Are you planning to start a food business? Well, in this competitive industry, like any other, you not only need a robust plan but making smart moves. To ensure you follow the right path and avoid making costly mistakes, we have listed a few tips to guide you.
Trust Your Market Research
It goes without saying that market research is essential for any business, and the food business is no exception. Doing this helps you know what products are ideal for your target market and also know if people are interested in what you have to offer. Market research also tells you whether there’s space for your products and services.
An important thing to keep in mind is that market research isn’t a one-time thing. You need to always measure your success against this data, particularly in the first several years. Is your marketing strategy showing what makes you unique? Are you getting closer to gaining your fair share of the market? If you’re asking and answering these questions on a regular basis, trusting your market research and doing the necessary alterations yo your strategy, then you will be in a better position to succeed.
Smart Branding is Important
When it comes to food, it needs to taste as good as it looks in the pictures or videos. After all, you cannot be about style over substance, and this applies to branding as well. An appealing font or slogan that means something to you is not enough if people can’t understand, relate or sends the wrong message. It is important to have your branding right to have a better chance of succeeding. Get it wrong and you will not only be wasting money but hampering your business, even if you have something great to offer.
When it comes to branding, you’ll want to look at what other successful food businesses are doing. Take a look at Proper Popcorn for a great example. Take what works and avoid what doesn’t to ensure you not only fit in but stand out as well. Your name is obviously a key aspect in branding as it makes you recognizable in any domain, online or offline. There are several ways to come up with a memorable brand name, like taking inspiration from literature or using a foreign language. Nothing Bundt and Pieminister are good examples of food businesses that have implemented this. Test a number of names with friends and family to see what works best and come up with an excellent name without thinking too much. Ensure that your brand name matches your company’s style and color. Go for a simple and stylish name such as Mozilla, instead of interesting, but meaningless to many like Axis.
Hire an Accountant
We cannot stress enough the importance of having an accountant by your side as you run your food business. Even if you are an expert in financial books, you will be busy with other aspects of the business and won’t have adequate time to keep records and do the finance math. As with any business, you need your finances to be in check and records to help you make realistic projections.
There are numerous sites, such as Quickbooks, that can help you find accountants that work for small businesses and are also local. An accountant will help ease a huge burden in the financial aspect and also ensure that your taxes are filed in the right way.
Start Cooking in a Commercial Kitchen
If you are ready to start a proper food business, then you are ready to use a professional kitchen suggests food start up angel Jemma Helch. These kitchens can even be rented and come in all kinds of sizes, both equipped and not. This means you can easily find one that meets your needs. Ideally, some commercial kitchens come with a team of experts that help customize the space in accordance with your needs. Helch suggests that you can discuss the finer requirements, including plumbing, electrics, extraction, etc. These experts also give advice that could be invaluable to your food business.
Leverage the Power of Social Media
Marketing, especially in the food business, is vital if you want to be known and attract customers. Flyers and banners are cheap and effective if you’re setting up your business in a market or a popular commercial space. However, it will not always make sense and it’s always good to reach potential customers who are not within the area. A more eco-friendly a cost-effective solution is marketing on social media. You can target these ads in your local area to ensure good exposure. Use relevant hashtags and make the pictures or videos appealing. Vigorous marketing in these platforms also helps attract clients.