Running a food business can be awesome and fun, especially owing to the fact that these ventures are rarely a result of anything but passion and dedication. That being said, the vast majority of these tend to fail within the first year – the restaurant business market is hard to predict, even with a ton of research, planning and capital. With this in mind, it’s the perseverance that pays off here, along with business acumen and, perhaps most importantly, vision and ambition. While vision and ambition are factors beyond your control, if you have those covered, here are some tips that will hopefully help you start your successful food business.
Research, research, research
Research plays a key role, regardless of the business type. So, what’s so different about starting a food business? Well, the emphasis on research is even bigger here. People tend to eat their meals at their trusted places, meaning that it’s going to take a whole lot to draw their attention to a brand new food joint. As a rule of thumb, the areas that are abundant with various restaurants are far from ideal for your startup – even if you have the recipe for the best food business venture in the world, people are always going to crowd in front of their favorite, trusted places, which means you might as well not bother.
Research is your way out of this – attend business networking events, don’t be afraid to bore people to death with your questions (though you probably won’t as there’s nothing a successful entrepreneur likes more than networking and bragging about their success) and go out twice, even thrice, a week, browsing the local food places – you can learn a whole lot in this way!
Innovation or upgrade?
Going around the existing (and successful) food joints in your target area can give you a ton useful information. You can learn a lot about doing business in this way, but let’s focus on the product here. First of all, people have to like it, and your friends and family are your best bet here – without being able to serve your future customers a tasty meal, well, what are you doing in the food business to begin with? Unfortunately, a tasty meal and quality customer service won’t necessarily get you very far on the food market – something needs to be special.
Of course, trying to reinvent the wheel is rarely a fruitful process – you either have an awesome idea, or you don’t. The sad truth of things is that you probably won’t have a completely original product to pitch to the market, but relax – most successful businesspersons rarely do either.
The key, of course, is upgrading an existing product – offer something other restaurants lack in. This part of food entrepreneurship is entirely on you and your time spent on research.
Food laws and regulations
This is yet another aspect the food business differ from other entrepreneurial efforts. Depending on the state, food laws and regulations differ – from food safety to labor laws, and you have to deal with them professionally and meticulously. Think about things such as cleanliness – even stuff like finding quality heat exchangers or industrial agitator should be on your list. They provide maintenance-free and hygienic operation, removing the need for the chemical-laden coatings or spray paints, typically found in traditional mild steel frames.
You don’t want to know how many restaurants have ended up closed and barred from performing business on account of a minor regulatory fluke.
Do not aim big…
…unless you want to risk instantaneous failure. Sure, every once in a while, a food business idea pops up that goes all-in and starts bringing in a ton of cash to their owner(s) from the get-go, but in truth, for every food business that enjoys instant success, there are hundreds (maybe even thousands) of instant failures. Start slowly by testing your idea – think of creative food truck ideas, or try the local market to get the feel of things. Not only is this a safe way to see how your product pans out, but it will give you a ton of room for upgrades and improvement.
As results of passion and perseverance, successful food businesses will always be a competitive market. The only thing you can do is make sure that you cover everything properly; from research, to laws and regulations. Either innovate or upgrade, and always remember not to aim big from the start.
Court battles, a trade war and no 5G phones: How 2019 could get even worse for Apple
Apple chief executive Tim Cook has his work cut out in China this year: the iPhone maker faces the looming threat of a court-ordered sales ban, the uncertain outcome of trade war talks and the roll-out of a new 5G network, where it finds itself behind rivals like Huawei and Samsung.
The complex outlook raises a challenge for Apple as it looks to revive its China fortunes after weakness there sparked a rare drop in its global sales forecast, knocked $75 billion from its market valuation and roiled global markets.
Cook told investors that the main drag on the firm’s performance in China had been a sharper-than-expected slowdown in the country’s economy, exacerbated by the impact of trade tensions between Washington and Beijing.
“We did not foresee the magnitude of the economic deceleration, particularly in Greater China,” he said.
Chinese shoppers told Reuters another element had been key: the high price-tag on Apple’s flagship phones.
Analysts said the firm faced a brewing storm of challenges: an economic slowdown, stronger rivals like Huawei Technologies Co Ltd [HWT.UL] bringing out a comparable tech at lower prices and bubbling patriotic sentiment amid the trade war.
A Chinese court has also issued a preliminary injunction banning some Apple phones, part of a legal battle with chip maker Qualcomm Inc. This ban, potentially hitting iPhone models from the 6S through the X, has yet to be enforced.
On Thursday a local industry body, the China Anti-Infringement, and Anti-Counterfeit Innovation Strategic Alliance, called on Apple to heed the court order and not “trample the Chinese law by leveraging its super economic power and clout.”
Apple declined to comment on the group’s statement but has previously said it believes its current phones comply with the Chinese court’s order.
“These are tough times for Apple in China,” said Neil Shah, research director at Counterpoint, adding the iPhone could see its market share slip to 7 percent this year in the face of stronger local rivals and worry about the sales ban.
Apple’s market share in the third-quarter of 2018 was around 9 percent, and has dipped from above 14 percent in 2015, overtaken by local rivals like Huawei, Oppo and Vivo.
Another question mark for Apple is its 5G strategy in China, where the U.S. firm is not expected to have a 5G-enabled phone until 2020, behind rivals like Huawei, Xiaomi Corp and Samsung Electronics.
