How To Start A Food Service Business – Thinking of starting a food or consumer products business? Join our live webinar with Kada Bizza, Co-Founder and Chief Marketing Officer of Nunbelievable as he discusses the challenges and opportunities of starting a food/consumer products business.
Kuda Biza is the co-founder and chief marketing officer of Nunbelievable, a Loeb.nyc-backed impact baked goods startup fighting hunger in America. Prior to joining Nunbelievable, Kuda served in various innovation and e-commerce roles at Newell Brands (NYSE: NWL) – a leading global consumer goods company with leading brands, including Sharpie®, Crock-Pot®, and Yankee Candle®. While there, he managed a $75M e-commerce business and also started a food delivery subscription business. He has also successfully built six businesses and one non-profit from scratch. Koda is an active public speaker and has spoken at over 40 institutions in 4 countries, including Harvard and the United Nations, inspiring audiences to take action, achieve dreams and affect social change through purposeful sailing. are He is also the author of The S.P.E.A.R. Method – 5 Simple Steps to Balanced Success and Fulfillment to be published in August 2020.
How To Start A Food Service Business
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The Beginner’s Guide To Starting A Catering Business
No single food service operation has universal appeal. It’s a fact that many newbies have trouble accepting, but the truth is, you’ll never capture 100 percent of any market. When you try to please everyone, you please no one. So focus on the 5 or 10 percent of the market that you can get, and forget about the rest.
That said, who is eating at the restaurant? Let’s take a look at the main market categories of foodservice business customers.
This generation — also tagged the “millennial generation” — includes those born between 1980 and 2000. At least 75 million strong, Generation Y is the most ethnically diverse generation yet and is three times larger than Generation X. Gen Y teens have an average disposable income of $118 per week, and 40 percent of them hold at least a part-time job. In terms of living arrangements, one in four lives in a single parent household, and three in four are working mothers. They are forming eating habits that will last a lifetime, and they are an important market for food service businesses. In fact, more than any other generation, they view prepared foods as a staple rather than a luxury. Yet, compared to older generations, they don’t have as much money to spend on eating out. When choosing a restaurant, the top factors for Gen Y are low prices, great service and proximity to home or work. They look for discounts and coupons.
Gen Y members go for fast food and quick service items. About 25 percent of their restaurant visits are at burger franchises, followed by pizza restaurants at 12 percent. However, they are more experimental and open to extreme tastes. Another obvious difference about them is that they like places where they can be wired so they can go online, check email and social media, and play games while they eat, so make sure Your Wi-Fi is working. They also like restaurants where they feel they can stay as long as they want. In addition, they also prefer gadgets and/or self-serve terminals for ordering food. So if you want to attract Gen Y patrons, make your operation low cost, high interest and high tech/mobile device friendly.
Starting A Food Delivery Business [step By Step]
Generation X is a label for those born between 1965 and 1979. While previous generations tried to do better financially than their parents, Gen Xers focus more on their relationships with their children. They are concerned about value, and they favor quick-service restaurants and midscale operations that offer all-you-can-eat salad bars and buffets. To appeal to this group, offer a relaxed atmosphere that focuses on value and atmosphere.
A separate category within this age group includes working professionals who dine with clients, partners or co-workers. Business lunches, lunches and meetings present a great opportunity for a well-positioned restaurant in the city center or local business district. Because businesses vary widely in their culture and formality, restaurants for the business crowd can range from upscale formal to business casual. However, they must understand the needs of the lunch crowd, which means quick service, as time may be limited.
Born between 1946 and 1964, baby boomers make up the largest portion of the American population. Prominent in this generation are wealthy professionals who can afford to go to high-end restaurants and spend money freely. Today, the leading members of the Boomer generation are becoming grandparents, making them the target of both restaurants that offer a family-friendly atmosphere and those that provide an upscale, formal dining experience. Many have become empty nesters — but others who thought they’d be empty nesters at this point in their lives have seen their grown children return home, and some are even caring for grandchildren. are This is a huge demographic group that cannot be reached with a one-size-fits-all product or marketing approach.
This group consists of people ranging in age between baby boomers and seniors (people in their early 50s to about 64 years old) who have had children and no longer live at home. With the highest discretionary income and the highest per capita income of all generations, this group typically visits high-end restaurants. They are less concerned about price and focus on great service and great food. Appeal to this group with elegant surroundings and sophisticated surroundings.
The Next Big Thing In Business: Food
The senior market covers people who are 65 and older. Seniors range from those who are on fixed incomes and may not be able to afford high-end restaurants to those who have chipped away at significant savings and are enjoying their retirement years. Depending on the socioeconomics of the seniors in your area, you may choose family-style restaurants that offer good service and reasonable prices or more upscale restaurants with high-quality items, which That are not in rich or heavy sauces.
“Younger” seniors are likely to be more active and have more disposable income than “older” seniors, whose health may be declining. Other seniors may appreciate restaurants that offer early bird specials and senior menus with lower prices and smaller portions. Restaurants that serve a significant elderly population must have flexibility with menu items and ingredients for health purposes.
The 1990s brought a trend to the restaurant industry that has continued into the 21st century: appreciation of value. There’s no question that family-minded Generation Xers and Baby Boomers are focusing on stretching their dollars.
. Food establishments no longer require customers to come to them. In many cases, the restaurant goes to the customer in the form of a food truck, cart or kiosk. Many limited-service mobile facilities are operating in locations that attract large numbers of people, such as malls, universities, airports, sports stadiums and arenas. These restaurants usually offer a limited menu but attract customers with their recognizable names.
How To Start A Tiffin Service Business
. Restaurant goers are showing more interest in health and nutrition. Many people are looking for low-fat dishes and fresh, locally sourced food.
. Because many families and baby boomers have grandchildren dining out, most of their restaurant experiences are family-oriented. Foodservice operations looking to tap into this market are offering kids’ menus with smaller portions and value-for-kids meals. Some offer a kid-friendly atmosphere with booster seats, toys, balloons, crayons, menus with games on them and even free tableside entertainment in the form of magicians and clowns.
. Restaurants want their guests to linger, so they’re offering more flavorful cocktails and tasty appetizers, often available in bar areas designed for relaxation and lingering. Classic, glamorous, old-fashioned cocktails are back in popularity. And “mocktails” — non-alcoholic drinks with sophisticated flavors like the cocktail menu — are an attractive alternative for non-drinkers and designated drivers.
As you create a plan for your food service business, be aware of some trends in terms of menu content and design. These factors can affect – and indeed, the type of – food service business you open.
Brunch Is Back In Business
Restaurant operators report that vegetarian items, tortillas, locally grown produce, organic items, fusion dishes (combining two or more ethnic cuisines in one dish or on one plate) and microbrewed or local beer remain popular. . Pita dishes and wraps are also in high demand as a convenient alternative to sandwiches. You’ll also find bagels, espresso, and specialty coffees in great demand, as well as “real meals,” which are usually entrées with a side order. Other top menu trends include locally sourced meat and seafood, locally grown produce and food as well as food sources, sustainability as a culinary theme, nutritious kids’ dishes, gluten-free And includes smart articles on food allergies, and the basics.
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