Monday, June 24, 2019

Tips to starting a restaurant or café business - AZ Big Media

Tips to starting a restaurant or café business - AZ Big Media


Tips to starting a restaurant or café business - AZ Big Media

Posted: 24 Jun 2019 01:35 PM PDT

With the ease of business and cost effectiveness that comes with advanced technology and business methodologies, more people are taking interest in setting up their own entrepreneurial ventures than going for a permanent job. Moreover, older citizens who are near their retirement ages and young college grads are also taking active interests in taking up entrepreneurship rather than seeking employment.

One of the most sought after industries for entrepreneurial ventures is the food, restaurant, and eatery business. With increased tourism and consumerism, ore people are dining out these days and the barriers to entry are very relaxed for entering into this industry. Here are a few tips on how to set up your food business easily.

Nature of Business

The first step is to design what type of eatery do you wish to set up. Are you planning to establish a small café or a sine fine restaurant? Will it be a small scale business or are you planning to expand it further by selling franchises (Think Mc Donald's). The type of business that you intend to set up will determine the level of investments and the type of business strategy that you will need.

Menu

It is important that you decide your menu beforehand so that you know what ingredients will you need to source, and what kind of culinary expertise would you want your chefs to have. If you intend to have a vast menu, shortlist a few items that you will be launching in the start, rather than opening with a full menu. Starting small not only makes management much easier while your restaurant is in the teething phase, but it also allows you some tie to get the hang of the industry.

License and Permits

Every state has a set of regulations in place for acquiring relevant licenses and permits before you start your business. You would notwant to end up in a legal mess if you start an unregistered or unlicensed business. Moreover registering your brand name is extremely important to make sure no one else steals or uses your business identity and you have a claim on the business name if it is used by someone else in the future.

Acquiring Funds

Determine your required capital and working capital estimates and arrange for the funds accordingly. It is recommended that you look for cheaper sources of finance with good liquidity such as personal savings, loans from family or including a partner. Partnerships are also great for risk sharing and minimizing your liability.

Equipment

One of the most capital intensive areas of investment in food-business is your kitchen equipment and supplies. You will need commercial kitchen equipment in order to ensure that you can cater to a larger number of orders at a time and your food is prepared in a professional manner. Purchasing your own kitchen equipment can be really expensive in the initial phase. You can reduce the financial pressure on your business finances by going for equipment rentals or leasing facilities. Rentals allow you to get rid of unnecessary equipment or replace them with something better whenever you need.

South Korea $34.5 Bn Prepaid Cards Business and Investment Opportunities to 2023 - Yahoo Finance

Posted: 24 Jun 2019 12:00 PM PDT

DUBLIN, June 24, 2019 /PRNewswire/ -- The "South Korea Prepaid Cards Business and Investment Opportunities - Market Size and Forecast (2014-2023), Consumer Attitude & Behaviour, Retail Spend, Market Risk" report has been added to ResearchAndMarkets.com's offering.

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The prepaid card market (value terms) in South Korea increased at a CAGR of 15.3% during 2014-2018. Over the forecast period of 2019 to 2023, the market is expected to record a CAGR of 9.7%, increasing from US$ 23.8 billion in 2019 to reach US$ 34.5 billion by 2023.

This report provides trend analysis (market size and forecast) of prepaid (pay before) cards, offering a wealth of insights to help companies understand this growing but quickly changing market.

  • Market dynamics: Provides a comprehensive view on size and structure, industry dynamics, market trends, consumer attitude and behaviour, and competitive landscape in prepaid card industry in South Korea.
  • Open loop and closed loop: market estimates and forecasts to assess opportunities in open loop and closed loop prepaid market segments. Details four essential KPIs - number of cards in circulation, number of transactions, load value, and value of transactions.
  • Open loop prepaid card categories: Identifies potential risks, consumer adoption, and market size across 11 market segments in open loop prepaid cards for the period 2014-2023. These include gift, business & administrative expense, payroll, meal, employee / partner incentive, travel forex, general purpose, remittance, teen and campus, social security and other government benefit programs, insurance claims.
  • Closed loop prepaid card categories: Identifies potential risks, consumer adoption, and market size across 10 market segments in closed loop prepaid cards for the period 2014-2023. These include gift, healthcare and wellness, consumer incentives, employee / partner incentives, entertainment and gaming, teen and campus, social security and other government benefit programs, transit and tolls, and fuel, utilities, and others.
  • Benchmarking and risk index: Benchmarks the prepaid card industry in the country with key global markets along with risk assessment through the Prepaid Cards Industry Risk Index (PCIRI).
  • Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key prepaid KPIs, including spend by age, gender, and income level. In addition, it provides an overview of how consumers are currently using prepaid cards across five key categories - travel, bill payment, retail spend, cash withdrawal, and P2P transfers. It also provides a breakdown by transaction size.
  • Retail spend: Breaks down retail spend across 11 categories to provide detailed insights on consumer behaviour and changing dynamics of prepaid card spend.

