"Economic Hardship is Biting Me Hard, How Much Do I Need to Start Food Business?" Expert Advises
- A man hit hard by the biting economic hardship is seeking how to earn more money in the face of high inflation
- He wants to go into the food industry, which has become lucrative, especially if one is an excellent cook
- Tumininu Olaniyi, a trained chef and a food seller, has taken the time to explain the steps to be taken to be successful in the food business
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An anonymous asked:
"The economic hardship is biting me hard, please how much do I need to start a food business? Is it possible to make money as a food vendor? How much do I need to start the business so as to be successful in it?"
The high inflation rate pegged at 29.90 per cent in January 2024 has increased pressure on people's earnings.
Source: Original
In today's economy, where it seems salary is never enough, many people are seeking ways to earn more money to take good care of their families.
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One of the businesses that seem constantly relevant is the food business because people must eat.
Selling cooked food could yield a high return on investment. But the real question is: How can one start and make it in the food-vending industry in Nigeria?
Tumininu Olaniyi is a graduate of business administration from the University of Lagos (UNILAG). She branched off into cooking and obtained a culinary certificate from the London School of Professional Training (LST). She owns Home of Tasty Meals, a food-vending business that caters for many high-profile clients. She shares insights into how to make it in the industry.
Why the food business is good
The first thing that comes to my mind is the high-profit margin. Food is a constantly evolving industry with a wide variety of products, a huge volume of customers, and endless options for scalability, regardless of your level of experience. That makes it a great business opportunity. Few things are more fulfilling than growing a business in an industry that excites you. Remember, people will always need to eat.
How much capital do I need to start a restaurant business?
The food business doesn’t require any capital - you can start right from your home with the equipment available. Your first client is your capital because, apparently, you use the money they give you to buy whatever they require you to make.
How do I find clients to buy my food?
When you make good food, referrals fall in, and your clients spread the good news to others - that’s the best marketing needed. For me, word of mouth from your existing clients is the best.
Should I rent a shop or sell from home?
I advise you should sell from home if you are new to the job. The food business calls for a bigger space itself. When the time is right, you will definitely know.
How do I use social media to get clients to buy my food?
Social media is the fastest means to sell yourself out in the food business. You can do this by posting good-quality videos of your meals. Showcase your customers' reviews and share recipes. It will help project more of your work and as such, sales come automatically. Social media is the fastest means and the best thing that can happen to the food-vending business in our lifetime.
Is cooking and vending food a profitable business in Nigeria?
My answer is yes. With the right idea and execution, a food business can be extremely profitable. One of the most popular food business ideas in recent years has been the home food delivery business. This type of business has a number of advantages, including low overhead costs and high-profit margins.
Do I need to hire staff before starting to cook for my clients?
My answer to this is also yes, but at the right time. Hiring staff in the food business is a must because you can't do it all alone. It’s a tedious job that requires 100% manpower.
Disclaimer: Advice given in this article is general ind is not intended to influence readers' decisions about investing or financial products. They should always seek their own professional advice that takes into account their personal circumstances before making any financial decision.
Have a story to tell? Need an expert's advice? Feel free to reach out to us at ask.an.expert@corp.legit.ng with "Ask An Expert" in the subject line.
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