Starting a New Business: Traditional Chinese Restaurant

Running head: STARTING A NEW BUSINESS
STARTING A NEW BUSINESS
Name of the Student
Name of the University
Author Note

1STARTING A NEW BUSINESS
If I were to start a new business, I would open a traditional Chinese Restaurant. The
reason I selected this type business is that in Canada, the value of Asian food has increased a lot
over the past few years. Also, have most Chinese dishes have a very minimalistic recipe as they
are mainly boiled and spice less food, which is why it would be a cost saver to the business as
well. Also in Canada, raw materials for making Chinese food are relatively less than other
countries. The reason for selecting this business would be mainly because most Chinese dishes
are very healthy and nowadays people have became more attentive to their health as they are
switching over from fast food to healthy dishes. As a hardworking person my attribute towards
the business would be giving it the proper attention and support. When looking at the
competition, there are several Chinese restaurants located in Canada. Such businesses would
include Sawtow Resturant, Lai Wah Heen, Bao Bei and many more. These restaurants are over a
decade old and they control most of the customer base (Dees 2017). However, despite these
businesses control most of the customer base in Canada, I have noticed that these businesses
have a high price rate due to the fact they are running for a long time. Despite this, I will not opt
for a low price range as it may lead to a financial loss. The best strategy from my end would be
to create new and improved promotional method and unique selling propositions. It is in the
nature of human beings that they would look for the new and happening things. Even after using
a service for a while, people will always look for better alternatives (Fan and Khademi 2014).
The best way would be to understand the customer’s requirements and act accordingly, as a start-
up business it be best to use the means social media promotion first to let people know about the
business.
The best location for the business would be at Vancouver, West Broadway. The reason
why I have selected this location is because the Asian community in Vancouver is more than