Provide a quality selection of food to encourage repeat customers.
A small business selling food products is ideal for an entrepreneur who enjoys food service and wants to start a business. One example would be to start a food-cart business and serve a niche within that market. Research the market in your area, select a location and offer a different food product than your competitors. Service, location and product quality will determine your level of success in the food industry.
Instructions
1. Research your local market for a small food product business. Look at the existing competition and ideal locations. For example, if you were starting a food-cart business, you would look at food carts and food vendors within your market. Brainstorm ways that will allow you to compete within this market.
2. Write a detailed business plan based on your research and brainstorming. Define your business goals in a well-thought-out mission statement. Describe your business in detail. Include an analysis of the market, your competition, a marketing strategy, your location, food supplier and equipment. For example, if you were starting a food cart you would need the cart, utensils and paper goods. Provide financial projections for your first year in business. Attach any documents that will be necessary to form your business at the end of the plan. The business plan should detail your first year in business. After a year you may want to revise the plan according to your business outlook.
3. Fill out and file a business and tax registration form as well as any other forms necessary to establish your business at the local and state level. A food product business will be subject to inspection and need a food service license and occupancy permits at the local and state level. Check with your local and state authorities for specific regulations in your area so that you can be in compliance.
4. Meet with an insurance agent to discuss your options for insuring your business. A food-cart business will need liability and property insurance. Special considerations will include injury to customers while at your establishment, food-related illness and theft or damage to your property. Describe your business in detail so that the agent can provide you with full coverage.
5. Select a location for your business based on your research and budget. Areas that are heavily traveled such as nearby shopping areas or office buildings are ideal. Stock the location with food products as well as supplies such as paper goods and utensils. Choose a supplier that can provide quality food and supplies at an affordable rate. Make sure that you can maintain a consistent supply through this dealer.
6. Advertise your small food business in local newspapers and magazines. Many communities put out dining guides. Advertise with the guide to get more attention from people looking for places to eat. Join your area chamber of commerce to take advantage of its collective advertising resources.
Tags: your business, business plan, food product, food-cart business, local state, your area