Start with an Idea

Start with an Idea

 

• Defining your business: Whether it's a new food truck at the plaza or a private label brownie at the grocery store, food entrepreneurs are  bringing their cultural food traditions (or riffing on those traditions in a new way) and turning their culinary passion into a business. It’s important to define exactly what type of food business you are starting. Understanding what makes your business unique and where you need to make it happen is the foundation to creating a successful venture.
  
  
• Understanding your market: Next, you’ll want to know what, if any, businesses are pursuing or have launched similar ideas. This will help you find your competitive advantage and turn your idea into a profitable business.
  
  
• Demographics: Every business and service needs to understand the product preferences or buying behaviors of its customers. Most companies identify their key customers through the following traits: age, income, geographic region, and education. This information is invaluable in finding and targeting consumers who have characteristics that align with your product or service.
  
  

Research Market Opportunity

 

• Define Target Market: If you've developed your business plan you should have a good sense of who your target customers are, who is the most likely to purchase your products or services, and who you want to reach. Use this information to your advantage and consider how you can locate your business to most effectively serve your target customer base.
  
  
• Find gaps in the market: Consider factors such as age, spending habits, occupation, and household composition. For example, if your product is a prep meal kit designed for busy families and there are no current products or services that match this need, you may want to think about using targeted keywords on social media, selling at grocery stores in neighborhoods that are family-friendly, and advertising in magazines for parents.
  
  

 

• Research Competition: Next, you’ll want to conduct market research to see if other businesses are pursuing a similar idea. This will help you find your competitive advantage and help you turn your idea into a profitable business.

Help: Here are some organizations that regularly host workshops and bootcamps to help new (or new-ish) business owners get started with the basics.

• Your Local Small Business Development Center: find assistance and counseling in your area to start, run, or grow your business. Search for your closest center. 
  
  
• Accion Opportunity Fund: Accion Opportunity Fund is committed to advancing economic mobility for underserved small businesses and low-income communities through affordable financial services, knowledge resources, networks, and policy. Learn more about how their support for small business owners is helping businesses to thrive.
  
  
  
• LISC: LISC focuses on bolstering small businesses in under-resourced communities by providing direct grants and loans to business owners, and also by supporting “high-touch,” support systems that can help entrepreneurs access capital, upgrade marketing and accounting systems, troubleshoot problems, or find affordable commercial space, and provide the technical assistance business owners, organizations and players in a small business ‘ecosystem’ need to succeed.