here are several reasons why you must consider starting a business in the food industry: the margins are high, the breakeven time is short, personnel are easily available and running an eating joint doesn’t require prior business experience.
The food industry is expansive and covers a lot of items, including dairy products, beverages, fresh produce, meat, poultry, and fish, as well as other products like chocolates, cakes, etc. Garnering a little knowledge about food handling and food safety will make you ready for food entrepreneurship. Let’s explore three food business ideas that are profitable and require very little investment to start:
1. Bakery – A recent survey has revealed that the market is ripe for food businesses, especially when it comes to baking goods. So, if you love baking, this could be the perfect idea to enter the food industry. Many home-based bakers have done exceptionally in this field, and if you know your recipes right, you might just make it big. This is also a business idea that does not require you to invest a large sum of money. You can start small, innovate and make changes as your business grows. For instance, you can begin by offering your signature dishes and expand the menu as you taste success.
2. Start a Franchise – The safest way to do business is to start a franchise. This is because the business model is already set up and the brand already has a loyal customer following. This means that the chances of the business failing are significantly lower as compared to a new business. What’s more, franchisors usually provide extensive training and support to investors and help them set up as well.
There are several successful franchise opportunities in the food industry. However, you need to do some research first and devise a plan before starting. Brainstorm the kind of food franchise you can afford to start and the opportunities in your neighbourhood. Once you have the answers, contact the franchisors that you have shortlisted and request them to provide information about their franchise agreements. Examine different proposals before settling on the one you think works best for you.
3. Food Truck – One of the flourishing businesses in today is that of food trucks. In case you are looking to get into a low-cost and high-returns business in the food industry, you can start your own food truck. The initial cost that you need to incur to start your food truck is to rent a sturdy food truck and the salary that you need to pay to the driver of the truck who would be responsible to drive it. Food trucks are a rage all over the world and if you are able to provide delicious food at affordable prices, the sky’s the limit for your success!
All business models have their own share of potential risks, but they also have the capability of turning into brilliant success stories. However, keep in mind that while food businesses have a higher mortality rate, if they are successful, they give handsome returns. Thus, if you’ve wanted to get started in the F&B sector, now you have three great ideas to begin with.