Singapore is truly a global hub everything since it is continuously rising. In fact, Singapore is a city-state who does well in international rankings, including: the most “technology-ready” country. Plus, Singapore is also said to be the city with “best investment potential”. Just by reading this, I’m pretty sure you’re feeling the urge to put up a business! Here are 10 guidelines to consider and to do when you’re planning to establish your own food/restaurant business.
A business plan should include financial projections, budgeting, marketing strategy, pricing plan, suppliers, operations, hiring policies, service standards etc. Basically, it contains the whole process and plan. This is also a confidential file. To be honest, creating a business plan takes time and a lot of revision so be ready and prepare your patience. You’ll get through it!
You’ll be needing to figure out where are you going to get your capital as well as leave enough for cash reserves and operating capital. Ask yourself again, do you really want this? Are you really determined? Because obviously, it’s a lot or RISK. Putting up a business is about taking risk, *well at first*. When you’ve come to a decision, and you’re finally determined then its time to give it a GO.
You can actually ask help for real estate agents in Singapore to source out locations for your restaurant in an agile way. The only downside of it is that there are certain locations that will require you to pay 1 month’s rent commission to the real estate agent, like for big shopping malls.
When getting a real estate agent, make sure that you already know your desired space size, electrical requirements, the ideal areas in Singapore you prefer and the type of cuisine you are putting up.
5. Architectural Design of your Restaurant
6. Licensing and Registrations
- Food Shop License
- Basic Food Hygiene Course
- Liquor License
- Importing Foods
- Halal License
- Central Provident Fund (CPF)
- Government Service Tax (GST)
7. Kitchen Equipment
8. Hiring the Staff
- Brand awareness
- Repeating customers
- Referrals and word of mouth spreading
There are a lot of professionals out there who can help you in your business. Admit it or not, you’ll be needing help and support.