5 Tips for Starting Your Own Street Food Business
Do you have a love for street food? Are you miss the tasty smell of street food during a lockdown? If yes then you must a street food lover. Most of us love street food because of its amazing taste. Apart from taste street food is pocket friendly. Though eating street food is unhealthy and unhygienic but still, we all love street food. The financial aspect of street food lies in it being a major source of urban food consumption for millions of middles to low income consumers and is most commonly associated with its accessibility and low prices. India, Philippines, Japan, China- these countries have a huge street food market. Most street foods are classed as both finger food and fast food. The types of street food vary between regions and cultures in different countries around the world. According to a 2007 study from the Food and Agriculture Organization, 2.5 billion people eat street food every day. Do you want to step into this huge industry? Then you need some tips for starting your own street food business. Today we brought 5 tips for starting your own street food business.
- Where should you start:
Getting your business off the ground can seem daunting, but it’s not really as complicated as people think. Before starting your business, you need to have a clear idea of street food. You can also do some online courses for information and advice on how to set up your business and deal with any potential pitfalls. This will also cover topics like legal requirements, finances, and equipment, so you can feel confident going into your exciting new venture. At the heart of street food is portability, with many vendors opting for gazebos, caravans or trailers. So, consider the logistics and storage space you have for these, as well as what you can afford initially. Remember you can always upgrade once you become better established and start turning a profit.
- Make yourself stand out:
With the street food trade becoming increasingly popular, you’ll need to give yourself a unique selling point. Adding a unique twist to an already popular dish or cuisine will entice people’s curiosity and make you stand out from the crowd, attracting larger volumes of consumers. Distinguishing your business from others is important. Using inspiration from things you see on social media can also help. Many of us are greeted with videos of mouth-watering desserts and dishes daily.
- Pitch to sell:
Start small by contacting local food festivals and street food markets to find out whether they have any available spaces. The general rule is that the earlier you contact the organizer, the more likely you are to get a pitch. When applying for a catering pitch, you’ll need to fill out an online application form on the organizer’s site. Initially, they will be looking for personal details like your contact email, address, and phone number as well as the type of food you sell, the dimensions of your stall, and maybe a few images of your stall. They will also need proof of your food license and any food hygiene certificates.
- You must know what to charge:
How much you can charge will depend on the wealth of the area you’re operating in, as well as the pricing of your competitors. Creating a business plan and setting an initial budget will identify what you need to be charging per time to turn a profit. In general, you should be hitting a 70% yield back on your products, but as a start-up business, don’t be disheartened if this does not happen instantly. Experiment with your prices until you find the most suitable ones.
- Pros and cons:
With the business venture, there will be advantages and disadvantages, so it is important to weigh these up to know whether a street food business is right for you. You do not need loads of capital to get started. It can take a long time to start making impressive profits, rather than being a quick financial fix.
Stating up your own business can seem overwhelming and stressful, but with street vending proving so popular with customers. Combine your entrepreneur skills and your love for cooking for a fun yet profitable venture. Remember, it is a competitive market, so establish yourself in this market must be time taking. You need to develop your skill in food and service to sustain in this market. By this kind of business, you will be a part of an industry that looks set to expand over the next few years.
