We’ve talked about the reasons people have that hold them back and stop them from chasing their F&B entrepreneur dreams – but on the flip side, there are also some reasons people give for wanting to join, which could mean they haven’t quite thought it through. Here are some common ones:
Reason #1: It is my passion
That’s great! But remember that passion alone will not bring in the money, and passion alone will not feed you. So in addition to being passionate about the industry, do you also have a clear concept for your F&B outlet and a plan to guide you in setting up?
Passion is also not a good buffer for the times when demanding customers or irresponsible staff grate at your nerves, do you also have the other characteristics like patience and initiative to help carry your dream through?
Reason #2: I like food
There is a lot more to do in F&B than just eat or cook. Liking food is a good place to start, but you’ll also need to “like” managing staff, scheduling, planning, checking the inventory… the list can go on and on. Make sure you’re starting your F&B outlet with your eyes wide open about the difficulties you might face so you can prepare to overcome them.
Reason #3: A fun business to start with friends
Before you jump into this, it is worthwhile considering if your friends are people that you can work with and to sit down to discuss the division of work to see if it is feasible. Also, try to ensure all the terms and conditions of your partnership are properly documented to avoid problems in the future.
Working with friends can be enjoyable, but there are going to be times when things get stressful and difficult – can your friendship stand through all of that?
Reason #4: It’s better to work for yourself than someone else
Yes… and no. On one hand, working for yourself means that you will take in all the profits, and that you are not bound by rules that you might not agree with. But on the other hand, taking all the profits also means you take all the risks that come with earning the money as well. There can be a lot of stress about bringing in the sales and making sure the business stays afloat – just starting your business is not always going to be your ticket to more money, especially in the early days.
Also, while you are no longer bound by fixed working hours, being your own boss means you are probably going to be called on to fix all the problems that arise. Rather than making you “more free”, owning your own business – especially in the hectic F&B line – is likely to make you far busier.