Starting a food business? Here are 7 tips from our experts!

Starting a food business? Here are 7 tips from our experts!

Like many budding chefs, you probably have your heart set on opening your very own restaurant, food business, or food stall one day. Sadly, not many of these establishments succeed. Everyone eats, but unfortunately, not everyone will eat at your restaurant or buy what you have to sell. The food industry is cutthroat and competitive, and one wrong move can make your dreams (and your savings) disappear. On a lighter note, the same industry that crushes thousands of dreams daily is also one of the most fun and exciting industries you can ever dabble in. Consider it both a playground and a learning space to give you maximum personal, financial and professional growth.

Here are a few tips from our experts on how to start your own food business.

1. Let your idea grow into a plan

Each business starts off with a product. As an entrepreneur, you have to strive to set your products apart from any other recipe or menu that’s available in the market. This is why conceptualising is crucial. Determine your concept, develop your idea, work on your recipes, and make sure everything is well thought through.

2. Test the waters and explore

There are two words every entrepreneur needs to bookmark in their dictionary: research and development. So many business hopefuls neglect to draft a business plan, and worse, forget the most important thing – understanding their customers, and knowing what they are looking for!

Take the first step by zeroing in on your target, then engage. Market studies and surveys are just some of the ways you can get a sense of how the market is like. These are some questions to get you started: do customers think your food concept is interesting? Are you on the right track if you want to grow your business?

2. Test the waters and explore

3. Food is the soul of your business

No matter how flashy your concept is, if your meals don’t pack a punch in terms of taste, you are setting yourself up for failure. Moreover, in today's Instagram culture, taste is just one of the senses you’ll need to satisfy. Your food needs to look immaculate. It needs to smell enticing from almost a mile away. It also needs to have interesting textures so as not to bore your customers' palates.

Most importantly, your food needs to be consistently delicious, so that your customers would want to come back. So choose quality ingredients all the time in order to yield the best flavours. Unilever Food Solutions provides high quality ingredients for by-the-bulk orders – perfect for those who want to serve up tasty dishes that always satisfy. From bouillons and stock bases to mayonnaise and dressings, you no longer have to worry about how your end product is going to turn out.

2. Test the waters and explore

There are two words every entrepreneur needs to bookmark in their dictionary: research and development. So many business hopefuls neglect to draft a business plan, and worse, forget the most important thing – understanding their customers, and knowing what they are looking for!

Take the first step by zeroing in on your target, then engage. Market studies and surveys are just some of the ways you can get a sense of how the market is like. These are some questions to get you started: do customers think your food concept is interesting? Are you on the right track if you want to grow your business?

2. Test the waters and explore 3. Food is the soul of your business

4. Get the best people

As the adage goes, no man is an island; you definitely need help if you want to succeed. Surround yourself with the best in the business. Get suppliers that deliver the freshest produce. Hire experienced staff, and give them the best training you can.

5. Be smart about your resources

Make sure you comply with all of the government requirements. That means getting a business permit and settling all of the BIR (Bureau of Internal Revenue) matters like having BIR receipts with VAT. Always be on top of your dues, including your taxes as well as your rent. Be fair in your pricing, but make sure your income margin is enough to sustain your business. Also, keep tabs on everything you use in your business. For example, you should update your inventory regularly so as to avoid pilferage.

3. Food is the soul of your business

6. Develop a strong relationship with your customers

If you’re starting a small business, start selling to your friends and family first, then expand your network from there. Use every means available to reach out to your consumers such as through social media, flyers, or even word-of-mouth. Once you attract customers, be sure to give them the best service. Be prompt in delivering their food, serve them with a smile, and make sure they are getting their money’s worth.

5. Be smart about your resources

Make sure you comply with all of the government requirements. That means getting a business permit and settling all of the BIR (Bureau of Internal Revenue) matters like having BIR receipts with VAT. Always be on top of your dues, including your taxes as well as your rent. Be fair in your pricing, but make sure your income margin is enough to sustain your business. Also, keep tabs on everything you use in your business. For example, you should update your inventory regularly so as to avoid pilferage.

7. Dream big and grow

Maintaining a food business is not always the easiest, and neither is it a one-step procedure. There will always be hardships and a painful amount of curveballs thrown at you. So remember to be a smart entrepreneur and roll with the punches, and always keep on going with a clear goal of excellence and growth.

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