It’s challenging to start any business, even more so at a time when a pandemic has weakened the economy. But there’s one industry that continues to thrive no matter what: food and beverage.
Food is Life
According to data from the National Restaurant Association, commercial and non-commercial restaurant services make up the $899 billion restaurant industry in the U.S. It has grown so much from 10 years ago when the industry was worth $590 billion.
It currently employs 15.6 million people—or 1 in 10 Americans—and is estimated to create 1.6 million more jobs by 2030. As a whole, the restaurant industry contributes $2.5 trillion to the U.S. economy. ;
If there’s one thing every single person needs to do, it’s to eat (and drink water). Take away everything else, and we can survive as long as there’s food. That is why if you get an opportunity for a quick-service restaurant or a QSR franchise or other food-related business, grab them.
With different people having different diet restrictions and food preferences, you have endless possibilities when it comes to what kind of food business you want to get into.
But having a guaranteed customer base isn’t enough to make your food business a success. So what will it take?
Below we list down the key ingredients for a successful business in the food industry.
- A solid concept
When you think of the most successful restaurants, especially chain and franchise ones, there’s one thing that they have in common: a great, solid concept. When you think of Subway, you picture these filled-to-the-brim sandwiches you can eat on the go. When you think of Starbucks, you picture the most quirky drink concoctions alongside your classic shot of espresso.
When you have a clear concept, not only will you be able to tailor your marketing to your target audience, your customers themselves will associate that concept with you. This helps build brand recognition and customer loyalty.
- Robust marketing
From your logo and menu card to your website and advertisements, everything about your food business’ marketing plan must be well-thought-out. These are the things that will attract customers and create a culture around your brand.
Think about who you are as a company, what your target audience responds to, and what you want them to feel when consuming your products. These will guide you in creating a great marketing plan.
- Professional equipment
Some believe that great food is great food despite what equipment you used to make it. That may be true in some situations, but this is business.
The tools and equipment you use enable you to make prepping and cooking processes faster and better. In turn, you serve your customers well, not just in how good your food is but also in how well your services are.
- Trained and dedicated staff
When you’re building your team, make sure to look for individuals who share your enthusiasm for the business.
Having people who share similar goals and are dedicated to helping your business grow, whether they’re customer-facing agents or C-suite executives, create a positive culture within your team. They also tend to be more loyal because they get to be a part of seeing your company flourish.
- Great taste
No matter how good your equipment and employees are or how much you’ve spent on marketing and research, if your products do not taste good, your business won’t succeed.
People do not really care about the bells and whistles of a food establishment. They’re merely there to attract. But the way your food tastes? That’s what will keep them coming back.
Keep these things in mind and you’ll soon know the taste of success within the food and beverage industry.