800fund.com on Molecular Gastronomy
Molecular Gastronomy is revolutionizing traditional cooking and transforming dining into a surprising emotional and sensory experience with each taste being perceived in sequence. Formally, the term molecular gastronomy refers to the scientific discipline that studies the physical and chemical processes that occur while cooking. Molecular gastronomy seeks to investigate and explain the chemical reasons behind the transformation of ingredients, as well as the social, artistic and technical components of culinary and gastronomic phenomena.
A Look at the Gastronomy/Restaurant Service Market
According to official data gastronomy/restaurant establishments for example in Germany generate revenue of around EUR 39.7 billion. Classic restaurant gastronomy/restaurant accounts for 19 billion. 72,000 gastronomy/restaurant businesses generate an average turnover of EUR 165,000. This testifies to strong and stable market competition.
What is your target group? Businesspeople, haute cuisine lovers, families or tourists? Are representatives of the target group to be found in the area? This is an important question that must be analyzed and answered. Finally, the demand determines your services and must be reflected in your bar, café or fast food business plan. For example, students want low prices and a big cocktail menu. Businesspeople prefer a certain ambience with good service, but are also less price-sensitive.
What kind of food is served? You need to decide this to facilitate your market positioning. What additional services are you planning to offer? Maybe also a catering or delivery service? How about “specials” to attract new customers and win customer loyalty? All these questions must be answered in the gastronomy/restaurant business plan.
You need to heed not only legal specifics and requirements, but also look at the competition through a magnifying glass. This includes a location analysis. On one hand, it will let you find out if there is a potential client base at your location of choice. On the other, you’ll learn whether their demand is already being met or not – if not, you have a real chance of penetrating the market.
The issue of casual customers is also important, unless you are offering particularly exotic gastronomies such as molecular gastronomy. If you are offering something like Indonesian cuisine as a unique selling point, your location is not as important. Customers will find you even if your location is not optimal. Other points will then move to the fore, such as marketing through the right channels. The analysis result should be a factor in your location decision.
Décor, location and unique characteristics deserve major recognition in your restaurant business plan. Everything must be set out accordingly and in detail, even things that seem unimportant at first glance.