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 Planning to open steamboat restaurant, is 150k sufficient ? plus some questions

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TStailwhip360
post Jan 3 2019, 11:59 AM, updated 6y ago

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Morning serious /k,

1. As per description, is 150k sufficient to run a steamboat buffet restaurant, include start-up and operational cost? say, no renovation done, no kitchen equipments, no utensils, start all from scratch.

2. Currently found a shop with 5k rental monthly, facing big road with alot of traffic. However, that row already have two steamboats restaurant, but not buffet style. Is this a good idea to open the restaurant same row as them?

3. What do I need to consider / to take note before opening a steamboat restaurant.

Thanks. all suggestion and constructive criticism are welcomed.

Poll:
Restaurant Survey

This post has been edited by tailwhip360: Jan 7 2019, 10:34 AM
SUS2feidei
post Jan 3 2019, 12:02 PM

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what is your advantage over the 2 the other steamboats restaurant?

what is the other 2 steamboat business like? Good crowd? Or so so only?


TStailwhip360
post Jan 3 2019, 12:09 PM

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QUOTE(2feidei @ Jan 3 2019, 12:02 PM)
what is your advantage over the 2 the other steamboats restaurant?

what is the other 2 steamboat business like? Good crowd? Or so so only?
*
Not sure is this an advantage, maybe we are different i would say. Will be doing half steamboat,half bbq (at the side) type. And we are 'eat all you can' type of steamboat buffet. The other 2 steamboats are just normal soup steamboat with ala carte menu.

The crowd is good on weekdays, crazy on weekends.
alextan99
post Jan 3 2019, 12:10 PM

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now why would you want to open another same kind of restaurant on the same row.

Even 7-11 that have ample of stores does not have 2-3 stores on the same row of shoplots
SUS2feidei
post Jan 3 2019, 12:14 PM

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QUOTE(tailwhip360 @ Jan 3 2019, 12:09 PM)
Not sure is this an advantage, maybe we are different i would say. Will be doing half steamboat,half bbq (at the side) type. And we are 'eat all you can' type of steamboat buffet. The other 2 steamboats are just normal soup steamboat with ala carte menu.

The crowd is good on weekdays, crazy on weekends.
*
Different and advantage is two different thing. Yes, your concept is different from the 2 existing steamboat restaurant, but, you need to find your advantage to attract customers. Your concept half steam boat, half bbq, eat all u can, may attract those value-for-money customers, quantity over quality, but, first u must determine do u have these customers based at the location or not?


TStailwhip360
post Jan 3 2019, 12:31 PM

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QUOTE(alextan99 @ Jan 3 2019, 12:10 PM)
now why would you want to open another same kind of restaurant on the same row.

Even 7-11 that have ample of stores does not have 2-3 stores on the same row of shoplots
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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.


QUOTE(2feidei @ Jan 3 2019, 12:14 PM)
Different and advantage is two different thing. Yes, your concept is different from the 2 existing steamboat restaurant, but, you need to find your advantage to attract customers. Your concept half steam boat, half bbq, eat all u can, may attract those value-for-money customers, quantity over quality, but, first u must determine do u have these customers based at the location or not?
*
tht area is actually full of college students and also white collars. Does that fit the criteria you mentioned?
xAmdx
post Jan 3 2019, 12:38 PM

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I think all you can eat has its potential. Being a customer myself I will stay away from all you eat buffet hotpot as I notice below;

-The ingredients left outside is not fresh after a while, especially for thin slice meat. I prefer when serve, the meat its cantik one.

I think if your soupbase is nice and the quality of ingredients. You should be doing good.

PS. I am planning to open a hotpot and bbq restaurant in Perth currently as well.
SUS2feidei
post Jan 3 2019, 12:45 PM

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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
TStailwhip360
post Jan 3 2019, 12:53 PM

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QUOTE(xAmdx @ Jan 3 2019, 12:38 PM)
I think all you can eat has its potential. Being a customer myself I will stay away from all you eat buffet hotpot as I notice below;

-The ingredients left outside is not fresh after a while, especially for thin slice meat. I prefer when serve, the meat its cantik one.

I think if your soupbase is nice and the quality of ingredients. You should be doing good.

PS. I am planning to open a hotpot and bbq restaurant in Perth currently as well.
*
hi, thanks for the input.

i agree what you mentioned about food freshness. Food quality is indeed important, it's the main focus for my steamboat restaurant!

