Small and medium food businesses thrive in Asian countries. They mushroom along busy streets, parks and even pedestrians. Some even are mobile food stalls, which often are the smallest food stands or popularly street foods.
These small food stalls often line up in a long stretch of the road. The food group basically sells variety of street foods. Some offer dimsums, spicy tempuras, siopaos, chickens, grilled pork meat, squid balls, eggs including steamed duck egg, noodles, peanuts and other finger foods. They also sell beverages to pair them with the food sold, ranging from sodas, fruit juices and shakes, distilled water and even alcoholic drinks. Junk foods and biscuits are also sold. Some stay in the street the whole day. Some only sell during the night or late night, morning or lunch period.
The food businesses definitely vary from one stall to another, but on a big picture, they do not. Dimsum sellers basically sell the same type, size and taste of siomai or siopao. Noodle sellers sell the same type of noodles. Mostly, all food stalls sell the same beverages.
Naturally, human have diminishing marginal utility. We never consume the same food throughout our lifetime. Trading-off, as by economics terms, happens. We trade off what we usually consume for another new. Variety, thereby, matters in food business.
The quick solution is to cook different food, but often one food businessman cannot just do it all. Humans specialize things. We rarely are generalists. Thus, joint ventures enter.
Small and medium food businesses should also explore joint ventures like big fast food chains. With joint ventures, these small food businesses could also be one-stop fast food strips. One small dimsum stall could basically joined the noodles and fruit juices stalls to come up with a mixed food meal like McDonald meals.
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- Rivers Corbett, MBA is an award winning entrepreneur, speaker, and author of "13 Fears of Entrepreneurs" He has received numerous business honors including Entrepreneur of the Year, Canada's Hottest Start-ups List and Canada's Fastest Growing Companies list through Profit magazine and most recently recognized as one of Canada's 10 Mentor RockStars.. Rivers is presently a member of Startup Canada's National Advisory Council, founding entrepreneur of StartUP Fredericton & the "Entrepreneur in Residence" at the University of New Brunswick. His real joy and expertise is being a StartUP Advisor and "zagging while everyone else zigs"...like his two newest businesses ventures the Relish Gourmet Burgers restaurant chain and TheRockStar StartUP for StartUP entrepreneurs. Oh... he is also the leader of a team of over 25 chefs through his other company The Chef Group. Not bad for a guy who hates to cook. Always looking for a new idea to help businesses' succeed...this is his newest marketing discovery for StartUPs The Lyoness Advantage. "Rivers is a 21st century entrepreneur, he's the one to watch" - Jim Gilbert: Canada's Huggable Car Dealer!