There is no business that you are about starting or running that you will not encounter one challenge or the other. Entrepreneur encounters stumbling blocks in the course of setting up and running their businesses daily. Challenges are inevitable and when they are properly addressed serve as stepping stones to growth, development and success of the business
Here are 4 major challenges you will encounter while running Restaurant Business in Nigeria;
- Paralytic electrical power supply: To stay profitable in restaurant business centre, you need electric power supply.
2. Multiple taxes: Starting a private business in Nigeria is more like opening office for local councils and state government. You just need to know what are the right taxes and the proper way to pay them so you will not be exploited by so called government officials
3. Stiff Competition: Because there is a need to satisfy hunger, the demand for food is unending. This is why you will find different kinds of restaurants on every corner of the Nigerian streets that may kick you out of business if you don’t maintain a certain level of standard.
4. Risk Management: Running a restaurant maybe hazardous, a little carelessness or negligence may result to a huge loss. You should safe guard your business by insuring it against all forms of potential hazards, damages and by practicing safety procedures.
In conclusion, the above are challenges you will likely encounter while running a restaurant business. If these challenges are properly address, you will definitely succeed in restaurant business venture. On the other hand, you failure starts when you fail to address to them.