Labelled as among the leading food capitals in Asia, Singapore boasts an immensely wide range of mouth watering cuisines. With its multiracial, multilingual and multicultural society, it has over generations cultivated and developed an unique Singapore cuisine that is utterly delectable. In fact, many choose Singapore as one of their premium travel destinations because of the vast variety of glorious food to enjoy.
The food industry in Singapore has contributed enormously to the nation’s annual GDP – contributing almost S$8 billion in annual sales turnover to the GDP. More than a third of this revenue is attributable to restaurants; one tenth to catering services and fast food joints and remaining to the famous hawker centre and food court establishments. In view of the vast potential, new restaurants and cafes pop up in every corner of town. However, the down side to this is numerous outlets also close down in the same period.
The F&B industry is a lucrative business in Singapore not only for residents but also for foreigners, especially so due to the absence of entry barriers. If you are among the enterprising entrepreneurs looking to open up a similar business in Singapore, there are very crucial aspects of the food business you need to know about before venturing into it. The plus side to setting up a restaurant or cafe here is the process is not as complex. After registering your business, you will need to apply for a license. In this case, you would require a food shop license and a liquor license if you wish to sell alcohol in your establishment. There can be other licenses and issued involved with GST, Service tax and work passes.
Though you might save on rent initially, you will find yourself spending much more effort and money on marketing your poor location. Finally, no amount of marketing and branding will be successful if the food itself does not impress your customers. If you are taking over an existing business, hiring someone who can replicate the previous dishes can be highly challenging and is something which should be considered in the initial stages of start up. Also, the menu must be updated from time to time, while it is recommended that there should also be new, fresh and innovative courses introduced periodically.
Finding the right restaurant or cafe for takeover can be easily done by browsing through classified websites www.easybuysellbusiness.com in Singapore. The F&B in Singapore is certainly worth venturing into. However, sheer determination without a formal plan is foolhardy and leads to failure. In view of this, it would be best to engage the services of professionals to ensure the right advice and guidance to make your dreams a reality.