In August of this year, 2020, there was a significant increase in the number of food and drink businesses registering as start-ups in Northern Ireland, which is a very healthy trend.
Is This A Sign Of An Upturn In This Sector?
In the month of August there were 67 new start-ups in this sector whereas in August of the previous year there were 44 new start-ups. So could this just be a blip or is this a sign of an upturn in this sector?
A few factors need to be taken into account we feel when looking at these figures. For instance a lot of chefs and other types of hospitality workers who have recently lost their jobs as the impact of coronavirus bit have now decided to go it alone and start up their own food business, and good luck to all of them.
Using Their Redundancy Money To Fund Their New Business
There will have also been other people from other industries who have lost their job due to the pandemic, received a redundancy payment, and thought they would like to try to make a success of their own food and drink business.
And there will have been other entrepreneurs who have decided that their cafe or restaurant is no longer sustainable, so they have closed down and now opened up with a food truck or some sort of pop up food and drink business.
Food & Drink Never Goes Out Of Fashion
Food and drink will never go out of fashion like many other sectors may do, so there will always be people who do very well in this industry. The trick to being successful is just choosing the right location, getting the right branding, enough funding to get the business off the ground and having a great offer serving excellent products which have a good enough profit margin.
All the above may sound like a daunting prospect, but with the right ideas, a good work ethic and with good people around you there are great opportunities out there for entrepreneurial spirits. If nobody ever took a leap of faith we would never see any new businesses grow and thrive.
As far as WHR Accountants are concerned we have of course helped many business start-ups over the years with their business plans, funding opportunities and taxes etc etc. If you are thinking of starting up a new business get in touch for an initial free consultation by calling us on 028 3752 29099.