A winning recipe
The landscape of restaurants and dining out joints is seen as a highly perishable and competitive one as a number of such outlets virtually vanish into thin air after becoming financially unviable. Thus, stepping into the quicksand of this business requires grit, confidence and a thorough understanding of its nuances. It was with this spirit that Umang Tewari put in over 10 years in different restaurants to “equip” himself thoroughly before starting his own venture. After completing his MBA from Schiller International University, London he worked in different restaurants in order to learn the finer details of operations in running the business. He forayed into the hospitality industry in 2002 and founded Big Fish Ventures in 2015. Here’s how he shares his journey:
“As a person looking for an ideal dining out experience, I always felt that there was a lack of personalised as well as exquisite experience in most restaurants and I wanted to give this to my customers and this was the inspiration that made me work in different places abroad as well as in India so that I had a fairly good idea of what a modern day customer wanted.”
India is a diverse country and to run a business about the most important thing “Food” is one of the biggest challenges. Providing the need for new cuisines and menu upgrade as well as to cater to the population who likes to party with eccentric food and drinks was also a challenge. The biggest challenge, however, is to stay updated and work more for the customers. Unlike other businesses, where you need not stock inventory every single day, restaurants need adequate cash flow to manage daily operational costs — including food and labour. Initially, it may be challenging to generate cash flow to meet your expenditure.
Umang had won the “Young Entrepreneur of the Year” award at Indian restaurant Congress awards 2016. But in his words, “I strongly believe in rewards. Thus a satisfied customer is my reward and biggest achievement”.
Expanding his business all over Delhi, Gurgaon, Mumbai and Murthal, Umang aims at creating dining outlets which will an unforgettable culinary experience to customers. “We have some new launches coming up in CP, Gurgaon & Noida. Which will be My Kind Of Bar in CP, Local in Gurgaon & Noida — pitching Asia’s biggest Local’s outlet ever.”
A word of advice
Many people get interested in opening up pubs bars cafes, but before you take a plunge, make sure that you have spent some time to understand the nuances of this business. Be prepared for a lot of curve balls and setbacks but do not quit.
— As told to Rajev Bhatia