In 2019 many people are taking strides to achieve their dreams and start their own business. Of course, starting your own business can be very costly, regardless of the kind of industry that you are hoping to join. The food and hospitality industry is booming right now but this does not mean that it is not without its risks.
Here, we are going to tell you about some of the hidden costs of opening a takeaway business. Keep reading to find out more.
When you are setting up your takeaway business, you will likely consider the cost of the employees that you are planning on hiring. While it might be obvious how much you are going to pay them per hour, you will also need to think about any benefits that you might offer. For example, you will be legally required to offer them paid holidays, but what about other perks such as employee discounts? It’s relatively easy to put together an attractive looking benefits package but you need to evaluate the cost of this.
You might be aware that you’ll need insurance for your business, but do you know about all of the different types of policies?
As a takeaway owner, it would be a wise idea to invest in a relatively cheap takeaway insurance policy. This will cut into your budget, of course, but it can help to protect your takeaway property and/or the contents of your takeaway.
If you compare policies through quotezone.co.uk you can also choose to bundle other types of cover into your takeaway insurance policy, such as public liability cover, employers’ liability cover and insurance for your stock, which can often work out cheaper than taking out separate policies.
Another thing that you might come across when you are opening a takeaway business is the cost of stock that has been lost, which is known as ‘wastage’. This can be quite common in this industry as things can be dropped and customers can return food when it doesn’t meet their expectations. It is important that you budget for any losses and that you are keeping track. Try to encourage your staff to be careful and this should help.
While digital marketing and social media marketing have drastically reduced the cost of marketing your business in 2019, you will find that you still need to pay to get the name of your business out there. Websites are expensive but they can really make a difference to the success of your takeaway business. Try to consider the hidden costs of marketing and remember that any ads that you do on Facebook or Instagram are going to cost you. Budget accordingly and this will make things a little easier.
As you can see, there are plenty of hidden costs associated with setting up a takeaway business. Make sure that you have all of the correct insurance policies, especially if you are planning on letting your customers inside of your store. You should also try to consider the cost of having full-time employees as this will eat into your budget. If you can follow our advice then you’ll be able to keep your business running.