The COVID-19 pandemic disrupted almost all industries and caused unprecedented damage to our economy. What started as a health predicament evolved into a global crisis, leaving everyone struggling in its wake. For aspiring food entrepreneurs, starting a business during these uncertain times is no easy feat, but it’s not impossible.
Despite being shaken, the industry quickly adapted to the new normal of business and innovated to safeguard its consumers and employees while keeping up with the market demand. If you are a first-time food business owner or aspire to be one, here are some basic ideas to guide you during this pandemic era.
Identify your niche and analyze the industry
The food industry remains competitive, so it is crucial to do your research and find your niche. Take advantage of online food networking events to grasp the current business landscape, the rising trends, and hear from the experts. Due to the pandemic, consumers are reevaluating their lifestyle, which can serve as a window of opportunity to address the market’s unfulfilled gap.
Since the food industry is oversaturated, you must find a niche that will make your business stand out. List down your strengths, food passion, support system, and available resources, and put yourself in your prospective customers’ shoes. It is vital to think outside the box while taking your skills and resources into account.
Create a business plan
After identifying your concept, it’s time to draw up your business model and draft your short and long-term goals. Are you planning to open up a restaurant, avail of a food truck, start a catering business, or launch a simple home-based food setup? If you have a target audience, think of what would appeal to them and incorporate their perspective into your strategy.
Sign up with third-party delivery merchants that preferably offer contactless payment to prevent the spread of the virus. If you are to open a restaurant, regardless of the size, make sure to comply with the health authorities’ safety protocols. Determine your overall budget and potential investors that will help you secure your needed capital. Find the best food distributor that fits your budget and understands your brand. It is also best to create a contingency plan early on and make sure that it can weather any business storm.
Cover the basics and consider alternatives
Register your business and acquire all necessary licenses and insurances. It is highly advisable to invest in high-quality equipment and to research reliable and seasoned suppliers. Create an online presence and leverage social media platforms to grow your customer network. Utilize all forms of digital technology and build or upgrade your website.
Ensure your website is user-friendly for all ages, where your products are easily visible, and the checkout process hassle-free. Provide several options for payments and deliveries and craft useful blogs that will entertain your clients and make them click the order button. Keep your personal and business finances separate, and consider utilizing a bookkeeping service to maintain and organize your financial information. Do your research and read reviews on various vendors to help you choose the right one.
Food can break borders and is capable of uniting people even during these challenging times. Launching a food business will have its unique challenges. With hard work, determination, and unwavering passion for food, aspiring entrepreneurs will surely be able to ride the tailwind of success.
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