Food & Hospitality Feasibility & Business Case

Feasibility – understanding what’s possible & determining the risk

Creating and running your own successful food and hospitality business is rewarding beyond measure. The intoxicating and complex mix of variables that all have to work together to form a complete hospitality experience – food, beverage, service, creativity, design, vision, talent, sense of place – is part art and part science.

At the heart of any new concept or burgeoning business is a blueprint for success. Having a great idea or taking over the reins of an existing business comes with risk. The only way to reduce that risk is to have an expert conduct quantitative and qualitative research to assess the business or concept’s viability.

Food and hospitality concepts and businesses come in all shapes and sizes, from impulse kiosks and cafés, to quick service restaurants (QSR), fast/smart casual and fine dining restaurants, food halls, bars, breweries, centralised production kitchens or hybrids that defy definition.

Preliminary Research and Market Overview: Great food and hospitality concepts are created or existing businesses revitalised everyday by industry insiders and passionate newcomers. In today’s crowded and complex hospitality landscape, it takes more than a good idea. Independent and in-depth research, an experienced eye to assess all of the interlocking elements and a F&B market overview provide a balanced point of view to develop a sustainable hospitality business.
Concept Development and Competitor Analysis: Take your concept and place it head to head with the competition. There are many paths to success in hospitality but carving out a niche that fulfils customer demand is critical to most. Successful food and hospitality business have strong points of difference that resonate to create loyal and sometimes fanatical customers.
Financial Projection: Starting a new food and hospitality business requires considerable time, effort and money. Before securing funding with a business case, a preliminary financial projection will map out how the revenue is generated and quantity ongoing and start-up costs.

Business Case - making it happen

With the preliminary work complete, it’s all about crafting a compelling story and pulling all the strings of the tapestry together to complete the big picture.

Food and Hospitality Business Case: The foundations have been built and the risk quantified under the feasibility study. As with most businesses, it is unlikely to be self-funded in today’s evolved hospitality scene. Laying out a professionally crafted plan on how the business will be operated and managed to make a profit is crucial to securing funding from a lender or investors. An independent report from an expert in hospitality validates the concept adding credibility.