All the best to your to-be open steamboat restaurant. Would love to see such concept 'booming' in Perth rclxm9.gif . Do you have any restaurant business background prior to this? Perhaps you could share some of your plannings and insights in this field? would love to learn as much as possible. notworthy.gif
myteam94
post Jan 3 2019, 01:18 PM

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QUOTE(2feidei @ Jan 3 2019, 12:45 PM)
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
*
I like you point

customer based research

For me,

I did some observation since I plan to open up road-side stall
mostly kuih-muih

there are few advantages because the area I planned to sell kuih there can't be found there except pasar malam.


customer based:

1. uncle/aunties/mother (majority) - all the times
2. fresh grads - not occassional, but saw a few of them
3. matured people (white collars) - majority and mostly during weekdays
4. kids - since it is close by housing area

risk
1. competition maybe as i said the kuih can't be found easily unless you know where to find it

i already some basic breakdown of cost, location and how much need to recover back the loss and also total sales per day

SUS2feidei
post Jan 3 2019, 01:36 PM

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QUOTE(myteam94 @ Jan 3 2019, 01:18 PM)
I like you point

customer based research

For me,

I did some observation since I plan to open up road-side stall
mostly kuih-muih

there are few advantages because the area I planned to sell kuih there can't be found there except pasar malam.
customer based:

1. uncle/aunties/mother (majority) - all the times
2. fresh grads - not occassional, but saw a few of them
3. matured people (white collars) - majority and mostly during weekdays
4. kids - since it is close by housing area

risk
1. competition maybe as i said the kuih can't be found easily unless you know where to find it

i already some basic breakdown of cost, location and how much need to recover back the loss and also total sales per day
*
Good luck to u
Odinn
post Jan 3 2019, 01:48 PM

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QUOTE(2feidei @ Jan 3 2019, 12:45 PM)
ok, let me do some generalisation here, which might not entirely correct, neither it wrong. Just general perception.
» Click to show Spoiler - click again to hide... «

Good luck
*
This guy gets it.

TS, you better have a grip of the community demographic where you want to open your shop. Don't just simply open a business because you see a similar business doing well in the area. Know your customer breakdown well, know what they want, then you will find opportunity.
thurtin
post Jan 3 2019, 01:53 PM

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steamboat is passe. start an eat-all-you-can korean steamboat/bbq instead. instant differentiation and in trend.
TStailwhip360
post Jan 3 2019, 02:22 PM

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QUOTE(2feidei @ Jan 3 2019, 12:45 PM)
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
*
This, is indeed a helpful one. Thanks alot for taking your time to break this down for me, never knew it can go so in-depth, makes me looked so amateur. This definitely helps in my planning process. thumbup.gif Based on your constructive comments, you must be a business owner i would presume. notworthy.gif

TStailwhip360
post Jan 3 2019, 02:34 PM

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QUOTE(Odinn @ Jan 3 2019, 01:48 PM)
This guy gets it.

TS, you better have a grip of the community demographic where you want to open your shop. Don't just simply open a business because you see a similar business doing well in the area. Know your customer breakdown well, know what they want, then you will find opportunity.
*
Couldn't agree more. This is my first business by the way, wish i could gather more information as much as possible. Please do share some opinions and knowledge. notworthy.gif

TStailwhip360
post Jan 3 2019, 02:45 PM

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QUOTE(thurtin @ Jan 3 2019, 01:53 PM)
steamboat is passe. start an eat-all-you-can korean steamboat/bbq instead. instant differentiation and in trend.
*
korean bbq ar hmm.gif was wondering , will ppl opt-for not authentic korean food, as most korean restaurants are operated by actual koreans. Good suggestion tho, sourcing the ingredients might be tough too.

Odinn
post Jan 3 2019, 02:49 PM

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QUOTE(tailwhip360 @ Jan 3 2019, 02:34 PM)
Couldn't agree more. This is my first business by the way, wish i could gather more information as much as possible. Please do share some opinions and knowledge.  notworthy.gif
*
Before opening a business, you're a customer. So what do you want as a customer? Do you know anyone else, or how many others, share the same sentiment as you, that they want the same thing? When you have a feel of how much people want something, you can then see there is a demand. Some people are very perceptive and can see the void, some may do surveys or other form of fact-finding.

However you want to do it, just be sure you understand what you want to get yourself into. As 2feidei said, does your proposed business model fulfill the demands of the customers in the area? Do they want something different as what you plan to offer? Or will they stick to the current business models ran by those shops? And are there enough customers to satisfy THREE of the same businesses?

