There is no question about it that the food-based businesses are doing quite well from last 3-4 years. The profits have gone up and the consumers are more keen to eat out rather than cooking themselves nowadays. Isn’t this enough to open your own restaurant or at least invest in a good restaurant? If not, we’ll give you 8 different reasons why everyone should invest in restaurant businesses or any food-based setup.
1. The number of consumers going out to eat has increased significantly
If we were to believe the trends, in 2016, the food industry in the US accounted for a whopping 766 billion USD. More than 50% of diners go out and have food in the restaurant of their choice. It is the right time to own a restaurant or just invest in one as a partner.
2. Restaurant start-ups have been showing positive trends all around the world
An average American spends 12.6% of his/her annual income on eating outside. That is a lot of money we are spending on restaurants and if the trends are to be followed, 2018 will be an extraordinary year for restaurant businesses. Also, the figures also concur that this is not just the case with developed nations but the developing countries have also seen a huge surge in the demand for good and authentic food from restaurants.
3. Starting up a new restaurant business is comparatively easier than others
There are a lot of paperwork required if you want to open a liquor shop or a hotel. However, if you want to invest in a restaurant, the stage is set. I’m saying this with authority as there are literally millions of others who used to match your financial portfolio and still managed to open a restaurant of their own. Also, if you re short on cash, you can always go for used restaurant equipment as they’ll be cheaper and will come with guaranteed success.
4. Getting food home-delivered – convenience + profit
Around 48% of US diners said that they love ordering food from their favorite restaurants. This is one area that can make you huge profits. If you have got a name for your restaurant in the market, there are very favorable chances that majority of your sale will be through home deliveries. People love the convenience and if that with what you provide with delicious food, there is no way that you’d wind up having a loss.
5. Marketing delicious food is rather easier than other products
Social media platforms like Facebook, Twitter, Instagram etc have been the leading marketing platforms for new restaurant start-ups. Since the marketing only involves mouth-watering pictures of foods and beverages, the cost of marketing won’t be too much to handle.
6. A hit combination of product and service based industry
The food industry is one of the only few industries which involve both the principles of the product as well as services rendered. In order to get blazing throughout, the product i.e. your restaurant’s food and, the service i.e., the services you provide to your consumers have to be of top notch.
7. A perfect place to experiment with your creativity
People love to eat outside and if the food on their table is something which they have not seen before, half of your job is already done. Food trucks and ice cream parlors can really be great integrations in your restaurant business.
There are a number of places which allow customers to be a chef and cook their own food (obviously with the help of your chefs). However, don’t even think of inviting Gordon Ramsey if you have such a set-up.