London has a huge market for the restaurants since a lot of people belong to working class depending on the restaurant market to fulfill their need for food. Another major portion of restaurant market of London is based on the foreign students who have come to study in the top universities of the world, requiring freshly cooked with good quality and ethnic food for themselves. Therefore the market for the restaurant in the London is huge and there is a big gap about the Cyprian cuisine since there are very few (almost 7) in the market who are working on it.
Company’s Initial Needs
The major initial need of the business would be to hire a lawyer who would help the restaurant to comply with all initial regulations as per the laws of London. The lawyer would also be responsible to look after the lease agreement to be signed. Apart from that, an accountant would be needed since there is a huge investment to be made, so proper check and balance have to be made on the initial expenses.
Other major start-up need for our restaurant would be the fixtures and fittings to be made available for the restaurant. Apart from that restaurant would also need the proper machinery which would enable the chef to make the cuisine with proper taste.
Advertising would also be another cost which the restaurant would need to bear since there is a fierce competition in the market plus restaurant would also need to create the awareness about itself in the market amongst the lot of customers with a very adjustable marketing strategy
Strong relations with the vendors would also be needed to make in the startup. Since restaurant needs the fresh raw materials, therefore adequate suppliers would be needed to identify in order to get proper raw materials for the preparation of food. Meanwhile, alternative suppliers would also be needed to be located since a restaurant business cannot remain dependent on one supplier.
Specialists would also be the vital start up the need for the restaurant. Proper chefs who specialize in the Cyprian food needs to hire. Similarly proper restaurant managers, waiters and kitchen staff would be needed to be hired in order to ensure the smooth and profitable running of the restaurant.
Location
The selection of a location for any business holds utmost importance and is instrumental in the success of any business venture. The location selected for this venture is situated on Finchley Road. It is a 3045 square foot restaurant space that has been remodeled and refurbished. It has high end and classy interior. Space is large enough to host a buffet and a la carte for over 100 guests at a time. There is a fitted bar and running the kitchen as well.