The food industry is one that will always survive no matter what. Humans need something to sustain themselves, and most of the time that means eating food. Whether it’s a basic no-thrills cheeseburger or a decadent chocolate cake, there will always be a demand for delicious food no matter where in the world you are.
That’s why setting up a food service business is arguably one of the safest, yet most volatile investments that you can make. It’s true that food is always in demand, but unless you monitor your product correctly and cater it towards the local taste buds, you’re doomed to fail. However, that’s only when you don’t follow a simple law of business: supply and demand. To help you get started with your very own food service business, here are some helpful tips.
Check Your Lease
One of the most important components of a good business is to ensure it makes money, and one of the biggest money sinks is rent and taxes. For example, triple net properties tend to favour the landlord because the tenant (you, in this case) has to pay for insurance, taxes and property maintenance. Many food service businesses tend to shy from maintenance costs and withhold that kind of information from landlord so that they aren’t forced to repair the property, which can eventually damage the business’s reputation.
Make sure that before you sign the contract, you read through all the terms and conditions and calculate how much money you’ll actually pay for the property you are going to be investing in for your business.
Scout Local Cuisines
If you are in an area that’s famous for a particular type of cuisine then you should be capitalising on those fresh ingredients and traditions. When tourists visit a destination for the food they want to experience local delicacies and usually aren’t fussy about what restaurant they eat in. As a result, as long as you serve a good quality variation of those local cuisines (assuming it fits with the rest of your menu) then you’ll always get a fair amount of customers.
Find a Niche
If the area you’re setting up in is swamped with popular chains and fast food restaurants then you need to stand out one way or another. It could be a unique form of cuisine or the fact you offer extremely low prices, but whatever you decide it has to stand out from the crowd. Some examples include all-you-can-eat deals, food delivery deals, healthy options, international cuisines, food trucks and family-friendly menus.
Manage Your Decor
The interior of your restaurant is arguably just as important as food. You need to design your establishment so that it’s welcoming and doesn’t scream with clashing colours and unfitting pieces of furniture. Theme it so that it coincides with the type of cuisine you’re selling. If you are cooking up Chinese food then it makes sense to have oriental decorations and furniture around the restaurant. It helps to have a professional interior designer on hand, so be sure to hire help whenever needed.
