Covid-19 and the rise of F&B entrepreneurship

Since the Covid-19 pandemic started out earlier last year, many were affected and even lost their jobs. Despite that, some of these individuals have managed to turn their hobbies, such as baking and cooking into an entrepreneur opportunity in the midst of the on-going pandemic. Noticing the rising trend of online shopping and social commerce, this was an open opportunity for them to pursue their entrepreneurial dream.

 

Many micro-entrepreneurs have successfully started their online businesses during the circuit breaker on social media through Instagram and Facebook. It was reported that social media has been one of the best tools to tap on for these home-based businesses due to a shift to online shopping and low in cost and capital requirement, making it more economical. Social commerce has grown by 155-percent year-on-year in the first six months last year in Singapore. And it is believed that social commerce will still be an ongoing trend for the time being as consumers have experienced the ease and convenience of shopping on social media.

 

A low entry barrier means stiff competition. Social media can be a double-edge sword and business owners need to find a way to stand out in the crowd. In order to retain customers and scale their businesses, it would be desirable for business owners to equip themselves with relevant skills for instance food photography, digital marketing and e-commerce. Although these are just home-based businesses, it still required from business owners their investment in time, marketing effort and consistent standard in quality unlike making food for friends and family.

 

Read more at https://www.channelnewsasia.com/news/singapore/home-based-bakers-businesses-covid-19-pandemic-14044010