Food Is A Necessity, But You Can Still Fail At Running A Food Business. Here’s Why
Before starting your own food business, consider f these common mistakes that have cost some food business owners their businesses and time
The first course of action is to do a quick survey about the people/company in the area. A buka in Ebute Metta may not do well in a location like Adeola Odeku, Victoria island. Will you rely on foot traffic? Does your food require natural or local resources? What kinds of zoning restrictions might you encounter? The best location is one that minimizes costs while maximizing income. Some businesses are “footloose” in that they could set up pretty much anywhere.
Right product, Wrong market
As stated earlier, A “Jedi” seller will dwell more on the mainland in lagos, Than on the island. This doesnt mean people on the island dont drink Jedi. But its not just the right market for it.
Instead of making all your own decisions in the vacuum of what you want to do, your own creativity. In classic dysfunction, Most food business owner make their meal/drinks/product first, then hoped customer would have a market for it. Instead of “building to suit” the market. An hour spent on a location observing the people who lived and walking around the neighborhood will help you.
There is nothing “wrong” with your own creativity. It was just in the wrong place/market. No matter how many times you package garri, It just doesn’t suit “The Mall”.
Sometimes, Pricing Is Everything
The minimum wage in Nigeria is N18,000. As a food owner, if your aim is to capture the market share of the civil servant, the price must be considered. You don’t sell breakfast at a price of N1,200/Meal for the minimum wage worker. Kolewerk
One Bad Meal Could Cost Your Business.
A customer referral could be costly if you fail to impress or your cooking/product for that particular day goes wrong.
Just one negative review could cost you almost a quarter of your market customer base & share.
Poor marketing & Branding
Branding and marketing your product needs to be how will people react. Your Branding and marketing need to elicit an emotive reaction. A makeshift buka will thrive well near a construction site, but will fail woefully in places like ikoyi and Victoria island without proper branding/packaging. So what’s the emotion that’s being generated here and how intense is it? Does it talk to people’s needs in ways that feel personal, relevant and wonderful?