David Beckham’s son started a Chinese takeout business – thinking of running your own?
- TBA
- Apr 12, 2024
- 2 min read
Updated: Feb 25
Chinese food is highly popular in the UK, especially in the realm of takeout, where it has become the preferred choice for many Britons. In recent years, an increasing number of people in the UK have ventured into the Chinese food business, including Brooklyn Beckham, the eldest son of David Beckham. He collaborated with the online ordering platform Uber Eats to launch 5 dishes in London, with each dish ranging from £10-15, including the famous Chinese classic pork and prawn dumplings.
Unfortunately, as soon as the dishes hit the market, they immediately attracted criticism from all corners, with The Standard describing their experience as ‘A meal that failed to ignite anything…except my fury’, and many online commentators likening their experience to eating plane food.
So, what do you need to succeed at running a restaurant or takeout business in the UK?
Restaurant Concept and Business Planning
Before you start looking for a location for your restaurant or takeout, hiring staff, or purchasing supplies, you must establish a clear concept for your restaurant’s development. You should also formulate a comprehensive business plan detailing your goals, budget, timeline, and marketing methods.
Defining Your Target Market
You should clearly define the target market for your restaurant’s development. This may be based on demographics such as age, gender, income, or location, or it may perhaps be based on psychological characteristics such as hobbies, values, or lifestyles.
Understanding the needs and preferences of your target market will allow you to adjust your menu, marketing, and operations to meet their needs and preferences.
Therefore, conducting research before opening the restaurant is crucial.
Menu Offerings and Pricing Strategies
Your menu is the lifeline of your restaurant.
It should represent your ideas and target audience while providing a diverse selection of high-quality, delicious, and visually appealing food choices.
Additionally, you must develop a pricing plan to balance your food costs, labour costs, and profit margins whilst still remaining competitive and attractive to your target market.
Compliance with Legal Requirements and Regulations
There are many legal standards and regulations for opening and operating a restaurant or takeout in the UK, and you must comply with these standards and regulations to operate legally and safely.
When opening a restaurant in the UK, you will need to obtain various types of venue licenses, food business registrations, personal alcohol licenses, health and safety certificates etc. In terms of tax, you may also need to register for VAT.
As an employer, you also have legal obligations to your employees – you will need to register for both PAYE and National Insurance, and pay the national minimum wage.
At TB Accountants, we’re always ready to help businesses that are looking to get started.
