When You Love Food So Much That You Decide to Make a Profit Out of It
You may be a fan of almost all of the cooking or food-related shows on TV. These thoughts haunt you almost all the time - “What if I could do the same? Feed myself and my family then profit at the same time? I am really passionate about this!”. Funny, right? And not just that. Friends praise you like a god every time they get a taste of your cooking. Then, you also get that usual remark where they ask you to start selling your grub for it’ll be a sure hit in the market. We tell you what – WHY NOT?
And if the idea of serving or cooking food makes you happy and satisfied, then this could be a sign. Top it with your interest in business and your willingness to manage people– staff and customers alike, then you might be on your way to becoming a restaurateur or a café owner. This blog will give you an idea of the things that you need to consider beforehand. Nothing beats carefully planning all the details before fully diving into this huge endeavour. Here they are:
Establish a niche food concept. What would make your end-product stand out versus everybody else’s? Is your restaurant just another joint that will fold up after a few months? Decide what to offer and its unique value for your target market. Study how others are doing in the same category. Conduct a survey and find out the potential pros and cons should you push through with your chosen product offering. Perform a thorough research about your product and that includes talking to your prospective customers.
The Business Plan
It is recommended that you start organising the details of the following aspects of your food business:
- Restaurant name
- Target customers
- Your restaurant type: fast-food, midscale, or upscale
- Source and amount of your initial funds
- Income and expense forecast
- Sales and marketing
- Recruitment, training, wages, and staff policies
- Location, ambiance, and other special features of your restaurant
- Licenses, permits, and other legal documents
- Safety and health policies
- Exit plan
The Testing Stage
You can have some fun time too while formulating your business plan. Conduct a taste test! Don’t get scared about receiving negative feedback. These are all actually good as you get to receive tips straight from those whom you wish to promote your products to. Improve your product offerings or the menu as you go through this process. Get a sample crowd, preferably someone who is not as close (not a family member or friend) to avoid bias or visit markets near you and have people taste your creations. Attend small events within the community. This will give you a good training ground for your networking and selling skills. This will also give you some scoop on what is being done by your competitors.
Accounting and Finance
A first-time food business owner is usually very excited about the whole food preparation, serving, and operations aspect and what are usually being neglected at the onset are accounting and finance. But come to think of it, your restaurant is going to be a business where you will later derive your income from and so you need to ensure that all areas involving money are well planned, documented, and analysed. If you are not someone who is not too familiar with accounting, then this is the time that you hire a bookkeeper or a consultant. Though you can start training yourself on this department or better yet, enrol in an accounting or business course so you avoid getting confused. This way too, you enable yourself to make better business or financial decisions.
Legal and Compliance
Legalising your business and making sure that you comply with set rules and regulations by the government and other concerned authorities give credibility to your business. You need to guarantee your target customers that your products are safe for them to consume. As a start, you can visit https://ablis.business.gov.au to find out the compliance and support information that you need to launch your food business start-up.
Promoting Your Business
Remember, good food does the marketing itself. Though, you still need to exert a lot of effort in marketing your own food business. Utilise the power of social media and create a website where others can view what your business is all about. Engage with customers, new and returning. Get their feedback, reward, and launch a very efficient customer service program. Always check for events wherein you can sample your food. Network and hopefully you get to build a huge following!
Did this article inspire you? Or do you have other questions regarding launching your own food business?
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