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

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mini orchard
post Jan 3 2019, 04:07 PM

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1. How much are you going to charge per head for eat all you can ? Customers look at price first before looking at menu.

2. What is your expected operational cost per month?

3. How many months can you afford to sustain losses initially?

4. If you are seriously looking into this business, go and work in the same type of restaurant for few months and see how they operate in terms of operational and logistics issues. Things may look simple but looks can be deceivings. Is better to lose few months salarly than 150k if you have second thought.

Note ... Your biggest challange is to get workers.

This post has been edited by mini orchard: Jan 3 2019, 04:20 PM
TStailwhip360
post Jan 3 2019, 04:10 PM

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QUOTE(Odinn @ Jan 3 2019, 03:35 PM)
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.
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Haha, i think you have an idea where the place is already. rclxms.gif That place is really becoming denser, alot of condos are erecting. Go home also will jam for awhile. doh.gif

Next time when you psss-by, remember to pay me visit. I'll give you 50% off icon_idea.gif , if i managed to open. Just mention you're from LYN. brows.gif

Last time, there is one steamboat (LMZ), open beside it with better environment, like fully air-conditioned etc, but end up closed down after one or two years. Dono is it because their signage too canggih, make ppl feel like it's super expensive, thats why no ppl go in. In fact, it's really expensive, been in there to try and see why no customers. They offer the same concept as the bigger crowd one, only soup hotpot style and ala-carte menu, but with higher price tag.

I'm also a lil bit worried when recalling that incident, however with a different concept, hopefully it will turn out well.
Odinn
post Jan 3 2019, 04:30 PM

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QUOTE(tailwhip360 @ Jan 3 2019, 04:10 PM)
Haha, i think you have an idea where the place is already.  rclxms.gif  That place is really becoming denser, alot of condos are erecting. Go home also will jam for awhile.  doh.gif

Next time when you psss-by, remember to pay me visit. I'll give you 50% off  icon_idea.gif , if i managed to open. Just mention you're from LYN.  brows.gif

Last time, there is one steamboat (LMZ), open beside it with better environment, like fully air-conditioned etc, but end up closed down after one or two years. Dono is it because their signage too canggih, make ppl feel like it's super expensive, thats why no ppl go in. In fact, it's really expensive, been in there to try and see why no customers. They offer the same concept as the bigger crowd one, only soup hotpot style and ala-carte menu, but with higher price tag.

I'm also a lil bit worried when recalling that incident, however with a different concept, hopefully it will turn out well.
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I may not be in the area anymore by the time you open shop (if you do). Living in the area has reached breaking point for me. Can't stand it. Will be moving out of the city. But I will remember the offer. laugh.gif

All the best should you pursue this venture. thumbsup.gif
SUS2feidei
post Jan 3 2019, 04:52 PM

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QUOTE(tailwhip360 @ Jan 3 2019, 02:22 PM)
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
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what i said is just surface talk only, not really that in-depth. There is lots of things to further consider, other than customers alone, example, your supplier, your inventory, your staff, licences, etc......customers is just one part of the agenda.

nope, u r wrong. I am not biz owner laugh.gif
SUSlowya
post Jan 3 2019, 04:54 PM

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QUOTE(tailwhip360 @ Jan 3 2019, 11:59 AM)
that row already have two steamboats restaurant, but not buffet style. Is this a good idea to open the restaurant same row as them?
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what a red ocean strategy you have there.

happy blood bathing.
Yggdrasil
post Jan 3 2019, 07:26 PM

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QUOTE(tailwhip360 @ Jan 3 2019, 11:59 AM)
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.
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Before you open business you need to think of several things such as:
1. Generic strategy (which strategy you are trying to pursue? Low cost? Differentiation?
2. SWOT (Strength, Weakness, Opportunity, Threats). I.e. what you can do better? Is your food better tasting?
3. PESTLE (i.e. legal factors may include complying with health laws)
4. Porter's 5 forces analysis (This tells about the competition)
killerpigglet
post Jan 4 2019, 02:09 PM

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If u wanna 'fight' with 2 existing steamboat places, my idea would be aggressive advertising to take over their potential customers. But my idea is mainly students go for buffets. White collars will go if ur quality is good too

Open ur doors big big, bright lights, big signboard, banners and flyers in college areas and I'm pretty sure ur business will start moving once u open. Give like discounts too for students with flyers or such.

