You have a good product concept or a good food product that you want to turn it into a food business. However, you are not sure if it is a good idea. Now, where do you start? Let start with the basis:
- Product Ideas: Define your products or idea as details as possible to capture your business intention or mission. In other word, what is the goal of the introduction of the product? For example, vegan gelatin products to ensure vegan are able to enjoy a confectionary product.
- Target Market: Define who is your target market? Who is your target market? Is it for everyone or for a specific group? Can they be categorized by age, gender, interest or purchasing behavior?
- Marketing Strategy: Reach your target market through marketing and distribution. What would appeal to your target market? Do they regularly obtain information through the newspaper, television, brochure, product information display at the store, internet or radio?
- Distribution Strategy: Make sure your product is distributed at the location your target customer will perform the purchase? Where do they shop regularly? Is it a general grocery store, online stores or specific health product stores? It is important that your customer is able to obtain your product easily to encourage purchase.
- Operation Strategy: How do you make the product and distribute the product? Who are the key personnel that you need to have to ensure the business operation is in an orderly manner?
- Financing Strategy: How do you finance your business? Are you able to sustain the business until it can sustain itself?
- Competitive Strategy: Perform a SWOT analysis (strength, weakness, opportunities and threat analysis) to make sure the opportunities are greater than the threat and the strength of your business should be greater than the weakness. Evaluate the competitor to see if you have unique properties that can differentiate your product from the others -whether it is through superior quality, superior customer service, etc.
Business Registration: Once you figure out the basics, it is time to submit a business registration and start your business with persistence and open mind that as a business owner, you will face challenges and these challenges can be overcome.
Allocate time to navigate through business registrations especially if you want to register your food business in Vancouver, BC, Canada. See our guide to navigate through food business registration smoothly. Expect at least 2- 3 months for food business manufacturing/production approval and licensing especially if you are starting up at a brand new unrenovated location.
The basic consideration for food business registration in Vancouver are location and zoning, food safety plan and premises/building condition suitability for food production.
Good luck registering your food business.
In part 2, we will explore how food quality assurance plays a role in the day-to-day operation of a food business. These are inclusive of sourcing and food manufacturing.
About this series:
Most often, it is difficult to evaluate business feasibilities and starting up your food business. This is a part of the “Building Your Food Business” education series for those who like to start a successful food business with consideration of customer and food safety in mind.