• Answers
  • Web
Answer 2 out of 2
 
11 helpful answers
A:

Opening any business without experience or knowledge is little short of suicidal. This market is incredibly competitive so unless the concept is absolutely stand out then I'd give it a wide berth.

Having said that, I'd earnestly advise getting solid financial advice. I'd look for an accountant and/or lawyer with bags of experience and ask them a number of simple questions - eg: 

  • What are the start up costs for the area in which you're thinking of operating?
  • Are there untapped niches/specialties?
  • What are the anticipated gross margins in this area?
  • What are staff costs likely to work out at? 
  • What are the typcial other overheads I need to consider?
  • How do I control costs/wastage?
  • Who are the most  popular suppliers in this area?
  • What are the tax implications for employing staff - eg what's the law on tips?
  • What is price competition like in the area?
  • Is there demand for additional eating establishments in the area?
  • What about location?
 
Comment About This Answer (or add your own answer)

Feed - Subscribe to changes to this Q&A Blog
ADVERTISEMENT
  • Answers
  • Web
Copyright © 2006-2009, Yedda Inc. and respective copyright owners