So, you’ve had it with the 9 to 5 and are now looking for something new.
You’re done taking orders from incompetent supervisors and it looks as if the time has come to branch out on your own. Heck, you’ve always dreamt about being your own boss, but you just can’t seem to nail down a niche.
What about starting a food business? Wait. What?
Yup, you read that right. Why not consider starting a business that deals in food.
Sounds crazy right?
Maybe not. Read on to find out why 2020 may just be your year that you become a food entrepreneur.
1. Everyone needs to eat
For a business to be successful, there has to be a demand for the product or service that is being offered. After all, how are you going to sell a product that nobody wants?
And this ladies and gentlemen, is why becoming a food entrepreneur may just be the way. After all, everyone needs to eat. Whether you eat to live or live to eat, fundamentally speaking, at some point or another, we all have to eat.
Unlike other products and services, there always will be a demand for food and those who provide it.
Sounds simple right? So why isn’t everyone opening up their own restaurants and food trucks?
While eating is a basic human need, you still have to take into account the tastes of your customers. Each individual has different tastes and preferences that may not match what you’re cooking up in the kitchen.
And therein lies the biggest hurdle to your entry into the food business; understanding what your customer wants. It’s like when you are betting on football and you put your money on the wrong team on the SuperBowl odds.
Get it right, and you have a sure thing on your hands. Get it wrong however, and you’re looking at a failing business.
2. The low barriers for entry
Starting a new business on your own can be extremely daunting. After all, you’re taking a massive gamble by possibly quitting your day job and losing a source of income. Also, you may have taken out a business loan and made several expensive purchases for your new business.
Fortunately, the low barriers for entry into the food business means that your risk exposure is minimal at most. Hence making the restaurant and food truck business such an attractive proposition for many budding entrepreneurs.
However, becoming a successful food entrepreneur is much more than fancy decorations and a hot social media presence.
More often than not, new owners make the mistake of overlooking their most important asset, the product offered to patrons, something which brings us to the next point.
3. Your main focus will be on the product
What do McDonalds and Nobu have in common? If you guessed great tasting food, then your guess is right on the money.
Ironically, the food business is one of the relatively few industries that actually rewards entrepreneurs for offering up a good product.
Take McDonalds for example, despite all the hate received by the fast food giant, their ability to produce tasty meals consistently has allowed them to corner the fast food market.
Hence if you’re looking to start a food business of your own, be it a food truck or restaurant, you’ll need to do is to focus on developing a decent product. While a slick marketing campaign may get the customers in, the food that you serve is what keeps them coming back for more.
Get that right, and you’ll have no trouble attracting customers on the long-term.
As the late, great Anthony Bourdain once said, “Good food is very often, even most often, simple food”.
The food business is a killer industry that sees hundreds of entrepreneurs washing out every year. However, for those brave enough, the rewards can be well-worth the pain.