Opening a restaurant or a coffee shop in 2023 is not as easy as it used to be. First and foremost, there are many of you thinking about the same thing and the number of restaurant in Siem Reap is staggering. The labor cost is now rising steeply as the workforce has shrunk since the last pandemic, making qualified staff rare, hence dearer. The price of raw ingredients has also skyrocketed since the war in Ukraine, pushing you to eat your margin or sell at a higher price.
Saying that, there are still opportunities for the right product. The number of tourist is rising and there is room for some well-planned businesses in the region. Some restaurants are very profitable, as they have well managed their resources and attracted a large crowd with
If you want to start a business, you need to make some sort of plan. This plan should include what your restaurant will serve, which type of clients it is for, how much a meal will cost and how you will advertise or market your coffeeshop.
A plan should also reflect your expected revenues compared to your expected expenses… and see how fast you are turning profitable
Depending on your Business Plan, whether you are targeting young people with a low purchasing power or bank top executives, the location will be critical to your success. In any case, people will need to access your venue with ease, they should be able to park their motorbike or have the chauffeur drop them off easily in the front door.
If you find a location with high traffic, you will save on advertising and promotion.