Best thing for you to do first is to start profiling the customer base in the area; e.g. age group (e.g 17-22, 23-27, 28-50, >50), occupation (tertiary students, 9-6 office workers, odd job workers, self employed, etc.). Then see if there's anything distinctly different between the existing 2 businesses and if any one of them has the bigger crowd, that would be a pulling factor you should try to integrate into your business. Then think, if you had to choose, what would make you choose another shop over the current 2?
TStailwhip360
post Jan 3 2019, 03:20 PM

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QUOTE(Odinn @ Jan 3 2019, 02:49 PM)
Before opening a business, you're a customer. So what do you want as a customer? Do you know anyone else, or how many others, share the same sentiment as you, that they want the same thing? When you have a feel of how much people want something, you can then see there is a demand. Some people are very perceptive and can see the void, some may do surveys or other form of fact-finding.

However you want to do it, just be sure you understand what you want to get yourself into. As 2feidei said, does your proposed business model fulfill the demands of the customers in the area? Do they want something different as what you plan to offer? Or will they stick to the current business models ran by those shops? And are there enough customers to satisfy THREE of the same businesses?

Best thing for you to do first is to start profiling the customer base in the area; e.g. age group (e.g 17-22, 23-27, 28-50, >50), occupation (tertiary students, 9-6 office workers, odd job workers, self employed, etc.). Then see if there's anything distinctly different between the existing 2 businesses and if any one of them has the bigger crowd, that would be a pulling factor you should try to integrate into your business. Then think, if you had to choose, what would make you choose another shop over the current 2?
*
I've been to one of the 2 steamboat restaurant (bigger crowd one), i would say it's a mixture of both working adults and students (working adults hold higher number). I would assume students feel it's more expensive to order ala-carte and lesser portion compared to 'eat-all-you-can', hence higher number of working adults dining-in.

I'll elaborate a little bit more about the surrounding of the shoplot. Basically, that area is surrounded by blocks and blocks of condos, which mostly comprise working adults and apparently college students. I rarely see family-type of residence coming out, there is some but less. And, me myself is also residence of one of the blocks, that's why I kinda have an idea what type of individuals are there.

The shop i planned to rent is directly facing a pedestrian bridge which connects from condos to shoplots here. Literally just right in front.

And TBH, the shop is just one shop beside the bigger crowd SB restaurant. What possible problems do you think will arise in the future in situation like this?
Odinn
post Jan 3 2019, 03:35 PM

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QUOTE(tailwhip360 @ Jan 3 2019, 03:20 PM)
I've been to one of the 2 steamboat restaurant (bigger crowd one), i would say it's a mixture of both working adults and students (working adults hold higher number). I would assume students feel it's more expensive to order ala-carte and lesser portion compared to 'eat-all-you-can', hence higher number of working adults dining-in.

I'll elaborate a little bit more about the surrounding of the shoplot. Basically, that area is surrounded by blocks and blocks of condos, which mostly comprise working adults and apparently college students. I rarely see family-type of residence coming out, there is some but less. And, me myself is also residence of one of the blocks, that's why I kinda have an idea what type of individuals are there.

The shop i planned to rent is directly facing a pedestrian bridge which connects from condos to shoplots here. Literally just right in front.

And TBH, the shop is just one shop beside the bigger crowd SB restaurant. What possible problems do you think will arise in the future in situation like this?
*
If it is where I think it is, and you're willing to try, then go for it. Though from the looks of the 2 places, I can't recall seeing them with full houses. Anyway, for an "all-you-can-eat" type of eatery, be sure to enforce an eat-in period (2-hrs is typical) and nil wastage policy. Otherwise, you'll be facing unnecessary losses.

Personally, for steamboat, I'd go back if the soup is nice, the food selection are to my liking, and the pricing is justifiable. Also taking into account ambiance and comfort. Compare to those two, as long as you offer better than what they have now, you'll naturally get the customers. And for starters, you may want to hold a short opening promo to draw people in. Once word of mouth gets around about a better shop, they'll come over automatically.

Possible problems, maybe with your 2 existing competitors. It's just speculation, but doesn't help to be ready for it. I don't think there'd be any other problems. The area will just get more dense once more condos get filled up in due time.

This post has been edited by Odinn: Jan 3 2019, 03:36 PM
nasiputih
post Jan 3 2019, 04:00 PM

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QUOTE(2feidei @ Jan 3 2019, 12:14 PM)
Different and advantage is two different thing. Yes, your concept is different from the 2 existing steamboat restaurant, but, you need to find your advantage to attract customers. Your concept half steam boat, half bbq, eat all u can, may attract those value-for-money customers, quantity over quality, but, first u must determine do u have these customers based at the location or not?
*
half melons are very refreshing, on the menu

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