Did you know that India’s online food delivery market is growing at a staggering rate of 30.55%? Food delivery ventures have become a billion-dollar-sized industry in 2021 due to hectic work schedules, work-from-home routines, and evolving lifestyle patterns. If you were planning to start your own food delivery business for years, the present-day post-pandemic scenario offers perfect timing.
Moreover, the demand for fast food, ready-to-eat (RTE) products, and home-cooked meals are surging, and your food delivery establishment can cater to a burgeoning category of foodies today. So, if you plan to enter the food industry, here’s a guide on how to start a food delivery business from scratch.
1. Secure a Financing Option
The first step in starting a new business is to develop a business plan that includes all the areas that need funding. Outline all the major requirements, such as setting up a kitchen, buying equipment, choosing a delivery method, and building a brand. You can choose to finance the business with your savings, find a business partner, or take a business loan from a trusted lender.
2. Research Your Market
After securing a finance option, the next step is to research your target market and identify the niche you wish to cater to. Is there a specific customer base that you can target, such as working professionals or college students? Nowadays, cooking food is a luxury, which leaves you with a wide pool of target groups to pick from: newly married couples working full-time jobs, senior citizens, corporate employees, or bachelors living on their own.
Find out the most profitable niche and the kind of food they prefer. You can create online surveys to get more information and create a business strategy accordingly.
Additional Read: Tips & Tricks to Grow your Business
3. Curate a Menu and Choose a Delivery Method
Once you have completed your research on how to start a food business, it is time to develop a unique menu. Set up a menu that includes quality dishes that your potential customers want, and you can execute well.
Next, you must choose a method to deliver the food quickly and safely to your customers. Although you can hire drivers to do the job, using delivery apps like Swiggy, Dunzo, Zomato, etc., is also a viable option.
Additional Read: How to Get a Business Loan for Setting up a Restaurant in India?
4. Create a Marketing Strategy
Now that you are ready to launch your business, you must get the word out to your potential customers. Digital marketing channels are the best way to reach your audience today. Create an attractive website, an appealing logo, and set up social media pages on Facebook, Instagram, Twitter, etc., to promote your company. You can also use traditional methods of advertising, like posters and flyers to, market your business.
Are you planning to launch your own food business but lack the necessary funds? Finance your food delivery venture with Tata Capital. We offer business finance at attractive interest rates to help budding entrepreneurs achieve their dreams with ease. Make your application process hassle-free with our online services and manage your expenses with our business loan EMI calculator. Get in touch with us today!