What makes a food business successful?

by Jon Carlos Rodriguez, ABS-CBNnews.com

Posted at Jan 19 2014 08:22 AM | Updated as of Jan 19 2014 04:22 PM

MANILA – In an ever-changing business landscape, what makes a food business successful?

According to Kristine Fonacier, the editor-in-chief of Entrepreneur magazine, having a good business plan will help anticipate changes in the market.

She said contingency plans are important in keeping the business afloat amid stiff competition and evolving trends.

“A solid business plan goes a long way in making business successful,” she told ANC’s “On The Money.”

But while having a plan is key, learning when to ditch it to adjust to the market is just as important, said Michelle Leviste of Marky’s Chicken.

Leviste noted that the importance of flexibility and the ability to adapt to the market.

“You have to be flexible, you don’t have to stick to the plan all throughout. You have to be willing to change if the market doesn’t respond the way you want them to,” she said.

Leviste added that aside from mastering your product, studying the market and identifying their needs are keys to a successful food business.

“We know what kind of market we want to pursue and we know where we want to put the business,” she said.

Aside from funding and proper planning, Fonacier said entrepreneurs who are passionate have an edge in the food industry.

“Entrepreneurs who have the passion for their product have a bigger shot at winning,” she said.