Welcome, for having an ambitious goal. You think you will have excellent returns from a business where more than 3/4th of new entrants fails. That too, within first year of operation. They either close the shutters or try to do a distress sale.
That is food industry for you. If you are not careful. You think making a great menu and marketing with copied stock food photos will give you success in food industry? Well, that’s what most of the new players think. They think its an easy business. For one simple reason. They believe that Rs. 150 “Paav Bhaji” doesn’t cost more than Rs.25 to make it. So, this business is virtually a gold mine. And, they jump right into it. Only to realize that business is not just about gross margins.
It is all about understanding the USP, finding the niche for your customers, managing your processes and quality for consistent and predictable output, anticipating customer needs and surpassing it, managing your cash cycles, leveraging IT for superior customer experience, smart and effective marketing etc. If you are prepared to figure out all these pieces (and many more) for your start-up, then welcome to the food retail and hospitality industry. Your every endeavor would be an adventure of life-time and leave you wiser and more prudent (and maybe a multi-millionaire). If you know all these aspects of business, do it on your own. If not, join a partner who has proven results in business. Join a winning team and cut short your risk and learning curve.