Using Your Industry Knowledge To Get Ahead

Before we get into business we sometimes think that what happens behind closed doors is a little mysterious. For example, when we go into a restaurant, we wonder about how much it would have cost to turn a building into a complex area where the look and feel of it becomes unique to the business. We consider how the marketing campaigns were probably made by experts who have concrete knowledge of how to get customers through the door. All of these things are in our minds because we feel intimidated by the question of ‘could you do it better?’. We like to think that if we were thrown into the challenge we could do it better and be more successful. However, self-doubt creeps in and that’s why we feel intimidated by the mere thought of having the existence of a food business on our shoulders. On the other hand, if you have been in the industry for a little while, you’ll know that because of how things are you can use them to your advantage to make profits no matter the time of the year.

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Target habits

Those who have opened up a restaurant, coffee shop or bar will know there are certain quirks of doing business with different groups. In London there’s is an insatiable appetite for avocado. It's used in juices, lots of breakfast dishes and salads. If you pay close attention it's mainly eaten in large numbers by the younger generation. Do a little industry research and you’ll find the millennials that dine at food and beverage establishments will on average spend more money than their older counterparts. They will also tend to pay more for creativity and value presentation very highly for that social media snap. Therefore, create something new with a favored ingredient such as the avocado and see what price you can put this dish up on the menu for. Make it look pretty and you can make it a staple in your business.

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In season and popularity

Being in the food and beverage industry allows you to absorb what foods are popular on the mass market and what are not. It gives you clarity of thought to know that even though some foods may be in season, they fluctuate in price and can be passed over for something that is not. Taking this knowledge in popularity among taste buds, you can trade these commodities via CMC Markets. CFD trading is when you take up a position that predicts the falling or rising of a financial asset such as a commodity. This includes food so you could take up a position that believes corn will fall in price due to customers not wanting to buy a dish or food with corn in it. Flavors of the month change and so when this does happen to come true, you will make a profit based off the difference in the margin field i.e. the percentage of which the price dropped.

 

Using knowledge from your own industry shouldn’t just be for adjusting your business plan. You can use it to make money that can then be used to grow your business. Target the habits of groups, give them what they want and have shown to desire.

 

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