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Get Your Food Business Going with These Top 10 Tips from the Experts
Starting a business is never easy. It requires a lot of time, resources, and effort. From planning down to the strategizing, opening a business like a restaurant poses a lot of trial-and-error situations.
Focusing on every entrepreneur’s pain points, Globe Business, in partnership with Entrepreneur magazine, hosted the first of the Globe Business Academy Series called Trep Talks. Trep Talks serves as a platform for existing or new business owners to learn important tips and business advice from more experienced colleagues and experts.
The recently held Trep Talks hosted by Issa Litton had some of the biggest and renowned restaurateurs who shared their insights along the topic of “Create. More customers.” The speakers were Abba Napa, one of the three founders of the Moment Group restaurant chains that include Din Tai Fung, 8Cuts, Ooma, Manam, Bank Bar, among others; Mary Grace Dimacali, owner and founder of the famous Cafe Mary Grace; and Joanna Manalastas, Spot.ph’s editor-in-chief.
The speakers gave their own insights in terms of opening a restaurant—from tips on consistency to location, design, and quality of service. Rounding up all the learnings from the session, here is a rundown of the most useful insights:
- Understand who you are creating a food business for. Sometimes we forget to start with this and instead go straight to prioritizing the dish or design. Keep in mind that you are creating a restaurant for your customers, not for yourself, so you need to know them well.
- Be authentic. Conceptualize your business from a place of authenticity or from a personal experience. This way you will have a good chance of setting yourself apart. Then be consistent with this image and make sure everyone on your team is, too.
- Hospitality is key. You need to love making people happy and you need to be quality-driven. Be a valued part of your customers’ lives—make the most out of their celebrations and memories. They will remember you fondly for it and will keep coming back.
- Manage emotions. Know when to put your passion into something (as in creating the food, catering to your customers, and working long shifts) and when to curb your attachment (as in letting people or establishments go, breaking bad news, or making tough decisions).
- Assess opportunities. Do not be afraid to take plunges. When it feels like the moment is right, take the opportunity. At the same time, if you feel the timing is wrong, do not be afraid to take things slow. Understand that you will make mistakes, but that you will have time to fix or make up for them.
- Roll with the punches. Once you have taken an opportunity, you need true grit. You (and your team) will have to accept the decision wholeheartedly and face it with courage.
- Choose your location carefully, based on the factors that matter to you. This means considering things like traffic, space, parking availability, noise, surrounding areas, and others.
- Expect challenges. The food industry is tough. You will be facing challenges every day which is why you will need to be courageous, steadfast, and persevering. Remember that the bad days will pass and if you keep going you will see them through.
- Be in touch with trends. A unique product will only get you so far. Eventually, you will either be surrounded by competition or will have to evolve to fit the market. Thus, consider or at least be aware of the trends surrounding the food industry. That will also let you know what your market is after.
- Be open to innovation. Every industry is constantly evolving, so get to know the technology available to you. You never know how it could help your business and it may just be the solution to a confusing or “unsolvable” problem. In this day and age where technology keeps improving and introducing new innovations, be sure to make use of it in your food business.
Trep Talks will have more upcoming sessions and a new line-up of speakers in different cities nationwide. This summer, watch out for the next Trep Talks event in Bohol and Boracay.
For innovations that will greatly help your business, check out the Globe RUSH Loyalty Program App and see how it can make your business activities simpler today. Also visit Globe Business for more information on business solutions for you.