A food business can never go out of style. With the pandemic changing consumer behaviour, starting a food business requires a good study and thorough understanding of psychographics, government rules, food industry and the policies adopted by other restaurants of the world.
So, before you begin, especially while thinking of starting a food business in Lahore, Karachi or Islamabad with a lot of competition to look out for, consider going through the following points to come up with a solid business strategy to strengthen your idea.
1. Do Your Homework
Research is the key to your business idea. Even before you select your niche, you need to know your basics. So, make sure you are well read on the kind of food business you can do that blends well with the local market yet stands out from your competitors.
Do your study on the local food industry, obtaining license, etc. so that you can determine the practicality of your idea, are well prepared for the challenges ahead and know your way through.
2. Conduct Market Research
Once you have an idea of the practicality of your setup, you need to conduct a market research to get an idea of what your consumers actually want and if your idea is relevant to the local audience. You can do a quantitative or qualitative analysis, to understand the needs of your audience through questionnaires and focus groups.
Go to different PR events, food tasting and restaurant launching events, build a network to get industry advice from the brains of the industry because the practicality of a business is far different from what is in the textbooks.
3. Choose Your Niche
Getting to know what the market requires makes it easier for you to choose your niche. Decide upon the food you want to sell and how. For example, you can choose if you want to go for baked items, fast food, desi variety, breakfast only or a healthy food option. Similarly, you can decide if you want to go for a brick and mortar, click and mortar business model or just an online food setup.
This can further open up a ton of options for you such as setting up a coffee shop, little food takeaway, a proper fine dining restaurant etc.
4. Make a Thorough Business Plan
A business plan is the key to your business as it sets the foundation of your setup. Make sure everything is thought through while making a business plan. This includes the mission and vision of your food business, purpose, market research analysis, competitor’s analysis, resource and manpower planning, service details, marketing, operations, legal affairs and finances.
Make sure your costs and financial analysis take into account the inflation and economic forecasting.
5. The Final Step
After making a thorough business plan, comes the crucial part of execution. If you are going for a home-based online business only, where you are the sole chef, make sure you have proper kitchen equipment to fulfill your business needs. However, if you are going for a click and mortar setup, your chef will be at the heart of your business because taste is what matters the most.
Obtain all kinds of government licenses required prior to investing your capital in order to prevent legal mishaps. Purchase the kitchen equipment, stall, furniture, appliances and machinery according to your requirements. If you are going for a catering business, then you would also require a variety of cutlery and decorative material according to different occasions.
Once you have purchased all the equipment and material required for setting up your food business, go for a robust marketing campaign because marketing is one of the most crucial points of success. Advertise on online platforms, go for conventional marketing and introduce your business at different events and food festivals which get a good footfall.
If you want to skip the hassle of going through all of these steps, you can a consider buying a running food business that are up for sale. If you are interested, visit OLX Pakistan’s website.
OLX Pakistan as an online classifieds’ marketplace is providing access to affordable devices to a large population of this country, and playing its role in the digitization of the country. Explore your options of choosing the best kitchen equipment within your budget.