Starting a Business
Starting an Asian Restaurant
Before you start an Asian restaurant, a little competitive intelligence is in order.
Based on discussions with several experienced entrepreneurs, we share our secrets on how to open an Asian restaurant.
Business Plan Mechanics for Asian Restaurants
Haven't created a business plan for your Asian restaurant yet? You could be in big trouble.
At Gaebler, we advise new business owners to keep your business plan simple. Ultimately, your business plan is intended to be a resource for you, the business owner.
If your time is limiting, outline the essentials of your Asian restaurant's business plan now and make a commitment to come back to it later.
Talk to the Community
If you're a startup Asian restaurant owner, you are likely to be heavily dependent on local support. Most Asian restaurants are local businesses that are marketed to a geographically concentrated customer base. For this reason, early in your startup process, we strongly recommend that you inquire with local residents whether they would buy from a new Asian restaurant, if one were to open up in the area.
Investigate the Competition
Before you open an Asian restaurant in your area, it's a good idea to find out how strong the competition is. We've provided the link below to help you get a list of local competitors in your city. After clicking on the link, type in your city, state and zip code to get a list of Asian restaurants near you.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
Once you've finished assessing the competion, you really ought to speak with somebody who is already in the business. It's very unlikely that the local competition will talk to you. What's in it for them?
But, a person who owns an Asian restaurant in another town may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. In fact, they are often very willing to share startup advice with you. If you are persistent, you can find a business mentor who is willing to help you out.
Where can you find an Asian restaurant entrepreneur in a different locale who can assist you?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Why You Should Buy (Instead of Start) an Asian Restaurant
It's no secret that entrepreneurs have a strong impulse to build companies from the ground up.
But from a business and financial perspective, it may make more sense to leverage an existing Asian restaurant as your vehicle for world domination.
Existing Asian restaurants are proven operations with dependable revenue streams. And that's not to mention the fact that a purchase let's you avoid the trial-and-error mistakes that are common in startups.
Consider Franchising
The four-year survival rate for business startups is less than fifty-percent. Survival rates improve when entrepreneurs launch an Asian restaurant franchise. Unlike traditional business models, franchise startups launch with many of the resources and learnings that other startups acquire over time.
At a minimum, click the link below to explore the possibility of pursuing a franchised approach to your Asian restaurant startup.
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