The food industry has seen a revolutionary growth in current times. Social media, cookery shows and digital pictures on the internet of variety of cuisines has piqued interest of all ages to experience and taste a range of food palate. Furthermore, health plays a major role in a person’s well-being, and good food that nurtures is what everybody needs.
If you are a person who has culinary interests and enjoys various forms of cooking and home baking, you can turn this hobby of yours into a profitable business. Here are some easy steps that you should follow to start a business in cooking, catering or home baking –
Select your category
You need to find out what you are best at and which niche business would be suitable for you in the food business. Make your choice from various options such as catering, restaurant, home bakery, meal delivery at doorstep, office lunch, cafeteria, etc. Start with the one you are most comfortable with; you can always add new services later.
Research on taste trends in your locality and finalise the menu
Food industry is one of the most competitive industries and you need to be aware about what are the food items that are in demand. Conduct a detailed research, visit some nearby food shops if you have to, and then create a well-designed menu.
Plan your business and manage financials
You need to be pretty sure about financials before you start your business. Make a rough estimate and analyse how much time would it take you to break-even, and then start earning profits. Work out on pricing your menu items keeping in mind the demographics and customers you wish to attract.
Licenses and permits
Before you start investing, consult with the local authorities and figure out the mandatory requirements that you need to fulfil at your end. Apply for licenses and permits that are required from authorised food agencies and local business authorities, and make sure you comply with all the stated laws.
Invest in space and equipment
You can always start from home but if the demand grows and you need to rent space for operations, choose the place wisely one that has a higher footfall. Buy equipment that work well with your budget, but at the same time help you efficiently manage peak times.
Market your business
Utilise social media apps and platforms such as Facebook and Instagram to create a buzz. Put up a lot of photos and choice of your favourite recipes. You can even have an opening or a launch party where you invite your close ones and people who show interest in your offerings.
Now that you know how to turn your cooking hobby into a business, let's look at some of the pros and cons of cooking, catering and home baking business.
Pros of catering, cooking and home bakery business
• Relatively low startup cost - Starting a food business from home reduces the startup costs, as you will save money on utilities and bills.
• Lesser risk - Starting small ensures that you can run multiple trials before your big go-to-market strategy.
• You can work as much or as little as you want - Being your own boss you can choose your schedule and workload.
Cons of catering, cooking and home bakery business
• In order to get your name out there and get more clients, you need to put extra efforts
• Food tasting, advertising and marketing are expensive and can damper your business if financial aspects are not planned beforehand.
• You need to make a few changes to your kitchen - In order to run your business from home your kitchen must comply with your country laws and regulations.