An Industry Without A Crunch
Food and entertainment come hand in hand and people are continuously spending big bucks on eating out and enjoyment. This is perhaps the reason why the Food and Beverage (F&B) industry has remained robust and steady. With a right concept for the respective market, F&B franchises bring in high revenue and continuous economic support for the government.
F&B is a common feature in outlets everywhere and remains the popular choice amongst Fashion, Education, Health, etc. Consumers are constantly sourcing for new and interesting dining concepts, and this is one of the reasons why F&B franchises are constantly being sought after by business seekers and franchisees.
At the Franchising and Licensing Asia 2008 fair in Singapore, F&B booths attracted more visitors than any other booths. Astreem Corporation also received several F&B enquiries from the fair, the most common being “a café style or takeaway concept.” Overseas franchisees showed more interest in dine-in concepts with unique tastes which they can incorporate into their countries.
In Asia, health and pleasure are the two trends which are driving the demand for food. Asia has the highest economy growth rate in the world and has also been one of the most vital food producing and consuming regions.
In the earlier half of 2008, the significance of F&B exports in many Asia-Pacific countries grew as a result of escalating consumer demand, motivated by ethnic variety and rising incomes. Investment levels sustained momentum and helped to encourage revenue and sustained the industry’s competitiveness. Now, despite discouraging economic trends, the F&B industry still reigns as a top industry in this region. However, with the increasing demand and development of more F&B franchises, the F&B industry continues to face new challenges and a higher demand for quality. Finding a right business partner is also a challenge. It is similar to getting into a marriage commitment. Only a “right marriage” can take the franchise successfully through 10 to 20 years.
Aspiring business-owners see F&B franchises as ultimately the most rewarding because of consumers’ constant demand for food and an industry that is least likely to “go out of business.” Food is everyone’s necessity. However, despite the industry’s reigning popularity, F&B owners cannot afford to just sit back and depend on recurring customers. They need to keep up with the trend, be on a constant look out for valuable opportunities, and invest in upgrading their outlets and improving their menu, while at the same time keeping to their traditional taste which makes them truly one of a kind.
Astreem Corporation is a brand innovation and business development consultancy that specialises in helping business owners grow their businesses through development in brand management, communication, franchising, business brokering both locally and overseas.