Included in the Report

  • South Korea Gift card spend analysis: Market size and forecast by functional attribute (open loop and closed loop) and by consumer segments (retail, small scale business, mid-size business, and enterprise business). Also, breaks down the market size by consumer behavior, covering gifting occasion, card type (paper, plastic, digital), and market share by retail categories.
  • South Korea Business & administrative expense card spend analysis: Market size and forecast at category level and by consumer segments (government, small scale business, mid-size business, and enterprise business).
  • South Korea Payroll card spend analysis: Market size and forecast at category level and by consumer segments (government, small scale business, mid-size business, and enterprise business).
  • South Korea Meal card spend analysis: Market size and forecast by consumer segments (government, small scale business, mid-size business, and enterprise business).
  • South Korea Healthcare and wellness card spend analysis: Market size and forecast at category level.
  • South Korea Consumer incentive card spend analysis: Market size and forecast at category level and by consumer segments (government, small scale business, mid-size business, and enterprise business).
  • South Korea Employee / partner incentive card spend analysis: Market size and forecast at category level and by functional attribute (open loop and closed loop) and by consumer segments (government, small scale business, mid-size business, and enterprise business).
  • South Korea Travel forex card spend analysis: Market size and forecast by consumer segments (retail, government, small scale business, mid-size business, and enterprise business).
  • South Korea General purpose card spend analysis: Market size and forecast at category level and by consumer segments (banked and underbanked / unbanked).
  • South Korea Remittance card spend analysis: Market size and forecast at category level.
  • South Korea Teen and campus card spend analysis: Market size and forecast at category level and by functional attribute (open loop and closed loop).
  • South Korea Social security and other government benefit program cards spend analysis: Market size and forecast by functional attribute (open loop and closed loop).
  • South Korea Insurance claim card spend analysis: Market size and forecast at category level.
  • South Korea Entertainment and gaming card spend analysis: Market size and forecast at category level.
  • South Korea Transit and toll card spend analysis: Market size and forecast at category level.
  • South Korea Fuel, utilities, and other cards spend analysis: Market size and forecast at category level.

Companies Mentioned

  • Korea Smart Card Co
  • Korea Expressway Corp
  • Shinhan Card Co Ltd
  • Samsung Card Co Ltd
  • KB Kookmin Card Co Ltd
  • Woori Bank
  • BC Card Co Ltd

For more information about this report visit https://www.researchandmarkets.com/r/emh3k5

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

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View original content:http://www.prnewswire.com/news-releases/south-korea-34-5-bn-prepaid-cards-business-and-investment-opportunities-to-2023--300873334.html

Nine Low-Cost Growth Hacks To Help You Scale Your Business - Forbes

Posted: 24 Jun 2019 05:15 AM PDT

Every successful business starts with a great idea. However, if you want that idea to turn into cash in your pocket, you'll need to find a way to achieve strong business growth.

While you can spend a ton of money on advertising, there are much more cost-effective ways to grow your small business. That's why we asked the experts of Forbes New York Business Council to share some great growth hacks that won't break the bank. Their best answers are below.

Forbes New York Business Council experts share key strategies for growing your business without breaking the bank.

Photos courtesy of the individual members.

1. Be Genuine

Being genuine obviously doesn't cost anything, but it will generate so much business if you act with integrity consistently. Clients always say how they appreciate the straightforward and transparent process we incorporate, and they share this with other prospects. This is just an easy and free way to market yourself! - Maurice Harary, The Bid Lab

2. Build Your Network

When looking for low-cost, low-barrier ways to build your business, it has never been easier to get out and spread the word about you and your business through Meetup groups and other networking opportunities. Using these groups is more farming than hunting, but it is an effective method to grow. - Steven Libman, Integrity Capital Group

3. Seek Out Public Speaking Opportunities

Start public speaking. I was terrified of it until I tried it and I actually enjoyed it very much. Speaking in public is the best way for people to learn about you and what you do or believe in. Also, when you go to a conference, you meet people in your industry and you might interact with potential clients. Overcome your fears and start sharing your knowledge with others. - Sergio Mannino, Sergio Mannino Studio, we design interiors and we create brands

4. Automate Your Lead Generation

Lead generation tools, such as Sales Navigator and Orca, are a low-cost way to approach a high volume of potential clients consistently with the goal of scheduling an in-person meeting or phone call. This alleviates the pressure of constant networking and allows you to focus on the individuals who are truly interested in learning more about your business. - Jill Strickman, GENUINE: The Real People Company

5. Share Your Story On Social Media

Leverage social media and create a human story—why you do what you do and how you impact people's lives in a positive way through your products and community presence. Participate in local events. This will raise your personal profile and credibility, which will spur new connections and referrals. People seldom refer businesses to people they haven't met or heard about through trusted sources. - Karthik Krishnan, Britannica Group (Britannica, Merriam Webster, Britannica Knowledge System and Melingo)

