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2. Raising Capital
For a successful F&B concept in Singapore, its going to take a lot of capital. This is due to
high rental rates, high labour cost and just an overall higher cost of living. Depending on
the size of your establishment, it will take anything from S$50,000 S$600,000 or more.
You need to gure out where the capital is coming from, as well as leave enough for cash
reserves and operating capital. A rough gauge is leaving 3 months of pure overhead
expenses as reserves.
If you nd that you need to scrimp and save to setup an F&B concept, I would recommend
not starting one at all. Many times F&B owners cut corners by having inferior
renovations/design, underpaying staff, or worst of all, getting a lousy location that has
cheap rent thinking you can overcome location with your superior cuisine. Guess what,
you might burn off all your cash with losses every month before people even hear about
your restaurant.
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Every single factor counts to the success of an F&B business, and you need to know what
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you can compromise on, and what is off limits no matter what.You will de nitely also
want to cater a sum to invest in marketing and PR at the start as well, which is critical for
any new restaurant. Lack of awareness is a huge problem from most of the clients I have
consulted with, so plan for it well at the start.
Related Guide:10 Things To Know Before Starting an F&B business
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At the Biz le portal, determine the type of company to register. I would recommend the
Local Company (Public/Private Limited) option for limited liability restricted to your
business entity only. As the portal is not very intuitive, make sure to click Local
Companytab, then click on Apply for a New Company Name.Go through the steps and
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Next, you will need to nd the perfect location to setup your restaurant. The popular ways
to achieve this include:
Newspaper- The Straits Times classi eds
Propertyguru.com.sg (http://www.propertyguru.com.sg/)(many posts are also
made by real estate agents)
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CAT EG ORIES
Categories
Select Category
(http://sethlui.com/wp-
content/uploads/2014/02/IMG_4286.jpg)
Source for a good interior designer, architect and contractor to create your dream
restaurant. The interior designer usually has the contact for contractors he has worked
with. A good restaurant design is the rst step to creating an impression and attracting
new customers into your restaurant. Repeat business will come after being satis ed by
the food and service.
Some contractors might quote a very cheap price, but that usually means they are using
cheap materials to build, which are less durable and may need to be replaced or
refurbished after a year, incurring more expenses.
A rough gauge is to spend around $100 $120 per square foot of area. So for a 1000 sqf
restaurant, you should be spending around $100,000 S$120,000 on renovations and
furniture (excluding kitchen equipment).
Other things to note is the planning of your kitchen layout in the most optimal, ef cient
manner. Get a professional kitchen planner if you are unsure, as this can increase
productivity signi cantly.
(http://sethlui.com/wp-
content/uploads/2014/02/chefs-in-kitchen-1024x670.jpg)
First, you need to settle the large ticket items like your combi-oven, salamander, stoves,
freezers and chillers. There are many companies that sell commercial kitchen products.
Jackies (http://www.jackies-ent.com/)or U-Save (http://www.u-save.com.sg/)for
example serve generic and common F&B equipment that you can consider.
1-for-1 FREE Restaurant Deals in Singapore HOW? (http://sethlui.com/entertainer-singapore-app-1-for-1-offers/)
You will also need to get restaurant standard utensils, rather than just using the
ubiquitous Ikea cutlery. At Temple street, Sia Huat (http://www.siahuat.com/) and Lau
Choy Seng (http://www.lauchoyseng.com/)are 2 of the favorite shops for restauranteurs
and chefs. Catering to our local food industry speci cally, state that you are in the F&B
business and get a 20% discount. They might require some veri cation though, like your
name card.
Many clients, as Ive mentioned, dont even have a basic plan to gain awareness. If
customers do not know you exist, how will they buy from you? And after knowing your
existence, what is it about your restaurant that compels them to give it a try? These are all
questions that should be addressed and thought out way before you even open your F&B
business or restaurant.
thousands.
No experience cooking commercially? Get a chef consultant.Cooking for 40 people is
very, very different from cooking for 4 people, and even if you are a home cook, scalablity
comes with experience working in commercial, fast-paced kitchens.
No idea how to market you food business after it launches? Get an F&B marketing
specialist like myself. Good food is just one part of the equation, while good marketing is
the other. Its only logical tohave a plan on how to get customers in rst, before you throw
in a hundred thousand?
Yes, you might have to spend a couple thousand upfront, but successful business owners
know to look at the long run bene ts. Consultants can save you from wasting thousands
on inexperienced purchases and decisions, as well as earn you tens of thousands more
from the right business decisions. Ive seen far too many restaurants start up for a year,
First Name
then start to panic and spend money on all sorts of useless advertising. They also make
many mistakes, like using Groupon, or signing up to some street directory website
package. Plan it well right from the start, and get experienced help.
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Comments. What Do You Think?
6 Comments
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A shelf company is a company which has been registered and left with no activity
for several months or even ye... See More
Like Reply Aug 27, 2015 2:27pm
Kevin Vt
Very good synthesis of the main step to open a restaurant! In case you want to be different
from your competitor, you can contact FuLuxe to source for premium&exclusive F&B
equipment : plates, glassware, linen and kitchen uniforms.
Like Reply Aug 18, 2015 3:45am
First Name
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We have a selection of shelf companies for sale with various incorporation dates to suit
your needs. Whether you need a company which is 6 months old or 3 years old, we will
have a shelf company for you.
To purchase any of the shelf companies, FORWARD AN MAIL AT
companyindiaadvisors@gmail.com
If you would like to discuss your particular requirements with an expert, please call us on
09810139673.
Purchase a Shelf Company
About Shelf Company
A shelf company is a company which has been registered and left with no activity for
several months or even ye... See More
Like Reply Aug 27, 2015 2:27pm
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