In a bold career pivot that would make many think twice, former Singapore Airlines cabin crew Cherry Kiang traded her wings for woks when she opened Kiang Kiang Taiwan Teppanyaki in Woodlands last June. The 29-year-old and her husband invested $30,000 into their dream - only to face the harsh realities of Singapore's competitive food scene.

"Seeing our first loss in February hit differently," Cherry confessed to AsiaOne. "My team poured their hearts into this, so it stung personally. But business isn't about monthly wins - it's the year-long marathon that counts."

Her story mirrors a worrying trend. Government data reveals 3,047 F&B closures in 2024 - the highest since 2005. Among them was Mentai-ya, once a nine-outlet Japanese rice bowl chain started by Khoo Keat Hwee with similar $30,000 beginnings.

"We bled for two years before shutting last month," the 38-year-old entrepreneur revealed. His voice carried regret: "I should've cut losses earlier instead of sinking half a million trying to stay alive."

The Perfect Storm: Costs, Competition and Manpower Woes

Interviews with multiple F&B owners paint a consistent picture of struggle:

• Ingredient Inflation: "Customers think we're rolling in profit selling $8.80 salmon bowls," Keat Hwee lamented. "But premium ingredients leave razor-thin margins."

• Rental Roulette: Landlords raising rents at every renewal emerged as a common pain point.

• The Hiring Crisis: From hawker centers to cafes, finding staff proves increasingly difficult.

"Locals shy away from kitchen work unless we raise prices," Cherry explained while flipping teppanyaki orders during lunch rush hour at Woodlands. "Foreign hires bring visa complications under current quotas."

The challenges multiply for veteran operators like Melvin Chew of Jin Ji Teochew Braised Duck fame - better known as founder of Hawkers United support group during COVID-19 lockdowns.

A Market Correction or Systemic Crisis?

"Everyone blames rents and competition but that's not the full picture," argues Debbie Yong (former food editor turned brand strategist). She identifies pandemic-era overexpansion as root cause behind recent closures.