{"id":4149,"date":"2018-07-08T12:50:20","date_gmt":"2018-07-08T12:50:20","guid":{"rendered":"http:\/\/skale.today\/?p=4149"},"modified":"2018-07-08T12:50:20","modified_gmt":"2018-07-08T12:50:20","slug":"set-up-your-own-restaurant-in-9-simple-steps","status":"publish","type":"post","link":"https:\/\/www.skale.today\/content\/2018\/07\/08\/set-up-your-own-restaurant-in-9-simple-steps\/","title":{"rendered":"Set Up Your Own Restaurant in 9 Simple Steps"},"content":{"rendered":"
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Having set up my own restaurant from scratch and with little help around me, I want to share what I have learnt with future business owners like you. It was not an easy journey but it was one worth taking. These 10 steps will give you a comprehensive overview of the technicalities of setting up a restaurant in Singapore.<\/p>\n<\/div>\n

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1. If You Fail To Plan, You Plan To Fail<\/span><\/h2>\n<\/div>\n
Come up with a business plan – the more comprehensive, the better. Don\u2019t be lazy to note down all the gritty little details as well about your financial goals, budget, marketing strategy, pricing strategy, daily operations, vendor list, hiring and training rules as well as your standards for customer service.<\/span><\/div>\n
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Although this may all be ideals at this point of your operation, having a foundation for your standards and goals is important so that you can build upon it once your business is up and running.
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2. Raise That Capital<\/span><\/h2>\n
Let\u2019s face it – Singapore is not a cheap place to set up a restaurant in. High rental rates means that you need to get sufficient capital before opening your own business.\u00a0<\/span><\/div>\n
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A safe amount of capital is above $200 000 , not considering additional expenses such as marketing to raise awareness of your new restaurant as well as operational costs that can cost up to $40 000.\u00a0<\/span><\/div>\n
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You can choose to get support from the government since you are setting up a SME with their multiple grants which you can check out at this <\/span>portal.<\/a><\/span> You can also choose to take a personal loan as well and check out <\/span>SingSaver <\/a><\/span>for personal loans with the lowest possible rates.<\/span><\/p>\n<\/div>\n

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3. Register With Your Local Government<\/span><\/h2>\n<\/div>\n

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For locals, use your Singpass to register your company at the <\/span>Business Filing Portal of ACRA\u2019s portal<\/a><\/span>. As for foreigners, you will need to apply for a Entrepass with MOM first before getting a Singpass and repeating the same step.<\/span><\/div>\n
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When registering for my business, I chose to register it under the<\/span> \u201cLocal<\/span> Company\u201d option. The next step is to click on<\/span> \u201cApply<\/span> for a New Company Name.\u201d This will cost you $15 to set up.<\/span><\/div>\n
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After your company name has been registered on ACRA, the next step is to pay and incorporate your business with your reserved name under Bizfile. This will then cost about $50-$600 for locals and $300-$1200 for foreigners.\u00a0<\/span><\/div>\n
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Having trouble registering? Don\u2019t hesitate to drop ACRA a call at +65 6248 6028.<\/span><\/p>\n<\/div>\n

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4. Find Your Prime Location<\/span><\/h2>\n<\/div>\n
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Set up location in a neighbourhood you like and a neighbourhood you feel your restaurant can contribute to. This can be done through engaging with real estate agents that will consider all your preferences such as electrical requirements and how big you need the place to be.<\/span><\/p>\n<\/div>\n

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5. Transform It Into The Restaurant of Your Dreams<\/span><\/h2>\n<\/div>\n
Look for a good interior designer, architect and contractor and decide on what sort of theme and vibe you want for your restaurant. Tell them what you envision for your restaurant and get actively involved in the planning.\u00a0<\/span><\/div>\n
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Don\u2019t stinge on this aspect of setting up your restaurant because it is the first thing that customers will see when they step in. No matter how good your food is, if the interior design of your restaurant is lackluster, the customer is less likely to come back.<\/span><\/p>\n<\/div>\n

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6. More Nitty-Gritty Details<\/span><\/h2>\n<\/div>\n
Don\u2019t forget your licenses to operate! Check out <\/span>EnterpriseOne<\/a><\/span> for to search for the license your business needs. Below is a checklist of the basic licenses you need:<\/span><\/div>\n
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