I work with signboards and banners and yeah they do have a big effect on businesses
melt
post Jan 4 2019, 02:23 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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You havent been to Manjalara I guess.. Just one row there is 3 steamboat in that area and its crowded during weekends.

There should be at least around 5-6 in the surrounding area.
Zaxx_Yong
post Jan 5 2019, 06:16 AM

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RM150K sound too low ...
Strong cash flow is a must ...

smwah
post Jan 5 2019, 01:47 PM

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How is your roi? Sometimes business is OK for starting stage but slowly slow down after some times.

KannaSai1
post Jan 5 2019, 04:21 PM

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QUOTE(Zaxx_Yong @ Jan 5 2019, 06:16 AM)
RM150K sound too low ...
Strong cash flow is a must ...
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maybe it's just for start up. ts plan to keep pump in 50k every month for a year. return of investment in the second year. brows.gif icon_idea.gif

really need a lot back up bullet for business in malaysia.


SUSjalsrix
post Jan 5 2019, 05:19 PM

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It's ok if you open a steamboat shop next to the other two.

But the food should be different than the other two.

How about trying some Thai food in the menu?
thesoothsayer
post Jan 5 2019, 10:54 PM

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Probably times have changed, but I remember all the "all you can eat" buffet style steamboat and BBQ near my uni shutting down one by one after running for a year or two.

Targeting student business in high volume is probably not a good idea for your business unless those students in your area are pretty well off. We're not talking about RM 6-7 meals.

Better survey restaurants in your expected price range and see if students are flocking there. Then compare the quality of food to what you plan on offering.

Just my two cents.
PrincZe
post Jan 6 2019, 01:40 AM

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Please go around and ask the people there why they choose to Steamboat

If they would come and try buffet option
Blofeld
post Jan 6 2019, 11:21 AM

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i dont know why but all the steamboat restaurants around my area don't last long.
mini orchard
post Jan 6 2019, 12:15 PM

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QUOTE(Blofeld @ Jan 6 2019, 11:21 AM)
i dont know why but all the steamboat restaurants around my area don't last long.
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To open is difficult

To sustain is challenging

To close is easy
Twins10
post Jan 6 2019, 01:21 PM

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Any price indication? This for klang valley? Need to compare sukishi pricing and their meat quality.

This post has been edited by Twins10: Jan 6 2019, 01:25 PM
Twins10
post Jan 6 2019, 01:24 PM

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Just a tip, try to mimic the tom yum soup in family Mart.
Zaxx_Yong
post Jan 6 2019, 08:21 PM

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QUOTE(KannaSai1 @ Jan 5 2019, 04:21 PM)
maybe it's just for start up. ts plan to keep pump in 50k every month for a year. return of investment in the second year.  brows.gif  icon_idea.gif 

really need a lot back up bullet for business in malaysia.
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Nowadays everybody looking for big portion, good quality and of cause cheap .... miss out any one of that then really really have to depends on your business skill liao ..

Try to work out something for that big, good and cheap pricing with profit for your steamboat business ... thats always a way for that ... pls no service charge on the resit yo

Good Nasib ya ✌ ...
KannaSai1
post Jan 6 2019, 09:55 PM

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QUOTE(Zaxx_Yong @ Jan 6 2019, 08:21 PM)
Nowadays everybody looking for big portion, good quality and of cause cheap .... miss out any one of that then really really have to depends on your business skill liao ..

Try to work out something for that big, good and cheap pricing with profit for your steamboat business  ... thats always a way for that ... pls no service charge on the resit yo

Good Nasib ya ✌ ...
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Not really. 2 peso steam boat still very good busines.

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