There is no perfect business or investment. If you are trying to look for a business type that can make you rich instantly, you will never find one. How many tries did the best business tycoons in the Philippines have when they were just starting their business? How many losses did they incur already? A lot of questionable events can happen when you choose to walk the path of business but one thing is for sure—there is no success without failure. You will have failures and setbacks and you can use them to bounce back. And while there are many emerging businesses today, let’s talk about food businesses here in the Philippines.
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You are right, a food business is still a game in the Philippines. Every year, there are a couple of food business types that pop up in malls, sidewalks, and food courts. It seems like the food enthusiasm of Filipino has been an advantage to business owners today. Who would have thought that Milk Tea from Taiwan would suit the taste buds of Filipinos when it comes to drinks? Who doesn’t love Ramen that came originally from Japan? And what about Samgyeopsal that comes in pork and beef with vegetable side dishes? These are just a portion of what we are patronizing these days and proof that food business can still be successful.
The answer depends on what type of food you are selling. In fact, you can rely on the survey of the Philippine Statistics Authority conducted every year which is the Annual Survey of Philippine Business and Industry (ASPBI). This survey collects data from almost 40,000 businesses with at least 10 employees in the country. The latest data gathered were from 2015 and according to the survey, here are the average gross profit of food businesses: catering services can earn up to P16 million, beverage businesses can generate up to P1.65 million, hotels can profit up to P7.5 million, and restaurants and mobile food businesses can make up to P10.6 million. These figures represent the average annual gross profit of these food businesses.
You can choose from what was mentioned above: catering services, hotels, beverages, restaurants, and mobile food businesses. Once you have decided what to put up, make a good business plan and carefully study your market. You can also choose to make your own brand or franchise so you won’t have to promote a new branding. One good thing about franchising is that the brand of your business is already known, which means the market is already familiar with the quality of the products you are providing.