Due to economic crisis, it is hard to decide which business should be started. In order to minimize the risk, a thorough study must be undertaken.
Food business is very rewarding since man can give up almost everything except food. Men have to eat in order to live. But of course, you will also to be considered the location, security, market, management, facility, and financial to certain that the business could be carried out profitably. Examples of food business are restaurant, canteen, fast food, bars, coffee shop and many more.
Location
Location is one of the important things to consider when planning any business. Choose the best place to establish a food business. The location should be accessible to your prospective customer. As much as possible, it should be located near colleges, municipal, church, hospital, public and private offices and residences.
Security
Safeness of your business should also be considered. The business is secure if it is located around several establishments.
Market
Know the population of your place in order to know if there are enough people who will patronize your food business. Also, observe your competitors to be able to assume the demands. Food offers must be affordable to the people who live on your community.
Facilities
Find out the facilities to be used in your business such as the tables, chairs, cooking utensils, etc.
Management
Identify the personnel to be hired.
Financial
Estimate the total capital requirements. Forecast the monthly income and expenses of your food business in order to know the potential profits. Consider also the sources of financing.
Waste Management
Proper disposal of waste should be implemented. What will be the waste disposal method to be adopted.