6 Crucial Things To Consider Before Setting Up A New F&B Business in Singapore | C.O Enterprise

Posted on July 16, 2022

Capital

It’s not cheap to open a restaurant or café here. You’ll need to pay for rent, equipment, and staff salaries (which are high), so make sure you have enough money on hand to get started. You may also want to consider launching a pop-up or food truck business first before opening a permanent location.

Time

Second, do you have the time? Starting an F&B business takes a lot of time—and not just during business hours. You’ll likely be spending many evenings and weekends working on your concept, menu, and marketing strategies until everything is perfect. 

Location

Location is key when it comes to F&B businesses. You want to make sure that your location has good traffic and visibility, as well as ample parking—and this might mean that you’ll have to compromise on price or rent. But if you find the perfect spot for your business, it’s worth it.

Target Audience

Who is your target audience? Who do you think will come into your restaurant or cafe? What kinds of people do they tend to be? Do they tend to spend more on coffee and dessert than on lunch items? How old are they? What kinds of jobs do they hold? These questions can help guide you toward choosing dishes that will appeal most strongly.

Menu Selection & Pricing

Should your goal be to deliver the best value for money or the highest quality product? While these are both factors you need to consider, there’s a third thing you shouldn’t overlook: customer service.

Experience

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Do you know what kind of experience people want from their food & drinks? In Singapore especially (where we’re obsessed with eating), people are looking for more than just good food—they want something unique that makes them feel like they’re getting something special out of their meal.