Thinking of venturing into a food business this 2020? Here are some points that you need to consider.
Starting a business this 2020 is not easy but far difficult because of the ongoing pandemic. All businesses are affected, some were temporarily closed and some are permanently shut down due to losses. New normal was introduced and this huge change is very evident.
As for what type of business to consider this time, food business has an advantage over other businesses because food is basic essential in human life.
Here the 4P’s that you need to consider before entering the food business.
- Place: You have to choose first the best location which serve as your distribution area that will bring the product up to the end-user, the placement strategy is very important.
- Promotion: Passion for business includes great marketing. In entering the business, you must have your best techniques in terms of promoting your products.
- Price: The cost consumers pay for a product must be reviewed to make sure they’re still suitable to the actualities of the current market considering the supply costs, seasonal discounts, and competitors’ prices.
- Product: choosing the best product for your location will help you grow your business fast. knowing the needs of your customer and providing the product they need.
Continuing phases to start your business:
- Fund your business
- Choose your business location
- Choose your business name
- Register your business
- Apply for licenses and permits