A start-up business typically includes a single individual with a concept or idea (yes two different things). Many of the calls I receive begin by asking some of the following questions.
Do you know a co-packer?
Can you help me get started?
What do you charge?
Good questions, but are asked with a tone that assumes one can start a business with little money. Why is the assumption made? Because “O” was included in the caller’s response once the preliminary
questions are answered.
Even though one may believe they have a unique concept, if cash is not available, then it is simply an idea. Here are the key eliminates if you have an idea believed to be unique or a fix to something already existing.
- Product detail
- Product tested
- Product acceptance
- Owner involvement
- Timeline to launch
- Budget and available funding
The same reality applies when starting a business when renting an apartment, buying a car, meal or coffee, money/funds are required. Simply because you have an idea, does not suggest it can be started without proper funds. Part of the reason an individual inquiry about a co-packer, is the assumption they will make product now to be paid at a later date.
Read the 25 most common myths about a co-pack manufacturer.
Read Basic Steps to start a business series 1 – 3.
Do not dampen the idea simply because you do not have sufficient funding.
Once the idea is formulated and tested, here are some of the next necessary steps to determine.
- Your daily involvement in the business
- How products will be sold
- Where the product is made
- How much staff is required to launch
- Is brand launch local, regional or nation wide
- Where will products be warehoused
- How will products be transported or distributed
To ask people to invest in your business will require supported answers and actual plan. If someone is willing and able to write a check over a verbal conversation, that is great, but like a bank, when you ask for a loan, they require proof you have the ability to pay them back. Many times, the first people approached are friends and family members, but suggest caution is made if you want to keep either.
Be excited about the idea or prospect of starting your business, but excitement does not equal success, so being honest about the risk everyone is taking is important. There are no guarantees to having a successful business, but there can be the promise of on-going determination and drive. Most of today’s popular brands financially struggled during their beginnings, that lasted many years.
Here are a few you have come to know:
How did they make it through the tough years? Continued drive and plan B, C, D etc. They did not stop until they were discovered and appreciated. Besides food exhibits, word of mouth, radio and printed advertisement were the tools of the period
Today’s start-up business has the extra tool and power of social media to use to get fan base and customer engagement. Today, using social media, one can create excitement and customer engagement from the very start. Creating a fan base in the way of involvement, is much easier today than thirty years ago making the potential of a successful business much higher.
A key part in learning the business, is from experience and Darryl comes with many years of hands-on knowledge in ice cream and plant based frozen desserts. Contact Darryl to invest in consulting time and yourself, to get beyond just an idea. Darryl has helped thousands of individuals; he will not disappoint.
- Ethics In Using Madagascar Vanilla - November 21, 2023
- Money To Start Your Business - July 9, 2023
- Top 25 Common Myths About Ice Cream Co-Pack Manufacturers - April 22, 2023