You might have thought this was Small Business Week — however, it is really ideablob.com Week here at the Entrepreneurial Mind. They have asked me to be the guest advisor for the week. I will be posting some of the ideas from ideablob.com along with my advice.
Here is my first installment.
The idea:
My fiancee and I were in a national student organization event in Atlanta when we joined the Entrepreneurial Challenge. We came up with The Hummus House. Our slogan was ‘Hummus where the heart is’. Essentially it would be a restaurant that produced and sold a large variety of hummus flavor, bread/pita, chips, and for non-hummus enthusiasts we could sell salsa, chips, sandwiches, and salads. We would also provide a list of wines or drinks that would compliment the flavors of the hummus. The restaurant would have graffiti on the walls, local artists paintings mounted on the walls, warm lighting and a welcoming atmosphere with local bands/musicians performing.
My Advice:
There is a reason that bankers run screaming from restaurants — they have high failure rates.
That being said, it always amazes me how well certain niche restaurants can do in the market. Before launching this concept, make sure that the market is big enough and passionate enough to support this very specific niche.
You need to find a location that has enough people passionate enough about hummus — sorry that ain’t me — so that you can sustain enough traffic to make this concept work.
Know that any niche restaurant may end up being a fad. Keep your debt low and your lease short-term so if the passion for hummus passes, you can ease out of the business with little residual financial burden.