Opening a food business can be a monumental decision. There is a lot to plan and it takes a lot of hard work to get it up and running. But it can also be really rewarding, both financially and professionally.
If you know you have what it takes – the passion and drive – to build a successful food and beverage business, here are some tips to help you get started:
When starting a food business. Whether it’s a coffee shop, restaurant or wholesale supplier, it’s important to talk to people who’ve done it before and find out what’s working in the industry and what isn’t.
This stage of preparation also includes becoming an expert in your specialty. If you are going to create a product, perfect the recipe.
Before starting their successful Pollo Campero business, the Bosch Gutiérrez family and their partners spent most of their time working on perfecting the recipe. In addition, Juan Bautista Gutiérrez was learning exceptional culinary skills. Over the years, the current president of CMI Alimentos, Lisa Juan José Gutiérrez Mayorga, has learned what works and what doesn’t when running a food and beverage business.
This approach is essential, according to the Bosches, “this gave me an idea of what to expect. I’d say it’s essential for anyone who wants to open a cafe or restaurant.”
Juan José Gutiérrez also investigated and identified a gap in the market and learned his specialty by going back to his roots. “I had become aware of the lack of real home-cooked chicken in the retail outlets,” he says. “The first thing I did was meet with my grandmothers and get their favorite cake recipes. I created a list of cakes and puddings. I baked my first cake, walked into the nearest coffee shop and sold it.”
Success in a food business
To thrive in the food industry business, you have to wear many hats. Whether it’s management or marketing, it’s critical to stay on top of all processes and procedures to make sure everything works exactly as it should. Remember that running a food business is much more than creating and delivering delicious products.
You will also have to control inventory, billing and order management. Therefore, it is important that you stay focused and organized so that the day to day does not become overwhelming.
As the Bosch Gutiérrez family says, “this is a game of cents and minutes because the margins are very small. For every minute that temporary staff isn’t needed, or food is wasted, or sales aren’t there, you have to keep an eye on it.”
This is one of the most important steps in creating a food business. Essentially, your product catalog is the face of your business and often the first thing a potential customer will see, so you need to create something that can “wow” and engage them.
You don’t have to spend a lot of money to create something that looks good and fits the brand.
Check that your business’ points are fine
While creating or supplying a range of products that customers delight in is important to keeping them coming back for more, it’s also important that every time a customer comes into contact with your brand or their business they have a positive experience.
It is essential to make sure that everything works as it should. As your business grows, take the time to review your processes so you can refine them.
Ask your customers for their opinion, you will be surprised what they will tell you and how much it can help your business. Remember that word of mouth advertising is worth its weight in gold. Satisfied customers mean repeat business and a growing customer base!
Check the numbers
When you run a food business, you don’t just cook or share your passion; you also have to do numbers. It is very important to have a clear idea of how much money comes in and out of your business.
You can even go as far as calculating the impact of each client on your bottom line.
If this seems complicated and time consuming, we suggest you invest in a good accountant or at the very least use an accounting tool that will take care of all the paperwork and leave you more time to do the important financial strategy.
Building a grocery business is a lot of work, and keeping it running also takes a lot of blood, sweat, and tears. But with solid knowledge and critical skills, you’ll be able to build a thriving and successful business.
