Are you planning to start your business now, but are worried will it become successful? If yes, then must not get worried as some of the biggest brands in the world started during this pandemic only. COVID-19 has impacted many businesses including the hospitality sector as well, but all have tried their best to come to a new normal post-COVID. The businesses started growing again post the pandemic with more people coming out to enjoy their life.
In particular, if we talk about India’s food processing sector, then it is the largest in the world and its output is expected to touch US$ 535 billion by 2025-26. The Indian food industry is expanding at a CAGR of 11% and the food processing sector holds 32% of the entire food industry. So imagine the opportunities one can grab by foraying into this sector.
People across the globe have now started living the way they live earlier. Now they eagerly look for places to eat outside, so it’s time to open your food venture to earn revenue and get a reputation as a frequently open establishment.
Some of the encouraging reasons to enter into the food business include:
Necessity drives innovation: There is a popular saying that necessity is the mother of invention and especially after the financial downturn people have realized it. Corona’s Impact on food but now people are coming to restaurants, especially after successful vaccination drives all over the world. The pandemic brought several innovations, letting small businesses compete with bigger businesses. Startup restaurants have also come up with innovative ideas, exactly what the world needs right now.
Governments are providing loans to startups: The economic uncertainty helps offer great benefits to the startups. There are lots of initiatives offered by the governments of various countries to start their venture and post this pandemic, even the Indian government offers loans at much more affordable rates to the businesses. So foraying into the restaurant business can prove beneficial post this pandemic.
Lesser Competition level: A recession is a good option for businesses to start a new venture as the competition level is quite less compared to other market times. The businesses which struggle to start their venture sometimes struggle to beat the competition, but this pandemic has offered an opportunity to them to start their business.
Is it the right time to venture into the f&b industry? Yes, it is the right time to enter the hospitality sector. But to open a new restaurant, it’s important to first prepare and have a well-structured plan which involves taking different decisions like financing, location, theme, brand, staffing, etc. so that you can have higher chances of making your business successful. For most food-lovers, the ultimate dream is to set up their own food business. But many people don’t realize in the beginning that starting a food business is no easy task. A lot of business operational skills are needed to become successful in your chosen field.
