Is N500,000 Enough To Start A Small Scale Restaurant? - Business - Nairaland
Nairaland Forum › Nairaland General › Business › Is N500,000 Enough To Start A Small Scale Restaurant? (22641 Views)
| Is N500,000 Enough To Start A Small Scale Restaurant? by darmochy1(op): 1:48am On Apr 18, 2016 |
Hello fellow nairalanders, I'm currently working on starting a restaurant in Ibadan. I'm planning to start on a small scale before expanding it. The cash on ground right now is 500,000 naira. I'll love to know if that amount is enough to start something reasonable. I'll love to learn from your wealth of knowledge in terms of the logistics involved amongst others. Looking forward to your tips. Thanks. 1 Like |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by aloeman15(m): 2:33am On Apr 18, 2016 |
Buka or restaurant?
In your house or rented?
For drivers or executives?
Local or continental?
Busy or quiet area?
Hired staff or family biz?
Plastic or wooden furniture?
Remodel the site, or use as is?
Ac or fan?
Terrestial or dstv?
Linoleum or tiles?
Monday to sunday or weekdays only?
Parking or no parking?
Pure water or bottled water?
Minerals or alcohol?
Freezer or ice block?
Whatever you do, beta reserve at least 10-20% for marketing your biz k?
Goodluck. 125 Likes 6 Shares |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Onuohasworld(m): 2:34am On Apr 18, 2016 |
darmochy1:is the shop rent inclusive in the 500,00k...?i have very clean usA used micro wave for sale..very cheap..since ur just starting 3 Likes 1 Share |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by koredex4love(m): 5:48am On Apr 18, 2016 |
I must salute your analysis... If you tell the OP straight NO ,people might have attacked you,but your analysis will help the poster no the answer. What will even consume the fund is shop,useless and sara agent fee and outside design only. @Op, If you can invest small of the fund on another non rental shop biz,you will surely make it from there. But,by the way,hope you are not in lag,Oyo,and other expensive shop areas? aloeman15: 3 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by koredex4love(m): 5:57am On Apr 18, 2016 |
You make me laugh oga, Well,out of the abundant of health ,the tongue spoken. So,out of the whole needed things,all you could raise is microwave     ?@OP, don't even dream of microwave for now,because at your starting point,your products......should be SMOKINGLY HOT,if you want to gain ground. The act of microwaving food is telling customers your food has been prepared for so long ,and couple with the danger in it,introduction of carcinogenic substance through the rays,though this always occur when you are not using microwaveable bowls. But whichever away,don't start with microwave....you can read on it better to equip yourself. Sooner,the world will stop the use of microwave ... Onuohasworld: 6 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by agarawu23(m): 6:27am On Apr 18, 2016 |
aloeman15:your post is enough to pass the message 16 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by agarawu23(m): 6:31am On Apr 18, 2016 |
Onuohasworld:Nlders sha, So na microwave be the next thing? 16 Likes 1 Share |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by darmochy1(op): 8:10am On Apr 18, 2016 |
aloeman15:Thanks a lot. |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Sunnycliff(m): 10:15am On Apr 18, 2016 |
If na mama put abeggi the money go over do! 12 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by yorex2011: 10:15am On Apr 18, 2016 |
1 Like |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by tobtap: 10:17am On Apr 18, 2016 |
hmmmm... u can start with wat u have.. shud be enough in ibadan excluding rent 4 Likes 1 Share |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by refiner(f): 10:18am On Apr 18, 2016 |
..it depends...buh it ought to be enoff..av u rent a shop already? 1 Like |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by ourchoice(m): 10:18am On Apr 18, 2016 |
darmochy1:More than enough; the most important thing is keeping it neat, and cooking tasty food 6 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by babyfaceafrica: 10:19am On Apr 18, 2016 |
Depends on the area and staff strenght?..just start one small canteen and be patient.....food business is lucrative but you must be careful..bad belle full am 6 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by refiner(f): 10:19am On Apr 18, 2016 |
aloeman15:...haba!..oga! 1 Like |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by darlenese(f): 10:19am On Apr 18, 2016 |
YES QED! |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by PassingShot(m): 10:19am On Apr 18, 2016 |
It should start a decent restaurant for you |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by OKOROXXX: 10:20am On Apr 18, 2016 |
MORE THAN ENOUGH, YOU CAN START BY COOKING INDOMIE AND EGG LIKE ABOKI 2 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by dominique(mod): 10:21am On Apr 18, 2016 |
aloeman15:Valid questions 9 Likes 1 Share |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by tfcinvests: 10:22am On Apr 18, 2016 |
My brother never start a business with all you have..you need some liquid cash to manage the business thru the seasons as the business unfolds.if u have 500,000 then i advice u use just 350,000 have 150,000 for keeps and watch,because food business is something people pay cash you have immediate cash from day one of the business to run the business or as your turnover.Yes 350,000 is good to start your food business outside rents sha ooo 11 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Viktor1983(m): 10:24am On Apr 18, 2016 |
It depends on a lot of factors... Rent.. Target Market.. I myself is also looking forward to invest in a restaurant. My budget is N1.5M, where the rent alone is expected to gulp half of funds.. 1 Like |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by AreaFada2: 10:25am On Apr 18, 2016*. Modified: 10:47am On Apr 19, 2016 |
darmochy1:Back to the drawing board I guess. One thing we do little in 9ja is partnership. We've always done "lone ranger" stuff. Therefore we cannot pull talents and resources together. Apple, Facebook and other great brands began as partnership. Dr Innocent Chukwuma of IVM is facing same lone ranger challenges now. I understand people loath "other people's wahala". Imagine you're partnering and you might have 1m already now. 5 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Chartey(m): 10:25am On Apr 18, 2016 |
If it's on a sch campus, N500,000 can start a small take-out food stand. It's very challenging but you'll have good ROI eventually. 3 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Nobody: 10:25am On Apr 18, 2016 |
aloeman15: 2 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Firstlieutenant(m): 10:29am On Apr 18, 2016 |
refiner:How u take know, u don run the busines b4? |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Welcomme: 10:30am On Apr 18, 2016 |
Very okay... 1 Like |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Nobody: 10:33am On Apr 18, 2016 |
darmochy1:nooooo, 500,000 will go nowhere, except na mama put 2 Likes |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Bisjosh(f): 10:35am On Apr 18, 2016 |
When u are done setting up, send me location abeg I need me some amala to fele bi eti 1 Like |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by Segadem(m): 10:35am On Apr 18, 2016 |
aloeman15:[size=14pt]haha Mr. Man, see how u just intimidate the man nao, even myself whey I want start small scale business u don scare me [/size] 3 Likes 1 Share |
| Re: Is N500,000 Enough To Start A Small Scale Restaurant? by eminikansoso(m): 10:36am On Apr 18, 2016 |
start a laundry business after a year of the operation, you give us a testimony 1 Like |
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