Choosing a business that is not affected by market conditions
Recently one of my friends wanted to have a discussion on this topic. We were casually interacting and started discussing about doing some business. He was very much interested in the food industry and wanted to do some business related to food. That is when we were discussing more about the pros and cons of this business. I personally don't have proper business experience or exposure but definitely have a business mind and would like to do something in the near future.
Food industry always has a demand
It is true that the food industry always has a huge demand. In spite of the fact that other businesses might get affected during a market crash, the food industry is something that would still continue to bloom. The main reason is that people would still prefer to have varieties and would not stop eating if the market went bad. Maybe there is a high chance that during a recession people might stop eating outside food because they would like to save up some money during bad times but that's not the case for everyone.
Have a backup plan during a bad market
For people who are dependent on a business that is dependent on the market conditions, it is definitely important to have a backup plan. When the market affects everything the business can also be affected. During such conditions having a backup business can help in managing the loss and help in keeping the main business going without any disturbance.
Do a business that attracts people at all times
The food business is something that attracts others. If we are good at doing innovations, people love innovative ideas and they might want to try. That's how many food business is having a good time at all times and not disturbed when other sectors are suffering. There can be instances when a demand for raw materials can arise but there would still be a demand for food and people wouldn't mind if the cost of the food is temporarily increased. They would come in huge numbers if the taste of the food is very good.
Business as a passion
I have had conversations with some of the small business people or local vendors. This is what we call Unorganized sectors in India. A huge percentage of the business population in India is still among the unorganized sectors and they make a large market cap and they also make a lot of money in what they are doing. They know their job very well and the preparations they do for a festival season and the offers they give to others are all something that should be taught in business schools.
In some places, they have been doing the same type of business for generations together. It is more like they inherit this knowledge from their fathers and forefathers and they channel it very well to their children and grandchildren. One of the biggest driving forces for them is the fact that they are doing their business as a passion and they like doing that business. In such families, there are a few children who do a professional course on something that is not at all related to what they are doing. But ultimately after a few years, they get back to their family business and start shining on that because it is in their blood.
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Food business is ever in demand no matter what, as people have to eat. It is a lucrative business, but it is tasking as demand hard work and commitment, particularly if it is not raw food. For cooking, someone has to wake up so that customer who are going for work can buy and also that are traveling can patronize. I also agreed with you in the post you have raised.
Cooking is also an art and not all people are able to do good in that. But there are so many people shining in that area with innovations.
When it comes to business, I think we all have our own way of identifying the necessary criteria that would drive growth 📈.
Some people tend to do well in a business more than others, though it's same business.
The ability to adapt and try to make some colorful moves like the Chameleons inorder to survive in a business matters a lot.
I agree with you on this, Food business is one of the important business be it raw or cooked and for you to attract customers to your business then it means you are selling what's in demand, however, not everyone is making it in the food industry
For you to earn it in a particular business you must not see it as a means to earn money instead see it as an impact you are giving to people
Cooked food is always the key and how it is cooked and how innovative it is also matters here.
It is a fact that when a person selects any business, it is better for him not to enter such a food and drink field, because no matter how bad the circumstances are, a person has to eat bread. It is good that such a business can give a lot of benefits to a person.
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I too did thought food business is great because people need to consume daily, but it was before COVID. Due to lockdown so many fresh business has been shutdown and people had gone into so much debt, that some are still paying for it. It was really an unforeseen situation.
Food business thrive on only taste. If the food is tasty, even if your business is situated out of the city people will still come and that's the power of tasty food😋🏃.
Yes agreed that many people lost business and customers during Covid. But things are starting to get better now. There is a huge demand starting now for innovative ideas.
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Food business is a business that one can start and excel in no matter how little the startup is, this is because food is the first need of man.
This business is hardly affected by innovations, market price of other commodities, or economic situations because people must eat to survive, the more reason why people in this sector will always thrive.
However, not everyone can go into the food business but whatever it is they choose to do, they should be innovative about their ideas and learn about ways to attract people to their businesses.
Very well explained. 👍
Food and energy, doing something battery wise might also be a great idea since we're heading hard into a energy storing age. Just my thought, I'd like to start investing into companies that mine the lead and so forth but we'll see if that really happens. I know that's not building a business but still a good investment
Oh yeah that's a great suggestion. Battery is going to be the next big thing in the industry. Energy sector needs more innovation and more earnings on that front.