Opportunity of profitable food business and things we should know

The industry which has unlimited potential and cannot be completely owned by big corporate is food industry, a key factor of successful business is understanding consumers problem needs, and providing best solutions to solve them.

Quality in food industry depends on the perception of foodies and type of customers you focus, in today market even a 3-month-old new restaurant can win hearts of thousands of people with high satisfaction index.

It’s not about Quality alone in the food business, satisfaction also plays a vital role in the growth of your business so I can put like this “Right quality at right price helps you to attain satisfaction of your customers”.

We have seen the steady and positive growth of business who concentrated on limited food variety cooked fresh daily.

Most of the restaurant choice of foodies will have limited items on the menu, the reason is simple food items will be cooked daily and remains fresh and tasty.

One of the bad attitudes of modern restaurants is flooding their menu with 100 of dishes and to provide them at any time, they just cook periodically once in three days and preserve it in the freezer.  Eg: Famous Briyani chain in Chennai lost their reputation because of this.

Now most you would have understood the problem of big menus and quality issues.

How to register food business ? 

Basic Business registration   – Choose from Proprietorship business registration / Partnership business registration / private limited company.

So how should we start a food business?

1. If you have enough experience in the restaurant business you can start immediately at the same level of operations in which you have experience, once you have enough regular visitors and minimum business to sustain ,you can venture into new food ideas.

2. If you don’t have any experience in Restaurant business and need to rely on external sources for cooking, then it is recommended to go for small fast food or franchise type business.

3. If you are very good at cooking and want to make it as a business it is recommended to launch it as a testing model as online food supply through Facebook or with a small outlet with minimum investment and understand customers preference and then go for the desired level of business operations.

4. If you are planning to have standard food varieties desired by local crowd then it is simple to start, but competition will be heavy and you will not end up in the loss but will not end up in more profits also.

Once you decide your business model after analyzing customer preferences with your strength, the next activity is finding the good location to start with and arranging the source of finance by bank loans or own sources.

 

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