The old adage says that the only permanent thing in this world is change. This is especially true when it comes to the food business. The industry sees many twists and turns every now and then, with trends popping here and there. For smart, budding entrepreneurs, such trends are business opportunities, a shot at setting up the ‘next big thing’ and bringing solutions to people’s problems.
But how exactly can you keep up with the ever-changing food business landscape? Read on to find out.
1. Do Your Research
Every now and then, an industry leader publishes a research report, which you’ll likely find online, about different aspects of the food sector. From customer preferences towards restaurants to booming niche markets, you will likely find a huge amount of data from which you can get good business insights. Now, you don’t need to be too bookish about this (it’s good if you are), but at least focus on areas you’re most interested in.
Your goal isn’t only to be informed but to gain the skill of predicting trends yourself. When you get used to how experts interpret trends, you’ll likely adopt their way of thinking.
2. Consult Seasoned Entrepreneurs
Another way to train your mind to identify and predict trends is to be with people who are good at it. Find mentors and advisers. Join conferences and seminars because the speakers there are likely the seasoned entrepreneurs you want to work with or follow. Or do what the majority of budding entrepreneurs do: be a franchisee.
Many people who are thinking of starting a salad business or a fastfood restaurant find mentors in their franchisors. They benefit from the training the franchising program offers and they get to meet other franchisees who are also on the lookout for industry trends.
3. Engage in Forums
Forums are among the best channels to know what customers are concerned about. Subscribe to subreddits. Join a LinkedIn or Facebook group for foodpreneurs. Avoid being a simple lurker in the discussion. Rather, participate because it’s a way to confirm or invalidate your thoughts about business trends. In addition, you get to ignite the conversation further and make it more meaningful.
Keeping up with the trends in the food industry can be a challenge. But it’s an important habit, especially for starting entrepreneurs who are looking for promising business opportunities.