The NOT KETCHUP Story: How to Launch a Specialty Food Business
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Transcript of The NOT KETCHUP Story: How to Launch a Specialty Food Business
A tasty product is just the beginning.
➔ What are the rules?➔ How much will people pay for it?➔ How much will it cost me to make it?➔ How will I get it into stores?
➔ How will I convince people to try something new?
My startup to-do list (sort of in order)1. Research competition2. Finalize recipe3. Make a business plan4. Hire food scientist to develop manufacturer’s formula5. Find a co-packer (contract manufacturer)6. Source ingredients7. Choose a brand name8. Develop a logo9. Register an international trademark
10. Design labels11. Find a printer12. Build a website13. Test, test, test until perfect14. Tell all your friends15. Line up publicity….and this is all before you have the very first bottle!
But still...lots of challenges ahead
➔ MONEY➔ More publicity➔ Conquering people’s fear of the unknown➔ MONEY➔ MONEY
➔ MONEY
Let’s do some mathShelf price: $8Retail margin: 40% of shelf priceDistributor margin: 25% of wholesale priceBroker’s fee: 5% of wholesale priceAnd then there are other costs, like overhead, breakage, shipping, marketing, promotions…
(It’s really hard to make money in the food business.)
So what have I learned?
➔ We find energy for projects we love.➔ Don’t listen to Negative Nellies. If you have a
vision, stick with it.➔ But DO listen to people with experience.➔ Don’t be afraid to fail.➔ Ask for help - you’ll get it.
Where to find Not Ketchup onlineWebsite: http://www.notketchup.comFacebook: http://www.facebook.com/notketchupTwitter: http://twitter.com/notketchupInstagram: http://www.instagram.com/notketchupPinterest: http://www.pinterest.com/notketchupsauce/Google+: https://plus.google.com/+NotketchupCA
#notketchup #dipdifferently #awesomesauce