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There is a very successful business here in UT called Curry in A Hurry. You can call ahead and have take-out waiting or you can dine inside. Not too fancy but very good food. They rotate what curries they make daily, so you don't get too tired of the same thing. Seems to be a good business model as they expanded a year or so ago.
See that's the sort of thing I think would go down a treat. I mentioned the Chi-Thai in an earlier post. that place is hopping almost every night. You can order ahead either by phone or when you get there. You can do your shopping while you wait and you can either take it out or you can sit down and eat there although not great ambiance.
Another idea would be to open near a pub. 'Cause there's nothing like a great curry after a few beers LOL
Thanks for your feed back mine is lunch between $7 to $10 dollars and dinner between $8 to $12 dollars. I am bit confusing about present recession, loss of jobs (Wachovia and Bank of America) and I have to invest two hundred thousand. This is the right or Wrong time to open a business (I will open around March 2009). Please give me your feed back.
Regards
Vajja
I think you should check with some other Indian restaurants in the area and see how they have been fairing through all of this. We have seen a little slow down the past 2 months but this month has been better.
There is a place called Copper on East Blvd that serves Indian cuisine, it is an upscale restaurant and has been there for few years. The owners are very nice and I am sure they would be glad to speak with you.
Also, I would highly suggest talking to other business owners in the area you have chosen and dropping in to dine at these places at different hours to see how the traffic flow is.
Your dinner prices seem a little low for dinner in that area, but I do not know what intentions you have or your target clientele. I think that if you have good product, good service, and a good location you should do fine.
I wish you the best of luck with your decision.
Here are my thoughts on your process. I have also been interested in opening a resteraunt in the next couple years and here is what my research has afforded me.
1. It can't be said enough, location, location, location. Research the areas you are area looking at. What is your competition, not only other Indian resteraunts, but resteraunts in your price range, other Asian Cuisine is a big competitior, how are they doing? How is the area doing where you are at. Is there an Anchor store, how are they doing? What competition is moving into the area? What are the road conditions (i.e. they are going to expand the road and expect a year of tore up roads).
2. Economy, the economy is not doing as bad as people fear, yes its not good, yes stocks are falling, etc. But I don't see too many people changing their daily habits yet. They may not buy that new car, they may wait a little longer to go on vacation, but moderate price resteraunts are doing ok. $7-$10 lunch is decent, but know your area, $7 is too much in many places, especially is the local subway offers $5 meals and a Chinese take out is offering $4 lunchs. I assume you are going to do a traditional sit in? Or is it a chain, as you talked about investment? Your dinners sounds about right, but it all depends on what you offer, quantity and quality. Will you have a bar?
3. Investment, $200K is a bit low for a resteraunt invenstment. I would assume you would be doing the standard small business loan and/or could lose this money. You have enough money to live on for at least 2 years without this income. New places don't make money for at least a year. Ramping up can be tough and usually is a big loss for 6 months, free dinners, coupons, extra advertising, paying your wait staff more until the customers come in and they can live off the tips. It's not just the investment in the capital. Time is also a killer, plan 15 hour days at least.
4. Differentiators.. What are you doing to stand out. Do you have a marketing plan. I love good Indian Cuisine, but I am very picky and one bad experience kills it for me. And not just bad service, cold food etc. But food quality, better quality meats, offer white meat chicken (healthier and people may request it), Veggie options, kids meals, etc. Parents may love it, but kids often do not, can you offer them a hot dog? I remember someone I know well, could only go out to certain resteraunts as a family because of the kids meals. Their child would not eat many foods, but then they found a great Mexican resteraunt as a couple but their kids meal was all Mexican dishes, but the kid wouldn't eat it. They talked to the manager, who ended up adding three american style meals for kids, simple things like Grilled Cheese, Chiken Fingers and a Hot Dog can make a parent very happy.
Ok enough for now.. This made me want to go back to my business plan again.. !!! Good luck. And if you go North Side you may see me there!
Here are my thoughts on your process. I have also been interested in opening a resteraunt in the next couple years and here is what my research has afforded me.
1. It can't be said enough, location, location, location. Research the areas you are area looking at. What is your competition, not only other Indian resteraunts, but resteraunts in your price range, other Asian Cuisine is a big competitior, how are they doing? How is the area doing where you are at. Is there an Anchor store, how are they doing? What competition is moving into the area? What are the road conditions (i.e. they are going to expand the road and expect a year of tore up roads).
