Eateries / Food: New Venture Tips #17

Why Value Proposition is important for your Eateries or Food Business?
By *Ameen Ahsan Strategy Consulting*

Eateries and Food Business have boomed in our localities. Every nook and corner of a city or a Town has an Eatery or a Food Business of some kind. It may be a small restaurant, a cafeteria, a food stall, a roadside tea shop etc.

Eateries and Food are good business ventures for earning a stable income as People spending time to eat food from outside has tremendously increased and also eateries have turned out to be a favorite place for the youth and families to hang out and spend time together.

One of the first steps for any new eatery business is to figure out its value proposition. In other words, you need to agree on how you are going to position your business and the product or service you are selling.
Every business should have a Unique Selling Proposition – it is the one thing that differentiates your business from every other one. The value that a small restaurant in a town offers is very different from a restaurant that operates in a metro city. There might be a lot of difference in the value delivered to the customer. For example, the experience and the ambience, the quality of food, the price etc. can be some characteristics by which we can differentiate the two restaurants.

It’s important for an eatery or a food business to clearly communicate the value it offers to the customers. It also helps the business to focus on those customer segment it’s catering to.

If you are unable to communicate your value to your customers, customers won’t place value in what you offer. If you are unable to tell customers why they should choose you and why they should pay what you are asking, why would they?

Ameen Ahsan Strategy Consulting
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*Kerala's finest experts for Feasibility Studies, Strategy Reports / Project Reports, Business Models and Vision Realisation*