Starting your own F&B business is definitely a big risk, but it can also be a risk worth taking. There are many reasons people have for holding back on their entrepreneurship dreams – let’s take a look at some of the common ones and see if a little re-evaluating can help give you that little push you need.
Reason #1: I’m too old for it
We hear this a lot – too old to change jobs, too old to go back to school, too old to learn… the list goes on. It is true that in your late 30s and 40s you are likely to have more financial commitments like a family or a house to pay for, making it even riskier to give up a stable job to chase your dreams.
But if it’s simply about age and starting “later” in life, why not think about it this way: with age comes valuable experience and perspective that can help you smoothen your journey. Also, the skills you’ve acquired in your previous roles may in fact add value to how you run your F&B business.
Reason #2: I can’t cook
In the F&B industry, being able to cook is definitely an asset. But being a cook is not the prerequisite for starting an F&B outlet! There are many other aspects to F&B – management of staff, scheduling, planning inventory… the list goes on.
Also, it might not be feasible if you are the only staff who cooks, especially when you start to increase the scale of production and you probably will end up hiring a chef to handle it for you. With the expert in charge of the cooking, perhaps it is more important for you as a business owner to LIKE food, and to be able to tell what food tastes good, than it is to be able to prepare it?
Reason #3: I don’t have the capital
Another perfectly valid reason to avoid jumping to start your own business – and financial prudence is a good value to have. However, if starting your F&B outlet is a dream you’ve had for a while, there are grants and subsidies available that can help ease the financial burden. Have you checked these out to see if any can work for you?
There are also different business formats that can help reduce costs for labour & rent – it might also be worthwhile to check those out before abandoning your F&B dreams.
Reason #4: I can’t decide exactly what I want to do
That’s fair, starting an F&B outlet can be confusing. But to solve this, uou could, for instance, start interning or working for different F&B outlets to understand more about their operations and business model. You could also refer to our list of guiding questions to help clarify your thoughts or look into the different agencies for their rules and regulations.
Also, try to think of your unique selling point, who your customers and competitors are, look into potential locations and analyse your financial costs to help you decide.
No matter what it is, take some time to sit down and make a plan, or perhaps download our F&B start-up kit to help you think things through. The F&B journey can be challenging, but starting it right and with a good foundation is half the battle won.