The food industry, which is currently valued at USD 39.71 billion, is expected to grow at a CAGR of 11% to USD 65.4 billion by 2018.
Generally people prefer to sit, relax and eat food of their choice, while enjoying the aura, rather than sweating themselves in the kitchen and missing out the fun of the gathering, especially during the weekends or holidays.
The food industry, which is currently valued at US$ 39.71 billion, is expected to grow at a Compounded Annual Growth Rate (CAGR) of 11 per cent to US$ 65.4 billion by 2018. Food and grocery account for around 31 per cent of India’s consumption basket.
The Indian food processing industry accounts for 32 per cent of the country’s total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth.
It contributes around 14 per cent of manufacturing Gross Domestic Product (GDP), 13 per cent of India’s exports and six per cent of total industrial investment. Indian food service industry is expected to reach US$ 78 billion by 2018.The Indian gourmet food market is currently valued at US$ 1.3 billion and is growing at a Compound Annual Growth Rate (CAGR) of 20 per cent. India's organic food market is expected to increase by three times by 2020.
The Confederation of Indian Industry (CII) estimates that the food processing sectors have the potential to attract as much as US$ 33 billion of investment over the next 10 years and also to generate employment of nine million person-days
Here are a few quick success tips for Aspiring Casual dining restaurant owners:
1. Good Food:
There is no substitute for the basic ingredient, which your restaurant is going to be known for, that is food.
Nose for good food and the active taste buds can never hold a foodie back, if they are pleased, they will force the foodie in anybody to jump out of the pit.
Thus serving good food is your ultimate goal, good service serve as an add on value to the brand you are going to form.
Do not compromise with the quality of food, which you are going to serve to the customers.
2. Find the right place:
Choose carefully the area, where you are going to set your restaurant up, who all are your competitors in the area, check their menu to make room for yourself, where you can extend your wings.
Check how far is the market, or how easily the supplier can supply the raw materials and things which are needed on daily basis.
Also one needs to see how the crowd is in that area, where people prefer eat out often, like areas such a next to shopping malls, super markets, or community centers.
3. Hire smart people:
It is another important aspect to take care of, while setting up a restaurant. Hire people who are well trained, punctual, sincere and smart at their work, as the entire business also depends upon the aura, hygiene and behavior of the waiters as well as the food and beverage served.
The staff should be polite and soft spoken, when it comes to dealing with customers. Also for safety one needs to hire bouncers for some notorious customers.
One cannot miss out on how important an account is for the business, who will take care of profits, expenses, salary and billings.
Make sure you have sent the advertisements for different media channels, to let the customers know about your existence.
It will add on to your favor, if you add some coupons or gifts for the first 100 customers or something as such.
In a restaurant, the taste of the food is important, but the furniture and the interior decorations also are equally important. First you please your customers with the aura, the cutlery and then with that plate of beautifully garnished food.