In-depth Steps to Start a Fast Food Restaurant Business in Nigeria
- on Jun 09, 2023
Yes or Yes, Fast Food Restaurant has become one of the most lucrative businesses in Nigeria in 2023? This is because, whether you like it or not, Food is a necessity to all beings on Earth and no one can do without it. Furthermore, Fast food restaurant business have become very popular in Nigeria because people are making significant change to lifestyles and choice of foods. In a nutshell, Nigerians consider ready-made delicacies from Fast Food Restaurants to keep up with their Lifestyles.
Therefore, your ideas of starting Fast food restaurant in Nigeria is reasonable. To back you up with your plans, I’ve compiled this article from Quick Meals Chefs’ professionals. In this post, you’ll learn the in-depth and practical steps to start a lucrative fast food restaurant in Nigeria.
Hence, without no further ado, let’s dive straight into the primary reasons of this article. However, make sure you drop a comment at the end of your readings. Also share this information to your friends and families, including your social networking.
How to Start a Fast Food Restaurant Business in Nigeria
Follow these steps to start a successful and lucrative fast food restaurant in Nigeria.
#STEP 1; Conduct Market Research and Analysis
Conducting market research and analysis should be the first priority when starting a fast food business in Nigeria and not creating a business plan. In other words, to build a successful fast food restaurant, you must identify your target customers, know what they like, and also conduct research on your competitors and find ways to stand out among them.
Using one of the famous fast food restaurant/eatery as an example, Tantalizer conducted a market research to offers exclusive menu items that caters for local priorities. Mr. Bigg’s on the other hands brought a revolution into the fast food industry in Nigeria by making cultural and local dishes as well as pastries available to the average Nigerian at an affordable price. That’s one of the major ways to stand out in competitive market.
Furthermore, carefully researched market can helps you in mapping a good location to site your Restaurant/Eatery. A good location is one of the key factors that drives a successful business. Hence, conducting market research and analysis helps kickstart a well-planned fast food restaurant business in Nigeria.
#STEP 2; Create a Business Plan
Business plan is another key factor that drives successful business especial when you’re a startup. Creating a business plan is applicable to all startup business with excluding Fast Food Restaurant. In a nutshell, Business Plan is a to-do-list, where you have all the steps you want to take in starting your business written down. In other words, you need to define your business vision, mission and goal in a particular time frame.
However, a good business plan must consist of exclusive summary of your business, marketing plan, key management bios, and financial plan such as startup capital, funding and fundraising. For fast food restaurant, your business plan must includes concept, menu, price and marketing strategies.
#STEP 3; Secure Funding/ Startup Capital
Once you have compiled all requirement in a business plan, next is to secure funding for starting up your Fast food restaurant. Calculate all startup capital and ruining capital, then seek out available funding source. You can get your relatives to support you, it could be your personal savings, a loan, or potential investors.
Many Entrepreneur in Nigeria have secure funding to finance their fast food restaurant business through partnership with local investors, getting loans from commercial and microfinance banks, getting helps from family and friends e.t.c.
#STEP 4; Register a Company Name/Build a Brand
This is important for every Entrepreneurs to register their business name and build a brand. To register a company in Nigeria has been made easy. You can simply register your business online through Cooperate Affair Commission (CAC) website or visit their office. Although, it usually takes 10 days to complete your company name registration, but do note that this is a legal framework to back your Fast Food Restaurant Business up in Nigeria.
Once you’re done registering your business name, then build your brand by creating a brandable logo, business card, business labels and designing the restaurant layout, setting up operations, developing a perfect menu and pricing mechanism.
#STEP 5; Buy Equipment and Utensils
This is important, you’ll need many equipment and kitchen utensils to kickstart your Fast Food Restaurant in Nigeria. In a nutshell, here are some necessary equipment and utensils needed to start a fast food restaurant in Nigeria.
- Cooking Appliances: such as Cooking Gas, Knifes, Pots, Fryers, Microwaves, Grills, Ovens e.t.c.
- Fridge/Refrigerator: This is an important equipment to keep perishable food from spoiling. Furthermore, a Refrigerator can be used to keep soft drink chilled.
- Furnitures: Tables and Chairs is very essential in setting up a fast food restaurant. Tables and chairs are needed both in the kitchen and in the serving rooms.
- POS Machine: It’s good to improve financial inclusion of the country through your business by accepting cashless payment from your customers. A POS machine connected with a computer-based-system can efficiently improve customer’s experience.
#STEP 6; Employ Professional Chefs and Staffs
Another major factors to consider when building a fast food restaurant in Nigeria is good Chefs and Staffs. Do note that brandable name, and fancy eatery is not enough to make customers come back for more, good food taste and customer’s satisfaction does.
In essence, before you employ a chef, make sure that he/she is a great one and that he/she has had training or experience in the preparation of different types of food. More, so, employ the service of attendants or waiters and waitresses, depending on the style of service you have chosen. Ensure that you make varieties of food available at all times.
#STEP 6; Offer Delivery Service
In a fast food restaurant, as the name implies “Fast Food“, many people expect quick and instant services. So, it’s advisable to include some amazing services such as Take-Away Service, Home Delivery Services, e.t.c.
Furthermore, it is important to note that as much as the fast food business is lucrative in Nigeria, there are lot of competition in the market. You can also run a mobile outlet, where you have your foods in a van that bears your brand name, going from one place to the other. It will help customers buy your foods anywhere they find your mobile outlet without necessarily having to come to where your business is located.