In this post, I will show you How to start fast food business in Nigeria. First, you might want to ask, what is fast food? Fast food is that type of quick and cheap food prepared with convenience from a fast food restaurant.
Fast food contained calories, fat, cholesterol, and sodium, and too much in-take of fast food can lead to sickness, such as heart diseases, and high blood pressure, and I suggest that in-take of fast food should be minimized.
However, people who desire fast food, simply walk up to the fast food counter and demand for the type of food they want, and fast food restaurants usually have this kind of facilities, where people just drive through the restaurant’s window, order their food and pick up food without much stress.
How to start Fast Food Business in Nigeria
While planning to start fast food business in Nigeria, several things has to come into your mind, because you should not rush into starting fast food business. You should not forget that fast food business has to do with some method of serving customers with different food prepared in different ways.
Of course, you know of sandwiches and hamburger. Another thing you should not forget is that, in starting fast food business, either you will choose to buy fast food franchise or you will start your own personal fast food business.
Nevertheless, whether or not you buy franchise or you start your own personal fast food business, there are some important things you need to know and put into consideration, while in the process of running fast food business, and these things are:
Once you have made up your mind to either buy a franchise or start your own fast food business, the next step is to decide on what type of food you intend to serve your customers. In most cases, fast food restaurants have a particular type of food served to the customers, but you should not be limited to this kind of food.
Therefore, whether you are to start your own fast food business or buy franchise with the hope of making profit, because that is the purpose of setting up business, you should first of all take into consideration what kind of food you intend to sell to your customers.
Start your business or buy franchise
Having taking decision on what type of food you want to sell, the next thing is to ask yourself a question; ‘am I going to start my own fast food business or am I buying franchise’, for example, from McDonalds.
Once you have settled on this, the next thing you do is taking into consideration your startup capital. This is very crucial because more often than not, purchasing franchise can be more costly than starting your own fast food business, the reason is obvious however, if you buy franchise, it simply means that your investment will be higher than starting your own personal fast food business, but the advantage is that, if the franchise is a renowned franchise that has made name, and is popular, you are likely to stand a chance of making high return on investment (ROI).
Moreso, in the other way round, though buying a reputable franchise could be so profitable; starting your own personal fast food is likely to be cheaper in terms of start-up capital, nonetheless, you may run the risk of scaring away your customers, if they do not enjoy your food in the event of starting your own personal business, instead of buy franchise that is well known, whose reputation has been build, and many are aware of their brand and are patronized by customers in the case of McDonalds food mentioned earlier.
It is also important to note that if you want to build your brand and reputation in fast food business in Nigeria, the option is not to buy a franchise; because you are likely to sell what the owner of the franchise is selling and not what you intend to sell. Hope that is clear!
Place and Location
Another point of consideration is the place and the location you want to site your fast food business in Nigeria. Please you should take this statement very important because you may not succeed in any business you rushed into without taking into consideration the location you intend to start your fast food business.
The location or the place you intend to start your business will to a large extent determine how you business will thrive and the volume of customers you are likely to have. Take for instance, places, where there is low traffic, less people, less economic activities and visibility, fast food business cannot thrive maximally because you need people to patronize your business.
So if you want to start fast food business, it should be at where there are activities, eg, urban centers, where there are shopping malls, colleges and universities, and where there are motor parks, etc.
Another step is to think of how much you think would be sufficient to start and run your fast food business, and that avenue you think you can raise money to start your own fast food business, whether through loan or business association.
One of the potent and effective methods of raising funds to start up your fast food business is to prepare a saleable proposal for investors. Such business proposal should have detailed information on your plans, whether you are buying franchise or start your own fast food business, whichever way, your business should provide the information as in return on investment (ROI), costs and profits and what you think you will do to make your food have edge over other food, should you start your own personal fast food business.
Very important! You do not just rush into starting your fast food business in Nigeria anyhow, you should first study the regulation that regulate the fast food business in Nigeria and be obliged to meet this regulation before you venture into fast food business, sometimes in other way round, you could be licensed to operate fast food business in Nigeria.
So what you need to do is to make inquiry into how to get the license and obtain your permit to start your fast food business in Nigeria, and once you obtain the license to start your fast food business, you are duty bound to keep these laws that regulate fast food business in Nigeria.
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