The Growth of Home Businesses in Singapore
According to Strait Times on 14 January 2023, there was a report that Home-based food businesses in Singapore began popping up and scaling post 2020. Many of whom lost their jobs during Covid-19 turn into home businesses. One particular success story for example such as NCBC Burger, which started from a banker’s wife craving for burgers. The owner of NCBC burger, previously a banker became so popular after his wife post about how good was his burgers in Instagram and today he owns 3 outlets at prime locations in Singapore.
There are a lot of other examples of successful home businesses that scale such as the Humble Bakery, 1 Degree Celsius Cold Brew Coffee, Ree and Mummy, Indocin, and many more. While of these examples have scaled and turn commercial, many home businesses particularly in the food segment in Singapore were and still successful, but did not scale commercially such as for example, a very popular home baking business, #GailyBakes, who sells cupcakes only through Instagram.
Now the question is “How can these home businesses make it while many F&B businesses have folded during and post Covid-19?” Unlike 10 to 15 years ago, costs of starting a business has gone up significantly and not only in Singapore but globally from high rental prices to shortage of labors. The key success is actually in customer-base building and low start-up as well as low operation costs for home businesses. In addition home produce are generally perceived high quality at least in many communities from the use of fresh ingredients and less preservatives.
F&B Entrepreneurship from Home is one way to get your business career started. It is not the strike of luck rather knowing what your market wants and brushing up your cooking skills to the point that your food is beyond standard. Walker Enterprise Pte Ltd is the first and only practical school in Singapore that teaches F&B Entrepreneurship and the goal is promote more F&B enthusiast to develop commercial skills and start from home. Believe or not this types of businesses survives and start-ups from 9 out 10 can make it subject to quality food and great management. You can be next!
By
Andre W. Darmono (F&B Enthusiast and Entrepreneur)