Welcome to my Blog and i hope my posts have been of use to you.
In this post we are going to go through the 5 action steps you need to initiate once you have your menu and Business plan in place.Lets get to it……
Getting Capital Investment in place
As we discussed in previous post capital investment is the initial investment you make to set up your business.( Refer step-2- my previous post- For more details).Now you have to decide whether the money you are going to invest is your own or you are going to take bank loan.In the case of bank loan,You need to submit your business plan with necessary Documents and proofs for loan proposal in the bank as this process takes some time and success rate depends on the quality of the business plan and documents submitted and your credit score.In case bank loan doesn’t work out ,you need to start looking for potential investers.
Because of these reasons this is the first action plan to initiate.
Looking For a Place of Business
Based on your concept and menu you should initiate the process of looking for a suitable place to cater your target customers.There are few ways to do this;
- On Your own Through known Contacts.
- By using the services of real estate company/Agents
- By Advertising
Before Finalizing a Place it is important to make sure the place you about to rent fulfills all the necessary Legal requirements and suitable for your type of business.
Registration And Legal Requisite
There are couple of registrations and licences needs to be obtained which is mandatory.You should start applying for the following;
- Registering Your Company
- FSSAI Licence
- GST Registration
- Trade Licence
- Shop and Establishment Act
- Fire NOC
- Signage Licence
Apart from the above mentioned, there are several other licences which is mandetory such as Lift Clearance,Music Licence ,etc according to your business model.Most of licences can be obtained by applying with the necessary documents to the relevent departments on your own or can opt for consulting services to help you get them.
Once your place of business is finalized you should start getting quotations for interior designing,Plumbing,Electrical,Machineries,Grapic work and display,etc.
In the mean time find vendors and collect quotations for raw materials based on your menu,Packing materials,cleaning supplies,etc
Always try to find several vendors who can give similar services in order to compare and negotiate better.
While all the other works are happening you should advertise through various available mediums to look for prospective employees.Finding a right staff for your organization is no easy task and it takes time by screening through resumes and conducting interviews.Other option is to take the help of man power consultants who can filter the candidates for you and it will cost you money.By doing this exercise early on ,you will have reasonable numbers of prospective candidates in reference by the time set up is done.
Few Important Things To Keep In Mind
By the time all the settup is done you should have your working capital ready for next few months – Preferably 6 months.Also this is the time to plan for marketing.There are many websites which can give you details about documents requied to obtain various licences or you can also contact consultants for advice.The aim of this post is to give you an overview and a fair idea about the important steps to follow to set up your Bakery or Restaurant.Each subject can be discussed elaborately and if anyone have any questions you can contact me through this site.
On a final note,Due to the hardships unleased by the on going pandemic, for many it feels like everythig is lost.But it is my advice for everyone to hang on, with patience ,perseverance and innovation we can find new ways to look at the businesses going forward to increase success rate. optimism with caution i might say……..
We will discuss more on this subject in the upcoming posts…… To get notified of new Blog post kindly subscribe……..
Until Next Time Bye From Chef Pradeep………