Millennials today make up nearly a third of restaurants’ annual revenue, and according to a report they spend 13 percent of their total income on eating out. But that’s just one side of the business. There has been a rise in the number of millennials choosing the restaurant business and running it successfully.

To be the driving force behind developing, launching, and promoting culinary products and services requires channeling the inner foodie. It also requires being adept at reading spreadsheets, forecasting trends, and playing administrator. And apparently, the younger generation is spearheading these roles like an expert, keeping aside their to be called ‘young age’ factor. While few are busy hopping cafes and bars, few are busy developing those and we caught up with five such young restaurateurs to know about their journey so far. What people desire to accomplish by the time they retire from the restaurant industry, few have accomplished that by not even touching their 30s. 

Quick ROI Drawing Attention

When Ishaan Bahl launched the first 145 outposts in Kala Ghoda, Mumbai in 2015, he was 22. Six years on, Ishaan is 28 and heads marketing, finance, and expansion for the group Risa Hospitality which has four outlets of 145 under its umbrella along with several expansion plans in the cards for 2022.

He feels that a quick return on investment is the most essential element in drawing young entrepreneurs into the hospitality business. And the young crowd has the mental capacity to spend limitless hours at the restaurant, experimenting with different business strategies and concepts. 

Sharing a few learnings from his journey, he added, “Employees make an investment in your team. They are the most significant individuals who push the concepts you have established. To provide enough infrastructure and smooth operational efficiency, a solid corporate structure supported by a powerful back-end crew is required.” 

He further commented that front-runners have a significant advantage since, by being the first in their industry and offering something unique, they quickly become linked with exactly what they're attempting to represent - certainly, from a branding standpoint. For him, experience is unquantifiable. 

Moving ahead with his business expansion plans, in the next few years, 145 Cafe is geared up to enter Delhi, Bangalore, Goa, and Pune. A special bakery cloud kitchen, as well as an Asian fine-dine restaurant and bar, is also in the offing.

Food Business Becoming a Fashionable Industry

The F&B business is developing in innovative ways, thanks to technological improvements. F&B trends shift with time, and young businesses today are relying on technology or individualized dining to elevate the experience. According to Columbus Marquis, partner at Yazu Goa who entered the business at the age of 22, apart from the growing trend of people dining out, another major reason why young entrepreneurs are interested in investing in the industry is that it is becoming a fashionable industry. 

However, he commented that managing a restaurant takes a lot more than just passion. “When you decide to start an F&B business, you must spend some time planning and conceptualize, this will save you time and money in the long run. The concept can seem overwhelming at first as there is so much to think about. Hiring a good team and bringing the right chef on board has always been my struggle. But most importantly, it is the restaurant concept that needs to be thought through before you dive into launching the restaurant,” Marquis commented. 

He highly recommends that if someone is not from F&B background, he/she should take expert advice or get a good F&B consultant onboard. Franchises are not always guaranteed to be the best option, and it usually becomes highly expensive for the franchise owner, so it should be carefully considered, he stated.

F&B Industry Offers Room to Experiment 

When Prafull Billore, Founder and CEO of MBA Chaiwala was starting off, generating trust was one of the major hurdles he faced. “As a young entrepreneur, you would feel all eyes are on you and every single of them doubts your potential. From pitching your ideas to source funding, the core issue remains to generate trust and build value for your business. Other than this there are all kinds of issues you will face during choosing a team, executing plans, sustaining, and other such things,” he said. 

Coming up against all the odds, Billore feels that the F&B industry offers room to experiment and bring the creatives and aesthetics to the table. “We are witnessing a cultural change. People today are heavily engaging with the idea of hanging out with friends, family, colleagues to have a good shared experience. This opens up opportunities for restaurant owners. In today's time creating an interactive ambiance has become as important as serving quality food,” he commented. 

According to him, starting early always proves beneficial. He suggested that research is a huge part of the process and one must begin with it as early as possible. Sharing a few trends that he has been witnessing in the industry, he said that work from home has now extended to ‘work from cafes’, going on work-cation. The young generation majorly dwells upon the idea of 'work and chill'. The inception of casual-setup restaurants has picked up from these lifestyle choices. 

Know-How of a Certain Standard of Living Attracting Young Owners

Many people have a dream of starting their own resto-bar/ club, having a place to showcase themselves, their knowledge, and to get something on the table for the people. Given that nowadays it's the youth who travel a lot more, soaking in experiences from different cultures, backgrounds, and countries around the world, opening an F&B establishment for them may come as a natural next step. 

“This know-how of a certain standard of living, wanting to grow, excel and bring back the experiences and cultures; turns into a driving force and source of attraction for budding restaurateurs,” Karan Nohria, Founder of Silly commented.

Sharing a few hurdles that he came across, Nohria said that getting along with staff, understanding their points of view, making sure both visions and missions are aligned, appreciating their knowledge yet training them to the restaurant's needs and requirements and in turn changing the overall landscape of hospitality were some of the operational struggles.

To survive in the F&B business, Nohria has two mantras to share. “It's never too late to bring in a change. It's never too early or it's never too late to enter the F&B business, you learn as you grow,” he said.

Restaurant Industry is No More an Industry that People Aren't Proud Of

The glam factor is surely driving the youth. In the 1990s, the restaurant industry was not something that people were proud of. Food, on the other hand, has become chic, a luxury, and art in the last 15 years. And everyone wants a piece of it. 

According to Karan Khilani, owner of Elephant and Co, in the restaurant industry, every day presents a new challenge, especially if working in large volumes. Finding and keeping individuals would be a constant problem for someone who is new to the industry.

“The best advice I can give is to continue improving your game, learning from industry leaders across the world, and innovating. It's all downhill from there after you've gotten comfy with your offering,” Khilnani said who entered the business at the age of 24. 

When asked if starting early is an advantage, he firmly believed that one should only begin after having gained some experience in the field. “It's a rigorous schedule with fierce competition, and only those that excel at their product and service will succeed in the long run. Before jumping into the industry, it's critical to master those talents,” he suggested.

The entry of more young entrepreneurs into the business has also led to a sudden splurge in the casual dining business. Talking about it further he stated, “People want to have a dine-in experience but in a more immersive setting. Restaurants have invested more than ever in product innovation and specialization of cuisine and cocktails, despite the term "casual." Restaurants want to gain a reputation for something. You can't be an Indian and Asian cuisine at the same time; everyone is enhancing classic cuisines and making them more local or global than ever before.” 

The most important factor that decides whether a business thrives or not is the number of young clients it welcomes. One might provide the most delightful food in town but if clients are not young, the business could fail in a couple of years. That is because the young audience drives trends and commerce, and therefore, actively increases a business’s revenue. The trick to becoming a successfully run restaurant is bringing in new customers. And nothing could be a perfect match if the owner resonates with the young mind, their likings, their taste palates, and their dining needs. Nothing best than a young restaurant owner!