In a prior article Entrepreneurial Questions To Help You Start Or Grow Your Food Business , as a food business coach/consultant I see far to many food entrepreneurs fail. These failures can be avoided through answering (reading the article) the Critical Questions of Desirability,Feasability, Viability.
As one who has been in the food business for over 30 years and works with "foodpreneurs" every day, most failures can be avoided if you address our Foodpreneur Critical Questions to Answer Before You Spend Money. Let's get started!
What challenges do you see in this new venture?
Be realistic here… typical challenges are time, money, lack of capital, etc.
What are your objectives you want to attain in the next 3 months, 6 months, 12 months?
If you don't set objectives with metrics, then how do you know you are making progress?
How are you funding your business ?
How many hours per week can you devote to launching this new venture?
Be realistic… you may hear stories of people devoted to a startup working 7 days a week… but you are probably pursuing your venture while working on your full time job.
Have you thought of a budget number that you can comfortably fund for startup?
This is a combination of personal funds you can invest and how emotionally ready you are to spend tens of thousands of dollars.
Do you have enough capital to adequately fund:
• Product Development
• Food Business Coaching
• Initial set up expenses
How much money do you believe it will take to get your product ready so it can be sold?
This is the next budget… once you have a product developed, you need to spend money pitching retail buyers and distributors, shipping product, ordering raw materials for orders coming in, etc.