If you love to cook and serve your guests’ good food, why not turn it into a profitable business.
Starting a food business takes some serious planning. The process is not easy, but if you do things right, this business can be rewarding.
Starting a food business is very risky because you are not sure whether people will enjoy your food or try it out of curiosity.
According to statistics, more than fifty percent of restaurants, catering and food retailers close down in less than two years. The numbers are scary, but it does not mean that you should give up on your dreams.
Take a good look at other restaurants who have been in the industry for a long time. For sure, they have done something different for their business to survive even amidst an economic crisis.
If they can do it, so can you. So here are some essential business tips that can help you become successful in the food industry.
1. Write A Business Plan
Every business needs to have a plan. You need to have a set of guidelines that can lead you to success. Also, do not forget to address the following things in your business plan to ensure that you have everything covered on your end.
- Look for an ideal location
- Think of a concept
- Prepare your funding
- Write down your vision
- Marketing strategies
- Define your target market
- Finalise your pricing
- Work on your products or menu
- Secure all necessary permits
2. Purchase The Needed Equipment
After your business plan, it is time to invest in your needed equipment for your food business. If you are planning to open a restaurant, you would need to invest your money in buying the following equipment.
- Stove and oven
- Cold storage facility and freezer
- Plates, glasses, and utensils
- Tables and chairs
- Napkins, placemats, and tablecloths
- Pans, pots, grill, knives, and ladle
Some companies sell restaurant equipment in bulk. You can ask for several quotations and compare each of them before making a final decision.
3. Look For Food Suppliers
You need a steady supply of ingredients based on your menu or food products. If you plan on serving full meals, it is advisable to purchase products like bulk olive oil that you can use in almost every dish that you prepare.
The same thing goes with your spices and condiments. Meanwhile, if you are looking for meat, fruits or vegetable supplier make sure to work with suppliers who have been in the industry for quite some time already.
Lastly, you should hire the best employees to help you operate your food business. Determine how many staff you need to daily. If you are running a food stall, two people will suffice.
However, if you have a resto-bar, you would need more people with different roles to handle all the responsibilities in the kitchen, bar and the dining area. Make sure to call their previous employer for a character reference.