QUOTE(tailwhip360 @ Jan 3 2019, 12:31 PM)
my intention is to draw some of the crowds over from the other 2 steamboat restaurants, cause they actually have a very consistent traffic on weekends even weekdays. And they do not offer 'eat all you can' buffet, thats what im trying to 'sell'.
But, im not sure is this a good idea or it's suicidal.
tht area is actually full of college students and also white collars. Does that fit the criteria you mentioned?
ok, let me do some generalisation here, which might not entirely correct, neither it wrong. Just general perception.
College students = usually tight on budget, even if they not, they want value for money, they willing sacrifice quality over quantity, although sometime, they do demand quality on special occasion.
White collars = usually money is not an issue, more of quality.
Your steamboat biz - which route u want to go? Seems u go for quantity, that's why u offer unlimited eat all u can. Quality wise, u decide your own, whether u want to offer quality but sacrificing profit. Or reduce the quality.
Then, as u said, u want to draw some crowds over from other 2 steamboat restaurants. Have u noticed what sort of crowd they attracting? Students? White collars? And, which type of crowd u targeting? Of course, generally u would want to target those that give u highest profit margin one.....
There is no absolute answers to your questions. You can only list down all potential variables, understand the risk, and derived a business model that you think have minimal risk, and then, u jump on it. Whether successful or not, time will tell. It all about risk, if you worry about losing money, then, it not suited u. But, if u prepared to lost the amount u invested, in return for possible successful biz, then, go ahead.
Good luck