WHERE TO START A SUSHI BAR
First and foremost, you need to define the general plan of your future business that will set the boundaries for your trajectory as a business owner.
Many novice businessmen and businesswomen usually contract an external agency to devise their business plan for them, because they do not even know how much does it cost to open a sushi bar from scratch.
It is understandable as not every businessperson knows how to define or set a business goal that can be measurable and achievable, as well as realistic. And it is the main problem with those who are new to any business, they just do not know where to start, let apart knowing how much does it cost to run a sushi bar.
Eventually, if you decide to write your own sushi bar business plan by yourself you have to make sure you include all the information regarding how much does it cost to start a sushi bar in a particular area, so you financial advisors or partners will be convinced about investing money in your business.
Make sure you include all of these into your sushi bar business plan:
- Executive summary: a short description of your general business idea.
- Company description: what is your business mission and philosophy, who are your target customers, and information about your menu, location, or any other relevant details about the nature of your business, for example, your business legal structure
- Market analysis is the most extensive part of your business plan, it includes a full-fledged study of your competitors in the area along with the market study of your strong and weak points that will define your marketing strategy.
- Business operations are the part where you explain how much does it cost to run a sushi restaurant of a certain characteristic. Here you will include how much staff you need, what are the basic expenses as well as justify the revenue, so your investors can see the feasibility of your plan.
- The management and ownership part will describe how exactly you will operate your sushi bar or restaurant in terms of staff and management allocation.
- Financial analysis might be the second-hardest part of your business plan after marketing analysis, as it will include data about your sushi bar average income and growth forecast based on different financial analysis figures.
CHOSE A LOCATION
When looking for a location for a restaurant you need to consider several factors that will greatly determine how much a sushi bar can make a year.
The main factor to take into consideration is the location itself, as you want customers to run into your bar the ideal place would be a crowded place, but they might be so costly that it does not pay off to rent such a place. In this case, you need to calculate the number of customers you might have at the same time at the premises and see how much a sushi bar can make a day with this capacity then calculate the profitability to decide if it is still worth it.
Another important factor to choose a place for a sushi bar is the availability of a parking space or its safety, because — believe it or not — people like going to places where they feel safe. If your restaurant has a car park somewhere in the outskirts or in the industrial areas away from the city, where lighting might be poor, the probability of having many clients at night or even during the day is much lower than in a well-lighted area somewhere in a high-density traffic area.
If you had never been into the restaurant business before, and it is your first attempt, it might be a good idea if you contact one of the franchising companies that serve sushi and ask about prices. It might be even more beneficial for you in the end to have a proven business plan and area study that will indicate the best place to start a sushi bar at the moment.
Opening a sushi bar can be daunting enough to think about hiring staff right away, but eventually, you will have to get there, and it is a bumpy road indeed.
One of the difficulties about hiring staff for a sushi bar is that they have to have specific skills and even appearance if you want to create a special atmosphere or if your idea is to recreate an authentic sushi bar. Whatever is the case, be careful not to heighten the average cost of running a sushi bar just by splashing out all the money on decoration and ambiance.
Things you have to care about the most is that your staff is familiar with your company policies and philosophy, that they are correct with the clients, punctual, and are willing to learn. Another important trait for any restaurant staff is to be able to manage well a stressful situation, so you might want to run a special psychological test in order to discover the most suitable candidate.
Sometimes to be practical is the best choice, so look for people that can handle stress, know the specifics of working in a sushi bar, especially if you have no idea about what is necessary to run a sushi bar, and always be frank with your employees, so to avoid any ambiguous situations. You can even invest in training your staff if you consider that these people will be a valuable asset to your company.
PERMITS AND REGULATIONS FOR OPENING
As with any food-related industry business, a sushi bar will need all the documents required by the Food and Drugs association in order to provide permits of Occupancy and other certificates that can be easily obtained through a specialized consultancy or an agent.
You can also try to apply for these certificates yourself, and save some money on the initial cost of opening a sushi bar. But, first, talk to local government organizations that can provide you with a list of documents you need to have to obtain all the necessary licenses.
Most surely you will need a Business certificate to form a legal entity for your sushi restaurant. You can choose between starting a sole proprietorship, a limited liability company, a corporation or a partnership. In order to know how much does it cost to open a sushi bar make sure you know the legal implications for each of these types of businesses and what are the consequences for you as a sushi bar owner to have one or the other type of business constituency.
Then you will need an Employer Identification Number (EIN) so you will be able to pay taxes at the local and federal levels. The amount of taxes itself will depend on the type of business and your average income, but it has a minimum threshold that you will have to pay anyway.
Finally, open a business bank account at a local bank, so you will always have the option of asking for a loan or an extra credit line in case you need it.
GET HOLD OF YOU FINANCES
A lot of sushi bar owners tend to overlook the importance of being in charge of controlling their finances. It is very usual in the restaurant business because sushi bar owners are more focused on getting more clients and knowing how much a sushi restaurant can make a day.
But contrarily to this belief, the habit of running your own budget and doing frequent financial check-ups with your accountant who is using the same software as you is the ideal solution to have your business thriving and growing. Knowing how much a sushi restaurant can make a year is a strategic advantage, and it is more profitable than knowing how much your sushi restaurant is earning a day. Because it gives you a certain perspective on potential growth areas as well as dangers for your income practices you might be implementing right now.