Fast Food Business
7 Tips for Starting a Fast Food BusinessThe take-out and fast food business industry in the U.S. continues to boom, despite related health risks. Yet perceptions about what constitutes fast food are changing. According to a recent study by fast-food business consulting firm Technomic “Consumers are expanding their definition of fast food business: “Consumers’ perception of the fast-food business is no longer confined to quick-service, drive-thru restaurants, and convenience stores. Instead, a dual concept has emerged, consisting of traditional fast food business, and of “food fast” served quickly with a greater emphasis on flavor, quality, and ambiance. (The)… the idea of places offering “fast food” has expanded…to include fast-casual restaurants such as Panera and full-service restaurants offering carryout and curbside service.” What does this perception-shift mean for entrepreneurs? More opportunities but also more competition! Starting a restaurant (fast food, food fast, or fast-casual) is a hugely popular entrepreneurial dream, yet the reality is far from dreamy. The restaurant business in notoriously tough – Gordon Ramsay would be out of a job if it weren’t – but where there is a will there is often away. While vision and ingenuity are key to any start-up ambition, turning that ambition into success requires research, planning, capital (not always as much as you think), business acumen, and perseverance. So how do these all tie together? Here are some tips that can help entrepreneurs start, operate, and grow their fast food or take-out business successfully and within the law. Research, Research, Research Because the fast-food business is so competitive, it’s vital that you do your research. Start by talking to someone who has done this before. Business networking events (such as those operated by Small Business Development Centers, SCORE, and local Chambers of Commerce) offer a great venue for picking the brains of fellow business people. Try to find out what works, what doesn’t, and what they would do differently. If you are aware of restaurants that have failed, try to identify why (online community forums are a great way of gauging market need and customer opinion about local food service businesses). Knowing what works and what doesn’t will help you to define your target market and the niche opportunity that you can justifiably build a strong business case for going after. Whether it’s specializing in authentic Chicago hot dogs or freshly made cupcakes – focus on providing a unique and quality product – don’t try to be all things to all people. Above all, take your time. Try to objectively determine what price points your customers will tolerate. What is competition? Do the local demographics support your venture (now and in the future)? Likewise, research potential locations. While city locations may attract walk-in traffic, many suburban locations offer a higher concentration of lucrative “family-oriented” fast-food opportunities. Get more advice and tips from Business.gov on choosing a business location. And for more market research tips check out Business.gov’s Market Research Guide which includes free access to demographics and consumer data. Consider Starting Small You may dream of gleaming marble counters, a top-notch kitchen, and a prime downtown location, but starting small can often be the best first step into fast food restaurant ownership. Not only will it give you a view of the basic fundamentals that apply to the business, but it also requires less capital and therefore less risk. Small sandwich shops or food concession stands can provide a taste of the foodservice business with minimal overhead. Alternatively, fast-food franchises might be an option worth considering for entrepreneurs who are not quite ready to make the leap into full business ownership. These articles provide insight into some of the options for starting small:
- How to Start a Food Concession Business: An Entrepreneur’s Checklist – Part 1 (the basics of getting started) and Part 2 (covers regulatory requirements, finding a location and equipment)
- Going Beyond the Hype, Managing the Risk, and Finding the Right Franchise Opportunity for You – Helps you assess whether you are ready to be a franchise owner, the types of opportunities available, and more.
- Opening a Restaurant Franchise – Your Essential Checklist – This article sifts through some of the best articles, resources, and tools to provide an A-Z checklist about how to start a restaurant franchise and make it a success.
Fast Food Business
Accelerating Income Reduces Tax Liability Due to Taxes Rates Hikes 2021. Income that’s on the cusp might feasibly to receive and avoid a higher rate
Accounting to a non-financial person can be a mammoth task according to Accountants in Miami, CPA. Wading through invoices, bank statements amongst other duties can be quite tasking especially for small business owners who have a lot of other things to do. Even businesses that have an in-house accounting team still need to manage the functions of the accounting team to ensure they meet the business objectives at a minimal cost.