We’ve all heard of “food entrepreneurship” (aka what we’re doing, rather than what everyone else is doing), and now, the clock is ticking. Whether you’re already in food business (make stuff, sell stuff, use the food business to get into the food business) or you’re trying to figure out a way to get into the food business (building a food product to sell), you may be wondering what it takes to get into the food business. From making homemade candies to starting a food startup to entering the trendiest food category (lab-made meat and seafood), here are the different ways to get into the food business.
Grow Your Own Business
Use the food business as a platform to get into some other business. Start with a business that’s naturally profitable (think health care insurance) and use it as a way to build your credibility. From there, use the food business as a channel to enter your next market and build credibility. For instance, if you’re trying to get into the meat-and-seafood market, use a niche in the meat business (read meat-and-seafood branding), or if you’re trying to build credibility in the food business, consider growing a business in the health care insurance business, or if you want to start a new business, you can start with a niche in the health care industry (health care marketing). The point is to create a unique niche in a market that’s naturally profitable and use it to grow to your next market, be it health care, restaurants, retail, home goods, or any other business. If the food business is a good channel to get to the next market, and the business you start is a solid one, be it a health care marketing business or a restaurant or food company, you’re already way ahead of other startups trying to enter this market.
Grow Your Own Brand
Another option you have is to start a new food company using your own brand. Think of this like a retail company, but instead of selling products in a store, you sell your brand in a supermarket, on a packaged food label, or on a snack food package.
Online ordering for catering business owners can be as easy as using an integrated solution, so that’s another angle of approach that can be taken.
Take a look at the brand names of some of the biggest food brands and see how they describe what they do. Now compare that to what you want to do with your own brand. Are you trying to build a restaurant or retail store that sells chef-designed meals? Or are you trying to build a health care company that sells lab-made meat and seafood? The point is that using your own brand gives you flexibility and a set marketing platform that can scale and change, as needed. Instead of starting a new company, you can use the food business as a product development platform for your next market.
Get a Co-Branding Deal
For the food startup that wants to enter the market and build its brand around a product, use a co-branding deal. Think of this like a merger between brands that already have their own recognizable brand names, but which may not necessarily exist as separate brands.