If you feel that your job isn’t what you are meant to do, and your calling lies somewhere else, it’s your guts telling you to do something bigger because you can. Research suggests that 80% of the individuals are not satisfied with their jobs. However, only a very few are able to take a decision to start an entrepreneurial journey.
When you are an employee, you are judged based on your previous and current employment rather than your capabilities and skills. Your salary is further defined by factors such as your education, your experience, and even age. But are those really the factors you want to limit yourself by? In India, an obedient son or daughter is expected to take a degree in engineering, medicine or business administration.Then they hunt for a safe job that can pay bills and sustain a lifestyle which they’ve been accustomed to. You are considered to be in the “safe zone” if you manage to get a 9 to 6 job with a well-paying salary.
In the rat race to achieve financial stability, you are supposed to compromise on job satisfaction. Your life’s primary purpose remains to earn money, all other factors like terrible job environment, a nagging boss, never-ending office politics and the cut throat competition for the next promotion are expected to be tolerated. Even after enduring all the compromises, you never know when your job becomes the victim of your firm’s downsize policy.
If you have been thinking of starting a business of your own, the best time to do it is now! The more you delay, the more opportunities you’ll lose. Have you ever thought of how to start a small fast-food business in India or opening a food business like a Restaurant, Café, bar, or even a cloud kitchen? This article will help you lay down the foundation to your business idea and will show you how your dream can turn into a reality.
Why F&B Industry? What makes food industry lucrative and how can you turn food into business?
The 2019 pandemic has changed the world as we knew it. While it has been the reason for sinking many businesses, the F&B industry was least affected. However, there have been some upsides to it, one of which was the concept of Cloud kitchen.
Cloud kitchen or Ghost Kitchen are food businesses that provide delivery-only orders. A cloud kitchen does not have a physical store or a dine-in space. Orders are taken on call or with the help of platforms like Swiggy or Zomato. If you are new to the F&B industry, Cloud Kitchen is a low-risk business model as you get an added advantage of low investment, small team, better returns etc.
If you don’t have much experience in conducting business but are passionate about food, you can learn customer management, service, and promotional skills.
- Some ground work is essential before you go about setting up your business.:Interact with people who have knowledge and experience in the Food industry.
- Work out a unique idea that stands out from the ordinary but is not very risky.
- A good team and a central location.
- Business plan and working capital for 3 to 5 months.
- A digitalised supply chain, point of sales and inventory management system simplifies the work process and minimises wastage.
Setting short term goals before starting a food business in India
Goal setting can be a matter of success and failure for any business. Once you set goals, you can compare them over time and analyse which segment of the business is boosting profits and which one needs improvement to take corrective steps accordingly.
A few of the short-term goals for your food business will be as below :-
Sales figures are a health indicator for any business, so it is for the food business. So, to make your food startup ideas a success it’s essential to analyse the sales data and understand the strong points and weak points. Try to understand how seasonality affects the sales of the food unit. Are there lean and peak periods where sales fluctuate? Once you analyse the monthly or yearly sales data, you can plan promotions during the lean season to improve your sales.
Proper staff allocation:–
The food industry being part of the service industry, your staff plays a critical role in the success of your business. Your workforce should be trained and should be in complete harmony with your brand value. Depending on the busy and slack period of the restaurant, you need to staff up the workforce.
For example, if you get maximum footfall during lunch and dinner, you should allocate your best staff during the rush hour to improve service standards.
Menu Engineering: –
The menu of your restaurant, in many ways is a sales catalogue. You can use many tips and tricks to improve sales by curating your menu. Low cost and high-profit dishes should be on the first pages.
Try to include new items in your food offerings and take feedback from your guest.
When you are a new food business, you can tie up with non-competition businesses which have a high footfall, like providing discounts or food vouchers to their clients to incentivise them to try your restaurant. You can also launch food combos, value meals and special meals to attract the crowd. Regular clients can be encouraged to revisit by giving a certain discount percentage if they produce the invoice of the last visit. Strategy like this can be an answer to the question of how to start a food business in India and make it successful.
Setting long-term objectives to make your food business idea in India success: –
Having set short-term goals, one also needs to take care of the organisation’s long-term objectives and work constructively towards achieving them. Whether you operate a standalone or a chain restaurant, you should establish several objectives to achieve the success you desire.
Some of the objectives of the food business will be as below :-
Brand names are just not for big chain businesses; even small food businesses can create a unique brand to carve out a niche in a competitive industry. Social media has created an affordable platform for restaurants to interact with their potential clients. Some of the ways you can brand your firm will be :-
- Choosing a quirky name.
- Designing a restaurant logo and using it on accessories.
- Promoting unique food concepts.
- Menu design.
Wholesome food at the right price:-
Health food is in vogue nowadays. In a country with the perception that home food is healthy, branding your food business as a healthy alternative at an affordable price can add an advantage. Using organic and locally sourced food can add up to your cost but can help you tap into niche clients who are health conscious.
You can also redesign your menu by including dishes made from whole grain healthy options or season specialty rather than frozen food.
Focusing on ambiance: –
There is more to running a food business than just serving food. When a patron visits your restaurant, they don’t just come there to have food. They would also like to relax in the ambience and have a good experience. The more the guest feel relaxed, the more are the chances of a repeat client and being a good referral.
Different demographics look for a different ambiance, as families prefer a quiet and relaxing atmosphere, youngsters and singletons prefer a pulsating experience.
Targeting specific demography:-
Depending on your business location and the type of food served, you need to develop a correct concept for your restaurant. A quick-service restaurant near an educational institution or corporate needs to create a market strategy based on the young crowd.
Creating an accurate client persona of your food business, understanding their requirements, and fulfilling them will be crucial to make your food business idea in India a success.
Becoming an entrepreneur is not an easy task; one needs to brace the constant uncertainty and the idea of being challenged at any time. Getting out of the comfort zone at some time can be an outright troubling experience. To succeed, you need to develop a consistent thought process and unwavering focus on achieving goals. Success will set you apart and make you a role model for many.
Things you can achieve being an entrepreneur will be as below:-
Increasing Personal wealth:-
A successful business grows the personal wealth and prestige of the owner and people associated with it. Businesses’ profits can beat inflation and help one invest in assets and live life the king size.
An entrepreneur is his boss; he can work at his schedule and create a work-life balance.
Many entrepreneurs have managed to create innovative ways of solving challenges society faces.
I hope the above article gives you the insight to think about food business Ideas in India.