2. Economy, the economy is not doing as bad as people fear, yes its not good, yes stocks are falling, etc. But I don't see too many people changing their daily habits yet. They may not buy that new car, they may wait a little longer to go on vacation, but moderate price resteraunts are doing ok. $7-$10 lunch is decent, but know your area, $7 is too much in many places, especially is the local subway offers $5 meals and a Chinese take out is offering $4 lunchs. I assume you are going to do a traditional sit in? Or is it a chain, as you talked about investment? Your dinners sounds about right, but it all depends on what you offer, quantity and quality. Will you have a bar?
3. Investment, $200K is a bit low for a resteraunt invenstment. I would assume you would be doing the standard small business loan and/or could lose this money. You have enough money to live on for at least 2 years without this income. New places don't make money for at least a year. Ramping up can be tough and usually is a big loss for 6 months, free dinners, coupons, extra advertising, paying your wait staff more until the customers come in and they can live off the tips. It's not just the investment in the capital. Time is also a killer, plan 15 hour days at least.
4. Differentiators.. What are you doing to stand out. Do you have a marketing plan. I love good Indian Cuisine, but I am very picky and one bad experience kills it for me. And not just bad service, cold food etc. But food quality, better quality meats, offer white meat chicken (healthier and people may request it), Veggie options, kids meals, etc. Parents may love it, but kids often do not, can you offer them a hot dog? I remember someone I know well, could only go out to certain resteraunts as a family because of the kids meals. Their child would not eat many foods, but then they found a great Mexican resteraunt as a couple but their kids meal was all Mexican dishes, but the kid wouldn't eat it. They talked to the manager, who ended up adding three american style meals for kids, simple things like Grilled Cheese, Chiken Fingers and a Hot Dog can make a parent very happy.
Ok enough for now.. This made me want to go back to my business plan again.. !!! Good luck. And if you go North Side you may see me there!
I kind of agree but not really...only because I was born and raised in restaurants, everyone in my immediate family, extended family, and we personally own a few.
Moderate price restaurants are not doing well right now. Many are struggling to pay their bills and most are very behind. Not many restaurants are doing well right now. We are in the process of opening a new one and to be quite honest, we are very uneasy about it.
Prior to all of this, all of these restaurants were very successful and made plenty of profit. Now it is day to day.
Thankfully ours is still doing well, but not as well as it was. We have cut hours, cut positions, cut pay, all the extras are gone. There is a strong sense of fear among all restaurant owners right now. If we weren't under contract we would have chosen to not open the new one at this time, but b/c of prior investment and contracts signed before all 'this' happened it was impossible to back out without losing more money, if we were even successful with getting out.
I will not say whether someone should or shouldn't open a business right now. That is up to them and their research, this is all from personal experience and from someone who has experienced the success a well run restaurant can bring...along with all the very hard work you must pour into it.
A lot of people do not understand how difficult it is to have/run a restaurant. People think that b/c they have worked some position in some restaurant in some place or another that it doesn't take the hard work it does.
Restaurants are suffering as much as everyone else. Rising food costs are one example. It is cheaper to eat at a restaurant for a family of four than it is to go to the grocery store and buy food and prepare it at home. A restaurant cannot pass on their costs as quickly as other 'places' that sell food. Nobody would eat out if we did that.
I could go on and on but my kids are wanting attention and I am losing my train of thought.
I agree Vicki.. It's going to be tough to start one right now.. But we are talking mid 2009.. and again it depends on location. Who knows.. Like you said, I wouldn't make the call for anyone. What kind of restaurants do you own?
Thanks VIckit and Whytewulf for your feedback, some of restaurant owners suggest me wait until the president election and see the stock market fluctuations until November 10th. My location is 2 miles from South Park and 0.2 miles from Cotswold village Shopping center and there is no competition around 4.5 miles. At present I enquired most of the restaurant tenants they told me casual restaurants (South Park) doing well and Fine dining restaurants are not doing (south Park) well in that area.
How about Arboretum location for Indian restaurant Please suggest me
How about Arboretum location for Indian restaurant. I am planning one in Arboretum location. I want your Suggestions about Arboretum location. For Example Arboretum is right location for restaurant Business (Indian) what brings to people in that location. How about Lunch Crowd (need Offices, Hospital and Schools) For Dinner and Weekend Crowd (residence and Demographics). Please let me know your feed back will be appreciated.
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How about Arboretum location for Indian restaurant Please suggest me
