From TV chefs to Instagram foodies, we’re a nation becoming more and more obsessed with food.
The hashtag foodporn doesn’t have over 146million Insta-pics for nothing; we want to bake, create, eat and cook more than ever.
Turning that hobby into a business might seem like a dream, but with these insider tips, you’ll be ready, steady, cook…
When you have a great idea for a business, don’t be afraid to share it with a partner – two heads are better than one and you can bounce ideas and strategies off each-other whilst also utilising both of your skill-sets. While you could be the brains behind the idea, your partner might be a natural salesperson or a whizz in the kitchen when it comes to knocking up new recipes and ideas
Slowly but surely
Don’t get too caught up in the excitement of starting a business. The initial stages of launching a product or service can be the most integral and can make or break you. By taking small and strategic steps, it can help prevent you from rushing over some of the key elements such as detailed contracts and ensuring all of the required licenses are in place
Understand your market
The food industry is hugely competitive and with the aid of technology, there are more businesses than ever in the space. Make sure you do your research to ensure your product is unique and there is enough appetite amongst consumers
Room for error
A lot of people who start businesses have no previous experience and are likely to make mistakes along the way. Rather than beat yourself up about it, brush yourself off, learn from your mistake and be prepared to prevent it happening again – some of the best business-people have made huge blunders and have grown for the better because of it
While your idea might seem brilliant, it can take a long time to get off the ground. Be careful not to rush into any long-term contracts with the likes of suppliers or property management companies in case you need to change your strategy or product a few months in. Where you can, try and work with companies which offer flexible contracts to allow yourself room to adapt
Throughout your journey, you will receive a lot of feedback, whether it is around the taste of your product, the way you market it, or your branding. Some international brands pay a lot of money to receive honest feedback on their goods or services, so try to make the most of it and respond professionally to criticism rather than getting sensitive
Take time out
When you start your own business, it can be difficult to stop yourself working unhealthy hours as you nurture it like it’s your baby. Over-working yourself can blur your professional judgement and can actually be unproductive as exhaustion takes over – make sure you give yourself lots of breaks and allow yourself some time to relax in your personal life.
Although lower prices might be enticing, be careful not to sacrifice on quality. The food industry is so saturated that your final product must be able to stand up against the competition. By sourcing the best ingredients and sought-after locations, your product will be able to compete and attract a loyal following
Negotiation is key
Be prepared for suppliers to take advantage of the fact you’re new to the industry. Don’t be afraid to negotiate and go in as low as possible to save costs. Try to also take advantage of the competitive industry – where the saturated space can be challenging at times, there is opportunity to use this to your advantage. Reap in the benefits of working with other brands to boost your business; whether it’s partnering with a takeaway platform or a discount membership brand, there are always new ways to tap into new customer-bases.
FoodStars is a brand which offers kitchen solutions for foodie start-up brands as well as established brands. FoodStars offers four Central London kitchen locations (Shoreditch, Vauxhall, Bethnal Green and Bermondsey) with fully-fitted spaces available on a flexible membership programme allowing emerging brands and foodie influencers the kitchen space they need to take their business one step further.