Fast food business in Nigeria is a very profitable business. Food is something we cannot do without even if its once a day. The growing population of Nigeria with over 173 million people is also a high contributing factor to the profitability of fast food business in Nigeria. Amidst the current global crisis, one line of business in Nigeria that continues to promise greater returns on investment is the fast food business also known as Quick Service Restaurant. Despite the presence of economic, social and political dilemma in the country, the business continues to strive.
In this article, we are going to take an in-depth study into the steps needed to start a profitable and successful fast food business in Nigeria.
Step 1: Prepare your business plan
Regardless of the size of the business you intend to start, you will definitely need a good business plan as this will go a long way to ensure your success in the fast food business in Nigeria. You may opt for a concise business plan or a detail business plan. Either of the two type will definitely serve the purpose, but I will recommend that you get a detailed business plan before you kick off the business. Conduct a feasibility study in the area you want to start your fast food business in Nigeria. The feasibility study and other aspects of the business plan will set you up to start the business and attain success.
Some of the questions the business plan will help you answer include the following:
- How much do I need in cash and kind to start my fast food business in Nigeria?
- What class of people I’m I establishing by fast food business for? Is it the low, medium or high income earners?
- What will my menu look like?
- How do I intend to reach out to my customers?
There are many other questions the business plan will help you answer, hence, the important of the business plan to the success of your fast food business in Nigeria cannot be ignored.
Step 2: Register your business/business name
Before you start up your fast food business in Nigeria, I will advise that you register your business either as a business name or as a company. Any of the two options will be good. One other thing you should consider is the name you choose for your business. When choosing a name for your business, go for a unique and easy name to remember. You should read our article on how to choose a good business name.
To register your business in Nigeria, there are some steps you need to take. In a earlier article, we published the steps you need to take to register your business in Nigeria. You can also visit the official page of the Corporate Affairs Commission to register your business. This particular step should not be treated with levity as it will go a long way to sustain your business in the future.
Step 3: Location
The location of your business is a very important factor to keep in mind. What is the demography of the place you want to site your fast food business? What class of people reside there? What is the development in the region like?
Settling for less is not always an option in the establishment of a fast food business in Nigeria. Go for a location that is accessible by car, where there is crowd and activities. Do not choose a location with the idea that customers will find you. That is no option for you if you want to succeed in fast food business in Nigeria. A good location give you an added advantage.
Step 4: Get your menu ready
This is a very important step when establishing a fast food business in Nigeria. Without a good menu, nobody will patronize regardless of how cheap your service may be. You may be wondering, how do I choose a good or perfect menu for my fast food business? Here is the best way to go about that; let customers determine what is produced. McGarry also asserts that a successful concept is the one that adapts to local tastes and cultures. Menu items should therefore be translated into the culture in which they are introduced.
In Nigeria, there are certain menu that you can introduce into you fast food business and you will success. There are food that are universally accepted in the country and there are some that are peculiar to a particular tribe or region. But what if I want to operate nationwide? Here is the way forward: serve the menu that is generally accepted anywhere in the country at all you store. Then, depending on where a particular store is located you can spice it up with the local delicacies of the area and other menu you may want to serve.
Step 5: Get a winning team ready (Chef and Staff)
Without a good team, there is no way you can succeed in the fast food business. Just like every other businesses, a good team is necessary for success in the fast food business. A good chef makes a great restaurant. It’s not enough to have a big brand name and a huge outlet, the cuisines have to be up to standard and more. Therefore, before employing a chef, make sure that he is a great one and that he or she has had training in the preparation of different types of food. A good chef is not enough to ensure success in a fast food business. You also need other staff such as the service attendants or waiter, cleaners, security, etc.
You need to be careful when employing and setting up your team to achieve optimal result.
Step 6: Advertisement
How do you intend to get customers to your business creating the need awareness to get started? The strategies you employ to do this is immaterial as long as you reach to your customers. But in Nigeria, the most effective strategies include: social media and other online platforms, flyers, television advertisement, and rendering services at big events.
Although, you may not necessarily need to advertise for a long period of time, but for the start, you must advertise.
Step 7: Start your business
When you get to step 5, you must have done almost all that is required of you to start a fast food business in Nigeria. The next step is to start your fast food business. Make the launch day known, invite friends and others to the launch. Get some free gifts if available on launch day, give discount to new customers for at least a week after launch.
You must not follow my strategies for your launch. You can come up with a better strategy to make your launch the talk of the town.
Step 8: Be innovative to survive
It is not enough to get a good name for your business, it not enough to make your launch the talk of the town. You need to be innovative in your services in the fast food business in Nigeria to survive. Think of ways to better the services in the fast food industry. You may want to include home service delivery and discounts on huge purchases. Be creative!
With the above steps, I believe you can start a successful and profitable fast food business in Nigeria. Take out time to do your research, prepare your business plan, register your business or business name, get the perfect location, get your menu ready, create a winning team, advertise, reach out to more customers, launch your business and be innovative to survive in the business.