There is great advice available on what to do as a food business owner, like create and follow a business plan and network to make connections and new opportunities or if you’re about to become one, it’s crucial to know what not to do. You want to provide the best possible product for your customers and have them coming back often so let’s look into how to make that happen and what pitfalls to avoid.
What Not To Do As A Food Entrepreneur
1. Don’t Start the Wrong Business
If you’re just in it with dollar signs in your eyes, your dreams may be short lived. When you discover your purpose and what problem your business solves for people, that’s when you start to realize success and growth. Find out how you can add value for your customer and you will be winning from day one.
2. Don’t Blow the Bank
No matter what stage of owning a food business you’re in, managing your spending is key to being successful. It’s easy to get caught up in spending your money on things you “need” when really they could be just distractions or hype. When just starting out consider the things you actually need: materials to make your product and a place to make it.
At the Ontario Agri-Food Venture Centre (OAFVC) facilities like a commercial kitchen and available trained staff decrease your risk of error and grow you chances of success. Leave the tricky, complicated and generally out-of-your-expertise areas of your business to the people who specialize in it. When you do this, you save time, money and shift focus to the core competencies of your business you enjoy working on so much.
3. Don’t Go It Alone
Running a prosperous food business all alone is tough, if it’s even possible. We don’t mean you need a team of 50+ people to help you run your business. You need peers, colleagues, people you can lean on and rely on as you learn and grow. When you network and share what you have learned and discover new advice or explore business consulting advice from OAFVC, you broaden the horizons of what your business can accomplish.
Lastly, to ensure you’re not winging it, write a comprehensive business plan to provide a pathway for your food business. If you haven’t created one before, the experts at the OAFVC are available to help. Learn how to make a business plan, network with like-minded industry people, and more with the business services from OAFVC, with this free checklist.