a part of the Growth Process
Hiring employees is wonderful, but it is even better to have them as part of your growth. It’s amazing to be able to tell how to increase a company’s revenue by 1000 NGN to 100,000. The business needs you as a carrier of the vision.
Colour Coding Your Restaurant
Your colour is your style, and this sets the tone throughout your restaurant to convey whatever message speaks to your heart. The choice of the colour to paint your restaurant’s walls is as personal as you can make it. It will affect how you feel every time you enter your establishment. It is best to compare colours made by different paint companies to help you narrow down your choices. It will make you smile when it is in front of you. You will be able to charm all your customers the same way.
Keep It Alive
You don’t need much money for spiceing up your restaurant. Find inspiration! You can also offer specials, in addition to a great place for a meal. You might consider starting a Karaoke or Suya night. This will make your restaurant out of the ordinary.
Starting A Restaurant on a Low Budget in Nigeria
Yes. We consider this a crucial part. It is possible to start your own restaurant for very little cost. There are many mobile restaurants available on Lagos Island today. In the same vein, Dealdey and Instagram offer restaurants that operate on orders only. You should ensure that your physical location doesn’t consume a lot of your budget. It is best to hire a few hardworking staff members if you have a small budget to do so. A lot of things also need to be monitored and executed by the business owner.
Starting A Restaurant on a High Budget
Wow! You can open a restaurant with a large budget. However, this must be well managed by you. Yes, you. You can. In fact, if you do not have a very big budget, this is still very crucial.
Since high-class clients love luxury, getting a big space in an attractive location will give you an edge over those starting with a small budget. You will soon be able to join the ranks of Nigeria’s top-rated restaurants, as you have access to a more experienced chef.