The startup world might be hopelessly fixated on the tech sector, but that doesn’t mean that there aren’t more opportunities out there in other parts of the economy. In fact, many industries may actually offer better opportunities for the average entrepreneur.
Take the food and drink sector, for instance. Unless we collectively upload our minds to the internet, we’re all still going to have to eat. And that means that there will always be money to be made by those who know how to tickle our tastebuds.
Here are some of the reasons you should think about going into the food and drink industry.
There Are New Opportunities
If you wanted to make money in the food and drink industry in the past, you didn’t have many options. You could either try your hand at fast food or create a local fine dining establishment. Both were low-margin and difficult to expand beyond a couple of locations.
The same, however, is not true today. Opportunities abound for entrepreneurs looking to set up in the sector. The market is ripe for the picking.
Changes in consumer preferences, for instance, are altering the type of food and drink that people want to consume. There’s far less emphasis on fast food today than at any time in the past and much more on healthy choices. Thus, there’s a great need for people who can deliver food that is good for people that is also highly palatable.
Then there are the opportunities provided by the internet, apps, and online sales. Companies don’t even need physical premises anymore to make an impact. Just look at Deliveroo.
There Are Many Ways Into The Business
Of course, you don’t even have to bother with the consumer end of the equation. Many companies don’t. Instead, you can grow your food production business and build a producer brand.
A lot of food companies actually take this route. Heinz is an excellent example of one of the early innovators. Later came brands like Thatchers. Essentially, all you need is something the superstores are prepared to stock, and you’ve found yourself a winner. They’ll take care of all the marketing and distribution.
The Pay Is Better Than You Think
Margins in the food industry were once low. But with the rise of technology and the internet, that’s no longer as true as it once was. Fat margins are becoming more common, especially among business models that find ways to scale. You’re no longer stuck with a lemonade stand, selling to local people. You can branch out across the internet and generate additional revenue that way.
It Is A Happy Industry
Banking, finance, retail, and law are miserable sectors of the economy, famous for their long working weeks and burnout. But the food and drink industry is different. Calling it laid back would be a bit of an exaggeration. But it certainly doesn’t suffer from the mass depression and dysfunction you find in some industries. On the whole, it is a pleasant place to work.