Find out the golden tips to run a successful restaurant business in Nepal

Restaurant business has become common today with people randomly investing and starting on it. Though an increasing number of people opt for operating restaurants, only a few become successful.

The majority of investors in the restaurant business fail to succeed and incur huge losses. In the context of Nepal, people dive into this business without having basic knowledge and experience. They just see the progress made by others and try to imitate.

Restaurants with low investment have higher chances of failure however, we can see some high capacity restaurants degrading their overall financial and operational health due to various factors. 

Is running a restaurant business really tough or what could be the reasons behind the majority of investors failing?

Basically, opening a restaurant is not that difficult. If you have the required budget, your desired restaurant setup and the facility can be built with assistance from hospitality consultants or you yourself.

The only difficult task is to operate your restaurant efficiently, satisfy your valued customers, generate ample revenue and enhance the overall health of your business.

Let’s discover some important tips to run a successful restaurant business in Nepal.

Here are the top 10 golden strategies that could be fruitful to run your successful restaurant business.

Tips to run successful restaurant business in Nepal

Know your target market

The first important thing you need to consider while entering a restaurant business is knowing your target market. If you are unaware of your probable customers, the chances of failure are maximum.

As you discover your target market, you can specialize in targeted food items, services and ambience to attract more customers. Knowing your customers means understanding their food desires which can help you in enhancing your food business.

You must be wondering how can we discover our target market. Well, you can execute various strategies for that like visiting other restaurants, doing properly targeted research, surveying people, researching food items with varying locations, knowing the type of customers, finding out food prices, reading online reviews of customers and much more.

Finding information is easy these days due to the influence of social media and other digital technologies.

Decide the type of your restaurant business

After knowing your target market, you need to identify your concept and finalize the type of service to be provided. 

The food industry is vast and you have lots of choices, to begin with. For instance, you can choose fast-food restaurants, specialized cuisine restaurants, fine dining restaurants, food trucks, pop up restaurants, family-style dining restaurants and much more. 

These choices depend upon your requirement, allocated budget and target customers. If your investment is huge, you can run fine dining and specialized cuisine restaurants whereas you can go for fast-food and typical restaurants with a limited budget.

Another important factor while deciding your business is the location. You need to focus on the type of business by choosing your location wisely.

Be aware of your budget

Budget plays a pivotal role in deciding the future of your restaurant business. Your beautiful and ambitious ideas can turn into reality only if the requirements can be fulfilled by your allocated budget.

Why budget is important for running a successful restaurant business?

Without a proper budget, your restaurant project remains vague and can’t operate with optimum efficiency. You will be compelled to compromise on quality service, professional staff, marketing campaign and so on with a limited budget available. This, in turn, degrades the performance of your restaurant business.

A wise budget allocation can boost the overall health of your restaurant business. You can utilize the budget wisely for marketing purposes, hiring professional staff, seeking assistance from hospitality consultants, decorating interiors and much more.

Choose your location wisely

Location plays an important role in deciding the successful nature of your restaurant business. You need to research a lot before finalizing the location.

For example, you might need to focus on your restaurant location that is easily accessible and features a calm ambience. The location should also be easily visible and equipped with adequate parking space. 

When choosing a location, you also need to analyze your type of business and potential customers. Sometimes, you choose a local area but focus on serving expensive foods due to which your business fails. 

The competition is also tough these days with various restaurants offering services next to you. You need to track their performance and try to boost your business.

Hire Professional Staff

You have built an amazing restaurant, the ambience is appealing and the location is perfect. However, if you compromise on hiring professional staff including chefs, managers, service staff, waiter/waitress, receptionists and so on, it is sure your restaurant will disappoint customers which will then generate a loss for your business.

That’s why you must deploy professional staff who can work efficiently and smartly to run your business smoothly. The overall operation of your restaurant business gets affected if employees fail to perform well.

The main impression of your restaurant is the food items you serve. For that, you must hire a great chef who has good knowledge, experience in the hospitality industry and can prepare unique dishes as per customers’ requirements.

You must have heard people going to a particular restaurant due to the alluring dishes prepared by the expert chefs. Always make sure the chefs your company hires can satisfy the taste buds of your customers.

Besides chefs, you must also focus on hiring experienced service staff including waiters/waitresses, front desk officers, and helpers who can deliver services quickly and robustly. 

Develop a great Menu

A menu is the most important aspect of your restaurant business. Basically, the menu represents the list of food items your restaurant serves, their prices, description and other related information.

You need to make sure the food names and pricing are clearly illustrated on the menu card. Also try to make it simple and elegant so that, your valued customers can easily locate their favourite dishes and make appropriate decisions.

If you have some budget to spend on menu design, you can hire professional food photographers and graphic designers to produce a visually appealing menu card.

An attractive menu can be one of the important factors for customers to come back to your restaurant.

Seek assistance from Hospitality Consultants 

You may have heard about hospitality consultant service but do you know why such service could be beneficial for running your successful restaurant business.

Hospitality consultants are experienced and well-educated teams of chefs, hotel managers, financial advisors, information technology officers, trainers and much more who can assist to boost the overall performance of your business and enhance profitability.

Consultants provide various services including operational management, financial & revenue management, staff recruiting & training and various others as per your requirement.

Conclusion

You need to plan carefully before getting into the restaurant business. The tips we discussed above are the important ones to consider and you can also add your idea and optimize it.

One of the key things you can do before starting is review case studies of successful as well as failed restaurant businesses and discover the key reasons. In that way, you can visualize how you can run a successful restaurant.