When you start a new business you have to become an expert in a wide range of fields, a jack of all trades, because you can't afford to employ specialists. But, as you get bigger you have to hand over some of these responsibilities to real experts. By far the most important thing I've done is to develop a management team that can compensate for the shortcomings of the founder."
With the impetus given by the government on creating infrastructure, not only for the local population, but for the perceived needs of the tourists, I had a feeling the tourism industry would pick up in a great way in our region.
There have been fast food joints operating in our area for quite sometime, but these predominantly serve American food. There were one or two eateries serving local food, but the service was not upto the mark. The need of the hour was to open a restaurant which could cater to an international clientele , and yet allow them to experiment with the local cuisine, if they felt like. Yes, I had made up my mind to exploit this potential and open a budget restaurant,which could cater to the growing number of tourists, who wanted to have cuisines from all over the world and were willing to experiment the local flavours too.
Location plays a very important role in determining the success or failure of a business venture, especially a small business venture, like an eatery. The business and revenues would most certainly depend on the number of persons visiting this outlet. So, I had to make sure that it was in the heart of the city or such appropriate place , where tourists would flock for a good bargain. Luckily, an existing eatery was on sale, very close to the city center and I finalized on it. It had only one floor built, so, I could add some more floors, in case my venture was successful.
The cost of the building with the existing unit was 5000. Mobilizing such a huge amount was a nightmare. Somehow, I was able to mortgage my house and apply for a loan from the Bank of . My papers were cleared and I had been sanctioned and amount of 3000 from the bank, to be repaid over a period of ten years.
I was able to arrange the rest of the amount as loans from friends and relatives.
Next I had to think about the workers, their salaries, cost of renovations etc.
We decided to start with a minimum number of workers. The family members would have to pitch in as and when they had a chance. My wife and I would take care of the restaurant in the day and my college-going son was asked to help in the evenings, as the rush would be too much for the two of us to handle. So, we needed minimum help in the form of
Apportioning a salary of 100 for the cook, and 50 each for the servers, we would have the rest of the profits. The cost of raw materials had to be factored in, which would work out to 100 during lean days and any where from 200-300 during the tourist season.
Investing a reasonable amount in marketing and creating consumer awareness has its own benefits for any business. We set aside a sum of 500 fro placing advertisements in in-flight magazines, and pamphlets to be distributed at tourist spots. Once people starting visiting us, our reputation would depend more on the word of mouth. We had to be very careful in treating each customer and paying individual attention. Our place had to be spanking clean and ...
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(Small Business Case Study Example | Topics and Well Written Essays - 2500 Words)
“Small Business Case Study Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.net/business/308060-small-business-case-study.
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