I want a start a restaurant business like wow momos, but in the dessert domain, I have a capital of 5 Lakhs, can you guys give me some advice and tips, as to what to do or start, I am based out of Mumbai
+1,
though I was thinking more on a Gift Shop in tier-3 city. Open to look into other business as well if anyone can suggest.
Want to connect? just looking to meet like minded guys who want to venture into entrepreneurship
The biggest issue I have seen around when people start such business in Mumbai is-
They ignore fixed costs. For example, assuming a shop rent of 50k, 2 employees' salaries around 25k & utility approx. 3k. The monthly fixed outgo is ~80k. So no matter what you need to make 80k margin to stay afloat.
Few things which I have seen work for people.
Own the shop (so the biggest monthly expense is gone. Provides longer runway)
Open the shop in tier 2 or tier 3 city
Own manufacturing so that you can optimize the costs ( Making your own ice cream instead of becoming a re-seller for brands like Naturals etc.)
Two of the coolest ideas , I have seen work for some-
Open an online order, home delivery-only shop. (Save on shop, furniture costs. Can be run from a store in an alley where rents are lower)
Innovate in terms of food wastage, study the variety you are planning to keep , and think how you can use unsold inventory from one product to manufacture other product.
For example, Rasmalai, if not sold within 12 hours, can it be converted to rasmalai ice-cream for longer shelf life
What role are you in Deloitte? Also drop your anon email :) would love to connect.
