One of the main obstacles many aspiring food business owners have to overcome is the voices telling them that they aren’t capable of succeeding. These voices are often those of well-meaning family and friends looking out for what they feel are your best interests. However, more often than not, among those voices is that of your own, going over all the reasons you’re likely to fail.
But instead of considering all the reasons you won’t succeed, have you ever listed all the reasons you could or even should succeed? Instead of going over all the well-documented reason a business fails, this article is going to look at what every food business needs to succeed. By putting these things in place and making them part of your business plan and strategy, you have a far greater chance of succeeding and subsequently enjoying the lifestyle you deserve
A Passion For Food
Being ‘good’ at cooking is not enough; you’ve got to have the passion for it. In running your own food business you’re going to be around food all day. You’re going to be seeking out, tasting and buying ingredients; testing, tasting and refining your recipes; and researching and assessing your competitor’s products. However, if you have that passion, it will carry you through those times of uncertainty and self-doubt, and because regardless of what happens, you’ll still get to cook.
Financial Planning
A good accountant can help you with the effective planning of the finances of your business. One of the main reasons many otherwise successful businesses fail is a lack of understanding of the importance of cash flow. It’s vital that you arrange your business so you know what’s going on with its finances and that there is always enough cash flow and reserves to cover your immediate outgoings.
Market and Competitor Research
A smart business owner concerns themselves with not only their own products and business but everything going on within their segment of the market too. It’s important to know if your market is performing well, if it’s growing or slowing down, who’s making waves, and where there’s room for improvement and innovation. It’s also important to keep track of your competition and what you stand to learn from them.
Understanding Your Customer
Part of understanding the market is having a deep understanding your prospective customers. Who are they? Why will they be interested in your products? What need do they have that you’re trying to fulfil? As well as having a picture of your ideal customer before you launch your products, it’s important to constantly challenge your perception of your customer and assess whether you still know them as well as you think.
Reliable Partners
No matter how high-profile the business person or entrepreneur; nobody achieves high levels of success by themselves. From Bill Gates to Oprah, to Steve Jobs to Jamie Oliver – every highly-successful business person benefits from having highly-skilled business partners.
YOU!!
At the end of the day, this is your business, and what makes it different than any business that’s come before it is that you’re in control. You have an opportunity to create something that includes all your skill, passion, wisdom, and above all, personality.
