I Want to Start a Small Business
Opening a Vietnamese Restaurant
Starting a Vietnamese restaurant is a rewarding experience if you have the creativity and tenacity necessary to be a successful entrepreneur. We offer nuts-and-bolts information on successfully operating a small business.
Wondering how to start a Vietnamese restaurant? We take you step-by-step from start to success.
Are you friend or pho? Sorry for the bad Vietnamese food pun! But, seriously, we are here to help you learn about opening a Vietnamese restaurant. What questions do you have?
Consumer Expectations for Vietnamese Cuisine
Vietnamese is one of a handful of ethnic cuisines that have gained traction in the U.S. restaurant industry. But like any other restaurant cuisine, consumers have certain expectations about the Vietnamese restaurants they patronize -- and those expectations may not always line up with typical cuisine in Vietnam.
For startup Vietnamese restaurateurs, it's important to balance an authentic dining experience with the demands of U.S. diners. Even if you have buckets of experience cooking authentic Vietnamese cuisine, you'll want to visit several successful Vietnamese restaurants to familiarize yourself with the Vietnamese dining scene in the U.S.
Startup Vietnamese restaurateurs also need to develop their business leadership skills in order to make it today's food service industry. Great food will only get you so far -- if you lack business experience, consider finding a mentor with restaurant industry experience to hone your entrepreneurial instincts.
Fundamental Elements of Successful Vietnamese Startups
The best Vietnamese restaurants feature a handful of essential elements designed to offer diners value and a unique food experience. If your goal is to simply duplicate the restaurant experience of a local competitor, forget it. Instead, you'll need to create a unique restaurant concept that incorporates the following components.
- Fresh Ingredients. Vietnamese restaurant diners expect their dishes to contain the freshest possible fish, meat and vegetables. No problem, right? In fact, it could be a big problem is you haven't taken the time to develop solid vendor relationships. Don't even think about opening your doors until you have cemented reliable vendor relationships for all of your key ingredients.
- Ambience. A Vietnamese restaurant is a specialty food experience. Not surprisingly, diners expect the ambience to contribute to the experience and to reflect the cultural theme of the establishment. Although ambience can be limited by the constraints of the space you lease, this is your opportunity to be creative, keeping in mind that clean and simple is always preferable to gaudy and cheesy.
- Affordability. Pricing is a problem for many Vietnamese restaurants. In general, consumers expect menu prices for Asian cuisine to be very affordable. This expectation causes many Asian restaurateurs to underprice their menu items, sacrificing long-term sustainability for short-term traffic. For Vietnamese restaurant startups, the best pricing models are developed with one eye on the market and the other eye on the budget.
Best Practices for Writing a Vietnamese Restaurant Business Plan
Many new Vietnamese restaurant owners feel unprepared for the challenge of writing a business plan.
But even though you have primary responsibility for drafting a business plan for your Vietnamese restaurant, you aren't entirely alone. These days, there are tons of great resources and solutions available to support the business plan writing process.
If you're feeling overwhelmed, take a look at Gaebler's Business Plan Help section for a list of business plan writing resources.
How Many Local Customers Can You Acquire?
How many potential customers will be within a fifteen-minute drive of your business? How many will be within an hour's drive of your business? It's important to run the numbers to understand how many customers might be interested in coming to your local Vietnamese restaurant.
Evaluate the Competition
Long before you open a Vietnamese restaurant in your area, it's a good idea to determine what the competition looks like. Use the link below to generate a list of competitors nearby. Just enter your city, state and zip code to get a list of Vietnamese restaurants in your community.
How tough is the competition in the market you are considering? If the competition is too tough, you may need to think about starting the business in a different area or even start a completely different business instead.
Studying the Market
If you want to open a Vietnamese restaurant it's a wise move to learn from folks who are already in business. If you think owners of nearby Vietnamese restaurants will give you advice, think again. What's in it for them?
Fortunately, somebody who runs a Vietnamese restaurant in a location that is not competitive to you may be willing to share their entrepreneurial wisdom with you, as long as they don't view you as a competitive threat. In that case, the business owner may be more than happy to discuss the industry with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Where would you find an entrepreneur who is running a Vietnamese restaurant that lives outside of your area?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Benefits & Drawbacks of a Vietnamese Restaurant Acquisition
Although there are significant benefits to buying a Vietnamese restaurant (rather than launching a startup), it's important to weigh the pros and cons before you commit to a purchase scenario.
PROs: Existing companies have proven business models and a history of profitability. They should also have some degree of brand recognition and an established customer base.
DRAWBACKS: However, purchased companies can also come with pre-existing challenges and/or liabilities. Ultimately, it may be more difficult to tailor a purchased business to your ownership style.
Explore Franchising Options
Marketing, vendors, operation manuals, hiring - these are just a few of the challenges startup business owners face right out of the gate.
That makes franchising an attractive alternative to traditional business startups. Our asian restaurant franchise directory offers a variety of Vietnamese restaurant franchise opportunities, many of which may be the perfect fit for your personal and professional goals.
Other Useful Articles for Startup Entrepreneurs
These additional resources regarding getting started as an entrepreneur may be of interest to you.
Consideration Before Buying a Franchise
Questions to Ask Before Starting a Business
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Additional Resources for Entrepreneurs