According to a report in The Economic Times, globally a restaurant is 90% likely to fail within the first year. Another 50% tend to fail within the second. When you factor in specifically Indian problems like taxation, oversupplies, and regional liquor bans, it’s no surprise that F&B (food and beverage) firms across the country are dropping like flies.
However, there is another way. Amit Roy of F&B consultancy firm ThinkTanc is in town to talk to us about how he can reduce the rate of failure down to single digits! In fact, he estimates that in 8 years, ThinkTanc has only been directly responsible for a literal handful of failures. Even then, this was mostly because they were a little too ahead of their time.
To put that in perspective, they work with around 10 restaurants and bars at a time, sometimes going up to 15 or even 16! But how is it even possible to cut down the rate of failure by so much? According to Roy, the simple answer is expertise.
His father owns one of the most reliable hospitality supply companies in India, so Roy has grown up in the industry. Thrown in a passion for F&B, a group of friends/partners that share his ideas, and eight years of working with ThinkTanc, and Roy put together an exact criteria for how to maximise a restaurant’s chances at success.
It shows in his work. ThinkTanc has worked with restaurant chains, industrial kitchens, high-end brands like Skyye Bar in Bangalore, and have even opened their own successful chain of pubs called Watson’s. In just a few years, Watson’s has opened six outlets in three different cities – including running a mini-hotel attached to the premise in Chennai – and has more on the way.