6. Offer Flexible Payment Options

One low-cost way to grow a small business is to offer customers payment flexibility. Installment payments, for instance, have been found to motivate consumers to make purchases. A survey we conducted found that 67 percent of shoppers would be more likely to purchase large electronics or furniture if they were able to pay for them in monthly installments. Payment flexibility leads to increased sales. - Gil Don, Splitit

7. Leverage User-Generated Content

Enlist customers to provide you with content. User-generated content helps to build trust in your brand, keeps your advocates happy and makes them feel like they're part of the company's growth and success. Studies are showing that Millennials put a premium on customer opinions. Small things like comment functions, forums and star ratings can go a long way toward establishing customer loyalty. - Don Daszkowski, International Franchise Professionals Group - IFPG

8. Do Your Own PR

In the early days, you don't have the money for a PR agent. Even if you did, nobody knows what you do like you do. Find buzzworthy stories, then stand on the tallest building and tell the whole world how great you are. Be on the lookout for ways to tie to a newsworthy angle that can connect back to you. Social media is great but not the only way. There were startups before Twitter and Instagram. - Nic Faitos, Starbright Floral Design

9. Engage In Guerilla Marketing

Guerilla marketing tactics are great for growth hacking. Potential strategies can include canvassing the market in your branded vehicle, passing out flyers, attending networking events, and engaging with fellow business owners. These are effective because they are unconventional. You have a better chance of getting noticed among a stream of typical advertisements. - Josh Cohen, The Junkluggers

Napa County creating special blend of regulations for small wineries - North Bay Business Journal

Posted: 24 Jun 2019 08:15 AM PDT

As Napa County moves into place this year new standards for how the wine business operates locally, officials are hearing from vintners and grape growers about the how the bar for compliance seems to be getting too high to clear for small-scale operations to remain going concerns.

Moving on direction from the Board of Supervisors in the past few years to lessen the regulatory burden on smaller wineries, many of which are family-owned and -operated, county staff late last week was set to roll out the first draft of a such a policy on small winery permits, what would be considered major and minor use modifications, and whether restrictions on wineries operating in the business parks around Napa County Airport would be adjusted.

The goal is to have the policy back before the supervisors for consideration by November, according to planning Director David Morrison.

While the details of the draft policy weren't clear by press time, some of Napa County's small-scale wine producers say the help that's been discussed recently leaves them out.

Among them is Elise Nerlove, co-owner of Elkhorn Peak Cellars, which has been producing pinot noir grapes on a now 10-acre vineyard off Highway 12 in Jamieson Canyon south of Napa since 1987. The family started producing wine in 1993 and now bottles about 1,000 cases annually at a local custom facility. Elkhorn wants to invite consumers to visit the hillside property, try the wine and buy it.

"You see it in all the industry papers, like Silicon Valley Bank's wine report, that the trend is direct-to-consumer sales," Nerlove said. "And we are asking for access to the millions of visitors who come to Napa every year."

Trouble is, the wine side of the business started after the county's Winery Definition Ordinance (WDO) went into effect in 1990, the same year county voters approved Measure J, which restricted rezoning of local agricultural land to other uses without another countywide vote. In 2008, voters opted for Measure P, extending that protection through 2058.

Napa County defines small wineries as those that produce 30,000 gallons or less annually, equivalent to under 13,000 standard 9-liter cases, according to a county report. Of the 485 permitted wineries in the county, 461 are on agriculturally zoned land, and 57% of those (261) are small wineries.

Of those small vintners, 37% (97) were established before the WDO, and 34 of those received permits under the small-winery exemption policy that preceded that ordinance. But that exemption doesn't allow direct-to-consumer activities like tasting and sales, according to the report.

But for Napa County grower-vintners like Elkhorn, the option of ancillary marketing activities such as tasting isn't available, because they're not wineries. Rather, Elkhorn as an alternating proprietorship state license to make wine at a bonded winery.

So, Nerlove and her father, Ken Nerlove, founder of Elkhorn, are on the executive committee of a group of similar small grower-vintners who are asking for the Board of Supervisors to craft an ordinance for them. Save the Family Farms Napa Valley wants to be allowed limited wine tasting and direct-to-consumer sales at their vineyards — without having to build a winery.

The group's founder is Bill Wolf, who produces grapes for his Eagle Eye Winery label from vines in Gordon Valley east of Napa. He wrote on the organization's blog that a key reason for launching this campaign was the shift by the county in 2014 toward tougher enforcement with fines for wineries and growers that violated the WDO. What brought this out this year was the move by the Board of Supervisors in December to create a fix-it process for winery use permits that were out of compliance with winery use permits.

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