Ethiopian Restaurant Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Ethiopian Restaurant Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start an Ethiopian Restaurant business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
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Over the past 25 years, Ethiopian food has become very popular primarily in major metropolitan area markets. It should be noted that these businesses have also gained traction in suburban markets as more and more people have become familiar with Ethiopian cuisine. These businesses typically only face a modest amount of competition in most major metropolitan area markets, suburban markets, as well as rural markets. These businesses, like all food and beverage businesses, generate relatively strong gross margins that usually range anywhere from 70% to 80%. The startup costs associated with the new Ethiopian restaurant typically range anywhere from $100,000 to $200,000 depending on whether or not the business is going to acquire a liquor license as part of its overall operations. These businesses typically operate with a strong degree of economic stability given that Ethiopian food is typically affordable to most people.
Given that this is a business that has a large amount of furniture, fixtures, and equipment – most private investors as well as financial institutions are willing to provide capital to launch these types of restaurants. Of course, an Ethiopian restaurant business plan is going to be required. This business plan should feature a three year profit loss statement, cash analysis, balance sheet, breakeven analysis, and business ratios page. Within the business plan, a full inventory of all the furniture, fixtures, and equipment should be listed as it will be used as collateral for any type of business loan that the entrepreneur may be seeking. The bank is also going to want to see a very well-developed demographic profile that showcases the average customer of the business while also outlining the median household income, population size, population density, and percentage of people that eat out within the document. A competitive analysis should also be included to not only discuss potential competitors that are also offering Ethiopian cuisine, but also other businesses that provide similar fare. This will ensure that the restaurant is operating in a market that can handle additional competition.
An Ethiopian restaurant SWOT analysis should also be produced. As it relates to strengths, Ethiopian restaurants really face a tremendous amount of competition in any market which launch operations. The gross margins from sales are high, the barriers to entry are moderate, and a liquor license can greatly expand the profitability of these businesses.
For weaknesses, like any food and beverage business or restaurant business – there are always risks associated with handling food. Additionally, the high startup cost and high operating expenses must be maintained properly in order to ensure that the business can reach profitability quickly.
For opportunities, one of the ways that these businesses often expand simply by establishing additional locations. These businesses also offer specialized catering services so that larger orders are placed with the business on an ongoing basis.
For threats, the biggest issue facing a restaurant business is a major economic recession. During these times, consumers will pull back on expenses such as eating out.
An Ethiopian restaurant marketing plan should also be developed in order to ensure that people will frequent the restaurant immediately at the onset of operations. Foremost, many entrepreneurs enter this market will distribute coupons, flyers, and specialized discounts so the people want to come and try the Ethiopian restaurant immediately. Food journals, and area newspapers can also be a great source of referrals once a food critic comes to location to try the cuisine. A strong review in a newspaper or food journal can be a huge boon for the business at the onset of operations. As such, the owner should try to contact newspapers within the local market in order to have a food critic come and try to location.
A presence on the Internet is also extremely important for any food and beverage business given that many people will seek out specialized cuisine – like Ethiopian food – on the Internet. The company’s website should clearly showcase the menu, hours of operation, location information, types of payment accepted, and any other piece of relevant information. This website should be mobile friendly. Many businesses also maintain profiles on Yelp.com and TripAdvisor.com in order to have customers leave positive reviews. A presence on social media platforms like Twitter, FaceBook, and Instagram are also a necessity for any type of restaurant business. Over time, the stronger views that are left by people going to the restaurant can be a valuable source of referral traffic for the business. Additionally, via social media – specialized deals and discounts can be showcased to hundreds of people immediately.
Ethiopian cuisine is still gaining popularity within the United States, and for a chef or entrepreneur that has familiarity with operating a restaurant and this type of cuisine these can be highly lucrative businesses. One of the key things to any food and beverage businesses to keep the prices affordable while maintaining a moderately low operating and overhead cost infrastructure. These can be very lucrative businesses to a qualified restaurateur.