The key to any successful business begins with a successful business plan. This refers to the basic premise of planning to sell your business before you start. Don't spend hundreds of thousands of dollars on a project that may simply not have the potential to generate a satisfactory return. Successful business people always complete the appropriate due diligence before any capital investment.
Some of the questions that need to be considered:
- What is my budget and is it verified by thorough research?
- Can my concept/model generate sufficient revenue?
- What are the demographics of the area I have selected in which to operate?
- What licences, registrations and approvals do I need?
- What type of premises do I need and is it conducive to my business model?
- What compliance issues need to be considered?
- How should I structure my offering?
- Is the design scheme functional as well as aesthetically pleasing?
- Is the kitchen design able to accommodate your offering and target volume?
- Where do I source the right equipment for the project?