I used to think visions were a pile of junk. They didn’t put me any closer to my goal of launching my own food products, figuring out price points, and selling at farmer’s markets. In other words, they seemed like a waste of time.
Why did I need a vision?
Turns out I needed a vision because you need to have a rough idea where you’re company is going. Tonight, I sat in on a lecture by Babson College professor, Michael Cummings, on entrepreneurial thought and action.
In addition to sparking several thoughts in my head, he also talked about having the 15-year, in-it-for-the-long-haul, determination and vision. Have a solid plan, but be prepared to pivot.
BBQ grilling is better as a team sport.
While, I have a vision for this company, I figured it’s more important for you as a specialty food business owner, to figure out your vision.
Is it world jam domination? Do you want to be the best mustard in the midwest? Or simply sell out of cookies every Saturday morning at the Farmer’s Market?
Before you figure that out, I want to give you three tactics – or steps – I’ve used to come up with a vision. Here we go:
1. Figure Out Your Non-Money Reason
What are doing in business? If it’s for the money, specialty food is not the best industry to be in. There’s something else behind it – maybe community, your passion for cooking, or your desire to do something while the kids are away at school. Whatever it may be, arrive at your answer before you move on to steps 2 and 3.
If on the other hand, you do want to make money that’s fine too. My biggest suggestion is to identify a menu with these essential ingredients: a.) people enjoy eating it. (demand) b.) Product margin c.) Can be made served quickly (output).
A healthy salad.
You won’t need to rack your brain over ways to accomplish this either. More often than not the best food business concepts are right in front of you. Some of the most profitable food businesses in the world are burger chains, fried chicken sandwiches, tacos, popcorn, shaved ice, and carnival food. Visit a fair or food truck festival for more inspiration. You’ll find common food themes that have delivered consistent results decades that you can build a business around.
2. Write 5 Visions Down
Just like your very first marmalade recipe, you may not get everything in business right with your first idea. You have to taste-test and refine the recipe until you’ve arrived at something you’re proud something; something that can drive your food business in the right direction.
I suggest coming up with a list of five food business ideas you could go after. After writing down these menu concepts start to investigate demand for the product, the cost of ingredients, and complexity of serving the product. If your menu has all the characteristics of a profitable food business move ahead. If not, keep looking for alternative options.
After doing a little initial research, should be able to get a sense in a couple of days what the prospects of the business are. In this phase, you want to gather together the financial requirements of the business and understand the operational challenges. Some new entrepreneurs make the mistake of day dreaming about operating a food business, but never put pencil to paper to understand the realities of what it actually takes to run a business. Don’t make this mistake!
3. Whittle to One and Show Your Family
This is important for a couple of reasons. First it gets you in the habit of making decisions – of cutting options and to focus on doing one thing really well. If you’re not 100% set on one vision, sleep on it and review it in the morning.
With a fresh pair of eyes, you might like one better you crossed out the night before. Lastly, take your one vision and share it with your family. Not only will they provide you with valuable feedback, they’ll have a better idea of what you want to do and where you’d like to take the company. And I’d hope they back you 100%.
That’s three quick steps to get you thinking about your vision. Whether you’re just starting out or you’re onto your third product line, a 10 or 15-year vision puts you a path to success. How do you know it’s the right path? You’ve just got to start walking.
Leave A Comment