Tips to starting F&B Business in Singapore
Singapore is experiencing the future of food services today. New F&B businesses owners have to understand the consumer market, technology evolution as well as juggling government policies in the F&B trade.
If you are contemplating starting your own F&B business, our advice is: “take it show, test it first, start small and grow.” There are plenty of opportunities for you to test your food, your business acumen, run it and see if you really liked it before plunging into it wholesale.
A few testing grounds are cloud kitchens, food stalls or Hawker centers where rental and operation costs are lower. It is not uncommon to see new F&B entrepreneurs end up burning away tens of thousands to hundreds of thousands after starting a cafe or restaurant business without proper fundamentals.
The lure of F&B business is its low barrier to entry, it’s easy to start but getting success is another story. F&B trade is tougher than most people think and if we were to start wrong, the chance of going south is highly probable. Most seasoned restaurateurs know what it feels like chasing their tail in operations, manpower, sales and policies. Our small island has a total of 12,000+ registered cafes and restaurants excluding individual food stalls. Combining them altogether including cloud kitchens will see us having more than 30k food outlets easily.
Anyone with $40,000 can start a hawker or coffee shop business straight away and by renting equipment rather than buying will reduce your risk of equipment high depreciation loss.