Hot Pot Prospects: Navigating The Crucial Research Phase

Hot pot is a unique and interactive dining experience with a rich history. Before opening a hot pot restaurant, it is important to understand the key components of this communal meal. Firstly, the broth is essential, with options ranging from basic chicken broth to spicy Chongqing variants or even coconut-infused seafood broths. The dipping ingredients are the second key aspect, with meats, seafood, vegetables, and tofu being popular choices. Finally, the sauces used for dipping add a personal touch to the hot pot experience.

When opening a hot pot restaurant, it is crucial to consider the equipment needed, such as tabletop burners and divided pots. The variety of broths, dipping ingredients, and sauces offered will also impact the dining experience. Understanding the different cook times for various ingredients is vital to ensure a well-paced meal. Additionally, offering a range of beverages and side dishes can enhance the overall experience.

By researching the key components and equipment needed for a hot pot restaurant, you can create a unique and enjoyable dining experience for your customers.

Equipment

When it comes to equipment, there are several key items you will need to open a hot pot restaurant. Here is a detailed list:

Table Top Burner

Firstly, you will need a table-top butane burner for each table. This is because hot pot involves cooking various ingredients in a pot of simmering broth, which needs to be heated on an induction burner or electric range. A table-top burner allows diners to cook their food at the table, providing an interactive and communal dining experience.

Gas Canisters

Extra gas canisters are also essential, as these burners tend to run out of gas at crucial moments.

Hot Pot

The next crucial piece of equipment is, of course, the hot pot itself. You could opt for a divided stainless steel pot, which allows diners to choose between different broths. Alternatively, you can go for the traditional pot with a "chimney" in the centre.

Chopsticks

Providing two pairs of chopsticks per person is ideal – one pair for handling raw food, and the other for eating. Disposable chopsticks for handling raw food can reduce the risk of cross-contamination and make cleaning up easier.

Strainer

Each diner should also be provided with a strainer with a handle, to help them retrieve their chosen ingredients from the hot pot without making a mess.

Dipping Bowls

As hot pot involves cooking ingredients in a broth and then dipping them in a sauce, providing each diner with a small dipping bowl is essential.

Broth Top-Ups

It is also a good idea to have a basic broth on hand to top up the other soups in the pot as they evaporate. This could be a simple chicken broth with some vegetables.

Condiments

A range of condiments should be offered so that each diner can create their own unique dipping sauce. These might include soy sauce, peanut sauce, chopped garlic, ginger, scallions, cilantro, chilli sauces, tahini, XO sauce, and eggs.

Broths

Spicy Broth

The most popular type of spicy broth is the Sichuan spicy broth, which has a high fat content, a strong aroma, and a distinctive mouth-numbing and spicy taste. This broth is made with beef tallow or cooking oil, dried chilli peppers, Sichuan pepper, aromatics such as scallions and garlic, and fermented ingredients such as chilli bean paste and black beans.

Mild Broth

A mild hot pot broth, on the other hand, is typically a clear broth made with chicken or pork stock, aromatics, herbs, and sometimes vegetables. It is light and easy to prepare, and can be made more flavourful by adding ingredients such as tomatoes, shiitake mushrooms, and scallions.

Other Broths

In addition to the spicy and mild varieties, there are several other types of broths that can be offered at a hot pot restaurant. These include:

• Tom Yum: a slightly sweet and spicy broth that goes well with meat.
• Savory Mushroom: a good vegetarian option that is rich in umami.
• Chicken Broth: a basic broth that is great for beginners.

Dipping ingredients

When it comes to hot pot, the dipping sauce is a very personal thing. Each person can mix their own sauce from the array of sauces, herbs, and aromatics on offer. Here are some ideas for dipping ingredients to offer your customers:

Soy-Based Sauces

• Light soy sauce: a common seasoning sauce in the Chinese pantry, and a good option for thinning out the sauce and adding salt.
• Seafood-flavoured soy sauce: this has oyster extracts added to give it extra umami.

Peanut-Based Sauces

• Peanut sauce (satay): a thick sauce made from ground roasted peanuts and spices, delicious on its own or mixed with other sauces.
• Peanut butter: a good alternative to Chinese sesame paste.

Spicy Sauces

• Chili oil: a type of oil infused with hot chillies, adding a wonderful flavour and kick to the dip.
• Chili garlic sauce: adds a more vinegar-y spice than oil-based sauces.
• Sriracha: easy to find and adds a vinegar-y spice.
• Chili crisp: be careful of salt levels with this one.
• Chopped chili peppers: add extra heat to your sauce.
• Chili flakes: for extra heat.

Other Sauces

• Hoisin sauce: made from fermented soybeans, with a sweet flavour.
• Oyster sauce: adds umami and a well-rounded, sweet flavour.
• Sesame oil: for extra sesame flavour without the thick consistency of sesame paste.
• Chinese black vinegar: for acidity or tang.
• Rice vinegar: a delicate and light option.
• Fish sauce: for true fish sauce lovers only, as it can dominate the sauce.
• XO sauce: a luxury condiment made with dried seafood, ham, garlic, chilli, and oil.

Herbs and Aromatics

• Garlic: minced or chopped.
• Scallions/spring onions: chopped.
• Cilantro/coriander: chopped, including the stems.
• Red or green chillies: chopped finely.