China is looking to push ahead with its rollout of a faster 5G network, with a pre-commercial phase this year and a commercial network in 2020.
Some are looking to make an early bet on the technology. Huawei is planning a 5G phone mid-year, while Xiaomi is aiming for the third quarter. Samsung is expected to unveil a 5G phone in the first half of the year.
Industry insiders, however, said Apple would likely hold off until the fall of 2020 to have its own 5G-enabled phone, a strategy that would bypass the untested early period of the technology, but which could mean Chinese shoppers delay iPhone purchases or buy another brand that switched to 5G earlier.
“I’ll definitely be paying attention to 5G functionality when I buy my next phone,” said Wu Chengjun, a graduate student in Beijing who currently uses an iPhone X.
With the exception of Huawei, which makes it own 5G chips, Qualcomm is providing the technology to many of the major phone makers releasing 5G handsets this year.
“If you’re a [phone maker] looking for a ‘super cycle’ [of sales], if you don’t have 5G, your situation won’t get any better,” Cristiano Amon, Qualcomm’s president, told Reuters in an interview. “The carrier channel is going to be incentivized to start selling 5G phones in the second half” of 2019, he said.
But there are risks integrating 5G too early into high-end smart phones because the technology requires deeply re-designing the devices with multiple new antennas. Given spotty coverage in 2019, gambling on a new design before networks are mature could be more risk than reward, said Darryn Lowe, a Bain & Co partner who works with the wireless industry.
“When you think about 5G, it’s a heck of a lot more complicated than an aluminum strip running around the phone,” he said.
And other shoppers and analysts said Apple’s more cautious approach to 5G made sense and that the firm would not likely lose out too much to rivals by delaying its launch.
Apple’s decision to wait to adopt 4G until after other makers didn’t hurt it. But that was when consumers commonly purchased a phone every two years, a cycle that has elongated and might prompt buyers to want a more “future proof” device, said Glenn Lurie, CEO of Synchronoss Technologies and the former head of AT&T’s wireless unit.
“If you’re going to walk in to make a 30-month decision, the concept that I’ve already got 5G built in, it feels pretty good,” Lurie said.
But buyers such as Li Hongzhuo, 22, a student in Beijing, said he was interested in 5G, but it wouldn’t be the deciding factor and he preferred to wait until the technology was tried and tested.
“Typically my needs for my phone are high speeds for downloading videos or transferring files from chat apps. This will get faster (with 5G), but 4G already satisfies my needs,” said Li.
“I won’t really consider switching my phone until 5G has been operating stably on the market for some time without any bugs – or unless they stop offering 4G.”
Apple’s App Store record $1.22B over the holidays plus a record $322M on New Year’s Day
Apple’s app store had a record-breaking holiday week and New Year’s Day, according to a report by Apple. The company says its holiday week was our biggest week ever, as customers spent $1.22 billion during the 2018 holiday season and $322 million on New Year’s Day 2019, which set a new record for single-day spend.
Apple also used the opportunity to thank talented developers and customers around the world, as the App Store finished off an outstanding 2018 and kicked off 2019 with a bang.
Gaming and self-care were the most popular categories of app downloads and subscriptions during the holidays. Globally, multiplayer games including Fortnite and PUBG were among the top downloaded games over the holidays, along with Brawl Stars, Asphalt 9 and Monster Strike. Productivity, Health & Fitness and Education apps are already capturing the attention of customers in the first few days of the year with 1Password, Sweat and Lumosity charting in their respective categories, according to the statement released by Apple.
Last year, Apple also announced a record-breaking holiday season, with $890 million spent during the week of Christmas Eve and $300 million on New Year’s Day 2018.
Apple CEO Tim Cook, in his letter yesterday, signaled that the App Store remains one of the bright spots in the company’s “Services” category, even as he delivered the crushing news of a slowdown in iPhone sales.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
Global food and beverage giant, Nestlé launches Workplace by Facebook
Workplace by Facebook, the social network’s enterprise solution is now the official global internal communication tool at Nestlé which major aim is to connect its workforce, help the organization to create its own internal social networks and better serve consumers.
Nestlé said in a statement to the media that some 210,000 of its employees worldwide are now using the platform, adding that among those who were part of the initial deployment, engagement per post was 25 times higher than it had been on other platforms.
Nestle began implementing Workplace by Facebook nine months ago, with the first wave including employees in Mexico, Brazil, the Middle East, and South Africa.
Most features on Workplace is quite similar to the general Facebook features such as News Feed, Groups, Chat, events and live streams, as well as seamless mobile integration. Because Workplace is easy to use, it can connect everyone and reach employees where they are.
This move by the global food and beverage giant is parts of its commitment to empower people and sustain a high-performance culture. The company is moving more and more to offer open office configurations and more flexible working environments.
Meanwhile, the Chief Information Officer at Nestlé, Filippo Catalano while commenting on this great development said: “Today, using Workplace by Facebook we are able to give our employees across the
globe a platform to build connections, enabling faster and more engaging sharing of information.” Also, Julien Codorniou, vice president of Workplace by Facebook said, “As the global work landscape continues to change and
the demand for better collaboration, best-of-breed IT and mobile-first work increases, we are honored to partner with a company like Nestlé to help employees work together to allow for limitless innovation.”