By Ana Margarita Olar | Foodfindsasia.com
Do you have a unique family recipe? Do you want to discover how to turn it into a profitable food business?
Here are steps that you can take to make it happen:
Step # 1: Test the Taste
One of the easiest ways to see if people will like your family recipe is to give them a free taste. Your neighbor, workmates, and friends can represent the market for you. You can ask them about the taste for improvement because they are your future customers.
Step # 2: Start small
Before thinking of renting a place, buying tables and hiring waiters and staff; you can start by selling your product on a smaller scale. It may sound pessimistic, but starting small can save you from many agonies that other business owners can experience. Say, you wanted to have a cupcake business; try to sell it online. After testing if your customers are satisfied with your product; you can proceed to try other means of markets. For example, you can talk to school canteens or partner with catering services.
Remember, cash flow is more important than how your business looks from the outside.
Step # 3: Price it right
Step 1 and Step 2 are more focused on the quality of your product. Now, you are ready to earn. You can check the right price by looking at the market and your customers too. You can also check your competitor’s current pricing. Don’t price it too low because you might end not earning back. Think about all of your expenses including your time and effort too.
Step # 4: Register and make it legal
Municipal permits are essential even if you are just starting a business. This is to make sure that food handling, preparation, and packaging are safe. Some of the registration that you will need is: business permit and sanitary permit. Having these legal papers will help to protect yourself and your customers as well.
Step # 5: Get ready to expand
You will never know what fortune your business will have; better get ready for possible expansion. Your cupcakes or food products may be in demand during holidays and special occasions. Orders and reservations can come too many. Many of solo business owners experienced burnt out because they are not prepared for it.
Step # 6: Expect problems; prepare for it
Your customers might cancel orders; others might say that they don’t want to pay because they are not satisfied. There can be a time where there are very few customers too. Anything can happen in a business, so better get ready. Prepare to innovate and explore other opportunities that your home recipe can have.
Having a unique family recipe is a pride, and it is great when other people will like it. Make it an earning venture.
Photo Credit: www.emikodavies.com