Startup Streets! – SG ’17
For quite some time, Singapore holds the title for being Asia’s food capital. There’s myriad of cuisines you can taste in this small country.
This makes the food industry to be so vibrant and diverse.
Obviously, new food concepts and restaurants in the country are popping up like mushrooms in the wild.
Before You Take the Plunge
However, before deciding to quit your job and jump into the bandwagon, there are vital aspects that you need to look at. These will save you from making a hasty decision that you may or may not regret down the road. The following topics are going assist you in weighing the benefits and drawbacks of starting up a food business in this country.
Tip number 1. Scarcity of manpower – for any seasoned restaurateur, this is a common challenge especially in Singapore. If you are new to this industry, then take heed that enlisting the services of kitchen or service staff may take you some time. It is recommended to start looking for potential talents ahead of time.
Tip number 2. Must have deep pockets – we all know that Singapore is not a big country. Thus, rates of rental are sky high. It’s pretty common to see similar locations in the country having double the price in comparison to neighboring countries like Malaysia. Most of the major landlords such as in shopping malls are requiring 3 up to 6 months of rental deposits, which easily escalate your principal capital.