If you are eager to make your mark in the world of food, you will have some stiff competition. With soaring rents, costly overheads, and an uncertain economic climate where consumer confidence is at an all time low, it can be difficult to imagine making a success of a foodie empire. However, with good cuisine, an excellent business plan, and sound financial acumen, you have every chance of competing with your already well established industry rivals.
Take a look at these foodie business essentials for all culinary entrepreneurs.
The format of your business will be key to its success. Many would-be restaurateurs are realizing that a static food business may not be the profitable venture that it once was. Instead, business models are shifting to cater to more fluid times.
Think about morphing your eatery ideas and turning them into more mobile food businesses. By sourcing an achingly cool catering horsebox or a vintage caravan that you can convert into an awesome authentic street food kiosk, you can tap into the more millennial psyche.
People yearn for authentic food, especially in times where travel is less likely. Being mobile means that you can hit private events like weddings and corporate parties as well as the stalwart street food festivals that can be lucrative moneymakers.
Food businesses need to adhere to more legislation than others for obvious reasons. Feeding people needs to be tightly regulated to ensure quality of produce and to ensure the well being of customers. You need to consider the health and safety regulations for your business.
Set up policies that are under constant review. Ensure that you are food hygiene qualified and that you train up any employees that you may hire. Protect your business with professional liability insurance. This will ensure that should a customer fall ill or an accident happens near your food kiosk, you are insured for such an eventuality.
The paperwork and documentation that you need to evidence are just as important as the food you cook.
While it may come lower down on the list of priorities, you still need to be cooking up some high quality gastronomic fayre in order to compete with fellow foodie businesses.
It’s crucial that you can turn a profit from any dish you create and that people come back for more. While lobster sounds great in theory, to sell this for a profit means selling for a high price which risks alienating potential diners.
Instead, stick to cheaper authentic cuisine or fusion creations that bring something new to market. How about vegan Caribbean cuisine or some incredible Indian burritos?
These unique niches will tap into a foodie individual’s desire to try new food and sample the delights of cuisine from across the globe. You need to ensure that you do your sums for each dish and can mark your menu up so that you make at least a sixty per cent profit on every dish.
Follow this guide and you will ensure that your business adheres to these foodie essentials for success.