| Startup: How To Fill A Hole With A Food Business

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

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When it comes to starting a new business, the owner has to choose the right industry. Did you know that 543,000 new companies start up each month? That’s over 3 million new businesses every 6 months, and 6 million by the end of twelve months. Of these firms, over 75% will fail within the first year.

If there is ever a time to choose a profitable industry, it is now. As a result, you have turned to the food industry because demand is high and there is lots of room for creativity. Still, getting off the ground is never easy, which is why the following tips should come in handy.

 

Find a True Niche

The food business is notorious for being flexible when it comes to new ideas and concepts. For example, food trucks were not a common occurrence ten years ago, yet now you cannot move for them. And, there are lots of other avenues to test that could make you a fortune. However, it is essential to make sure that the area is a niche and not a rehash. Far too many people are coming up with ideas that rip off the food truck industry, and it doesn’t work out. Customers aren’t stupid and can see when you are not original.

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Research the Market

Because the odds are not in your favor, it is a good idea to test the water before going live. Then, there is no reason to waste valuable time, energy and money on a flop. Of course, there is no way to tell if a product or service is going to be a hit, but you can collect the data and look for patterns. By heading out onto the street and handing out questionnaires or offering free samples, you can collate the demand. If there isn’t a lot of traction, it is even possible to ask why and use the info to tweak the product.

 

Create a Marketing Recipe

One of the great strengths of opening a business today is the marketing potential. In the past, a company needed lots of money and TV time to get a foothold in the industry. Nowadays, the best tools are free of charge and available to everyone. So, the first step is to ensure that the website works, looks great, and is easy to navigate. The benefit of a site is the fact that you can make an excellent first impression. Also, research effective SEO terms and implement them throughout the site. Finally, don’t forget to set up social media accounts and interact with your customers.

 

Start In the Kitchen

The most important tip is to begin in the kitchen before moving out into the mainstream. In the end, the customers will judge the firm on the quality of the food. So, if it is not up to scratch, they will bounce elsewhere and never come back. The great thing about easy is that it is easy to prototype – just hit the kitchen and get cooking!

The food industry has potential, but it is by no means an easy ride.

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