“In preparing for battle I have always found that plans are useless, but planning is indispensable.”
A powerful quote from Eisenhower that proves the necessity for a well-thought out plan when launching something new. And this is no different for the food industry. Nowadays companies are built to adjust to the constantly evolving needs of consumers, in fact they have it down to a t, including adapting to new trends and topics evolving each and every day.
Talking about change, here are some of the basic but more than essential tips to help prepare for the launch of your new company into the world of food, if you´re thinking about it this 2021.
Tip 1: Build a solid business plan ✔️
First of all, every entrepreneur must start by ensuring a cut-throat analysis of their own proposal, which means a self-evaluation process that allows you to identify not only the strengths but also the weaknesses you must face in order to become a leader of your industry.
Tip 2: Understand the market ✔️
Identify not only your competitors but also research the market you want to join. Once you know the agents and other players you will be working with, and sometimes learning from, you will have a deeper understanding of how to address your entrance. A food entrepreneur must identify the unique aspect of their product to set it apart from the others, so whats yours?
Top tip: it is really important to highlight the “feeling” that consumers get when they consume your food product or service.
This takes us on to step 3. You will need to carry out a very well-thought out business plan and marketing strategy to allow you to sell and promote your product or service more easily. These two plans should be combined to scale your service and help grow your operations in coming years.
Have a look at our post on essential marketing tips here.
Tip 3: Secure financing ✔️
One of the most important steps would imply seeking funding from investors, for which we recommend starting with networking processes from the early stages of your business plan, attending events (virtual or physical!) and creating social media accounts to connect with potential interested parties.
An extremely small percentage of business owners are able to start their business big, but if you have a unique product proposition then its more likely you will receive interest from investors and fellow entrepreneurs.
Before investing, owners must be assured that it will add to the growth of their business. Not everything that is offered should be accepted, so keep in mind that you are at an intricate stage of your business venture and one wrong move could cost you failure.
Tip 4: Advertise ✔️
Before opening your startup, depending on your target market you will want to do a fair bit of brand advertising to alert your community that there’s a new business on the block including building a great website that is easy to navigate and includes all of your key information, including what you can do for your clients. Dont forget to use social media to create accounts and share relevant news and high-quality photos, including photos of your team behind the scenes to offer a more human touch. You can even look up guest posts for online communities to share news on your new launch.
Exta tip: Planning for the future is important because you never know what is around the corner, so ensure you not only create a plan for the now, but for the future, and dont be scared to dream big .
Entrepreneurship is a long but thrilling journey we promise you, so don’t forget to follow these steps and we will no doubt see you in the future of the food industry!