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?