We are planning to open a fast food chain in Delhi/NCR region. I wanted to know what should we primarily work on to build our product in a systematic manner.
Just 5 important points to observe for any new business:
1. Unique Selling Point(USP)of your chain. How do you stand apart?
2. Customers - Why and Who are Your Customers?
3. Location - Why this Location? Does it have a cost-profit advantage or Customer - exposure advantage?
4. Marketing & Sales - How to spend less and gain more?
5. Burn Rate - How much you can burn cash till you start making any progress, either in customer acquisition or in profit, because at the end MONEY is the game changer.
Pay close attention to:
1. Locations. (Cliched, but it's EVERYTHING)
2. Product market/fit. I'm sure if you're planning to do this then you've researched the viability of your primary menu choices, but always stay agile enough to respond to customer tastes and trends.
3. Marketing: If you're a franchise then you'll have to contextualize the marketing materials to fit your regional tastes. If you're a new brand then you'll need to do something very creative to get in the minds and tastes of your market. Spend money on a reputable firm with a backround and track record in successful marketing campaigns in your niche.
4. CAPITAL. This is where it all goes to sh*t, make sure you have a capital runway to last at least a year while you are attempting to get your house in order and your business breaking even/profitable.
Other things you should pay attention to:
Staffing and training. Your staff are your most important assets besides your concept. Even if your food is mediocre, a customer who had a great time at your place because of the staff's skill and friendliness will keep coming back.
You will experience an initial influx of sales/customers at launch and during each successful campaign. This is misleading as it may draw you into expecting sales to stay at that level. It won't. Sales will always drop off after the initial "new product, gotta try it" bump. Your focus should be on how to capitalize on these walk-ins to keep them coming back and it will be a very small window that's over before you know it. Focus on making these people's in-store experience incredible and amazing.
Get your financial systems in spotless order as soon as possible. Once you have a mess of sales to contend with, it will be very difficult to manage, and if you can't watch your bottom line, you won't know which end is up for your business.
1).Your Location should be Easily Accessible
2).Your Brand Name Should be shorter and Simple as ABC so it can always ring a bell in your Clients Ear
3).Be ready to meet demands consistently
4).Make sure you satisfy the customers
5).Create a Menu with Goodies coming along with it.
1 LOCATION should be easily accessible
2 Menu card contains varieties
3 Affordable price because fast food chain attract youngster faster and they have budget issues
4 Good service and sitting arrangement so that customer feels comfortable
5 OFFERS or gifts like 10%off, 20%off must be added it attaract customers.
ALL THE BEST