Crunchy Toppings

• Roasted chopped peanuts: for added nuttiness or extra crunch.
• Whole fried soybeans: a good alternative to peanuts, especially if diners have an allergy.
• Toasted sesame seeds: for a light nuttiness without changing the texture.

Sauces

When it comes to hot pot, the dipping sauces are what completes the dish. The condiments are a mini-buffet in themselves, with each person mixing their own dipping sauce from an array of sauces, herbs, and aromatics. Here are some tips and suggestions for the sauces you should research before opening a hot pot restaurant:

Variety of Sauces

Offer a variety of sauces with different flavors and levels of spiciness to cater to different preferences. Some popular options include:

• Soy sauce: A prerequisite for hot pot, soy sauce is a must-have for your sauce bar. It can also be used as a dipping sauce on its own.
• Peanut sauce (satay): A thick, nutty sauce that is commonly used in Southeast Asian cuisine. It can be used on its own or mixed with other sauces.
• Hoisin sauce: Made from fermented soybeans, hoisin sauce adds sweetness to the dipping sauce. It is commonly offered at restaurants.
• Chinese BBQ sauce (ShaCha): This sauce is an explosion of flavor, with chili, garlic, shallot, dried shrimp, and brill fish. It is a must-have for hot pot and is often paired with sesame paste.
• Spicy garlic hot sauce: A combination of minced garlic, red chili, green onion, Korean red chili flakes, ground Sichuan pepper, black vinegar, oyster sauce, and sesame seeds.
• Light sesame soy: A simple yet flavorful sauce combining sesame oil, light soy sauce, oyster sauce, minced garlic, and chopped spring onion.
• Chilli oil vinegar dip: Chilli oil adds a wonderful kick to this dip, perfect for vegetables and meat.
• Creamy dashi garlic: A flavorful sauce with peanut butter, minced garlic, and chopped coriander.
• Honey miso dip: A perfect balance of sweet, salty, and savory, this dip is easy to make and adds flavor to your favorite dishes.
• Spicy peanut dip: Peanut butter adds creaminess and a nutty flavor to this dip, which goes well with meat.
• Classic spicy and sweet chili: A combination of chili paste, sweet chili sauce, garlic, onion powder, and chili flakes for extra heat.
• Hot and sour garlic: A combination of garlic chili sauce, black/rice vinegar, and light soy sauce.

Fresh Ingredients

In addition to the sauces, provide fresh ingredients such as chopped scallions, cilantro, and chilies. These add a freshness and crunch to the dipping sauce.

Personalization

The beauty of hot pot dipping sauces is that each guest can personalize their sauce according to their preferences. Provide a variety of ingredients and let your guests experiment and create their own unique combinations.

Pricing

• Food Cost Percentage: This is the percentage of revenue that is spent on food inventory. A good range to aim for is between 28-35%. If your food costs are higher than this, you may need to increase prices.
• Gross Profit Margin: This is the percentage of revenue that is profit after deducting the cost of goods sold (COGS). The ideal gross profit margin is 70%, meaning that for every $1 of revenue, 30 cents goes into the cost of making the meal and 70 cents is profit.
• Competition: What are other similar restaurants in your area charging for similar dishes? You need to be competitive with your pricing, but you can also highlight unique aspects of your restaurant, such as high-quality ingredients or local sourcing, to justify higher prices.
• Prime Costs: These are the combination of the cost of goods sold (direct costs) and the cost of labour (indirect costs). Even if your menu prices are within the ideal range, you may need to adjust them to ensure you can pay all your bills.
• Menu Balance: Your menu prices should be consistent. For example, you shouldn't have $4 sandwiches and $20 salads on the same menu. This devalues the business model.
• Add-ons: You can balance out premium ingredients by charging extra for add-ons, like guacamole.
• Market Trends: Some items are premium and can command a higher price, even if they don't cost much to make. For example, avocado toast is a trendy item that many restaurants charge upwards of $15 for.
• Menu Design: The way you design your menu can also impact how much you can charge for items. Grouping menu items into "plowhorses" (high-profit items), "stars" (popular items), "duds" (items that don't sell well), and "puzzles" (items customers are unsure about) can help you know which items to feature and which to downplay or eliminate.

Now, let's look at some specific pricing strategies you can use for your hot pot restaurant:

• Relative Pricing: Place your high-profit items next to more expensive ones. For example, if you have a high-profit item priced at $10 and a similar item priced at $15, customers are likely to order the cheaper item, and you'll still make a good profit.
• Avoid Currency Signs: Don't put currency signs next to your prices. This makes customers more conscious of how much they are spending and can discourage them from ordering.
• Complimentary Item Offers: Offer discounts on combos or meal deals to increase sales. For example, offer a sandwich, fries, and a drink for a lower price than each item individually.
• Cost + Markup: Include a markup in your prices to cover overhead, indirect, and direct costs, leaving you with a net profit.
• Description Before Price: Put mouth-watering descriptions of your dishes on the menu before listing the price. This will build an appetite for the dish, and customers will be more likely to order it.
• Special Food Section: Create a "Chef's Special" or "Our Specials" section with premium dishes that you can charge a higher price for.
• Dynamic Pricing: Adjust your prices based on demand, time of day, or special events. For example, you might charge more during peak hours or on holidays.

Frequently asked questions