New product development is the catalyst for growth in any industry, and the food industry is no different. However, food product development can be a high-risk endeavour. OAFVC offers free business consulting for starting or expanding your food business.
Here are five ways to minimize the risk, but still enjoy the benefits of offering new products and growing your brand.
Five Risk Management Strategies for Food Product Development
1. Do Your Food Business Research
OAFVC provides food product development consulting. We can help you find ways to save time, stay green, and reduce waste in food production. Our staff can make you aware of food product development and health regulations and help ensure you meet them.
2. Invest Your Capital Wisely
Food product development requires a lot of capital, so don't waste the capital you do have for things like buying new equipment to create your new product. OAFVC makes food product development easy without requiring you to buy new equipment or find a new space. Save money and avoid interfering with the ongoing production of your current products to keep the capital flowing in.
3. Know and Obey Consumer Safety Protocols
OAFVC can tell you all about the food safety laws and labelling requirements you need to follow for your food product development. Plus, we can connect you with members of our local health unit for further advice.
4. Take the Time to Create Quality Products
5. Protect Intellectual Property
OAFVC’s discreet staff ensure your food product development ideas remain confidential until you’re ready to launch your product. We can help you take advantage of current food production trends to develop products that will be profitable for your food business. Food technologists are available for hire as needed to help you experiment in OAFVC’s product development and quality control lab. We can even help lead your team if you can’t be here.
Avoid These 3 Common Roadblocks for Your Food Product Development
Download this e-book and be sure to avoid the Top 3 Roadblocks to Expanding Your Small Farming & Food Processing Business.