Launch Your Food Company on a Budget

As the largest manufacturing sector in the UK, the food and drink industry is worth a whopping £28.2 billion. You might assume that an industry as large as this one would be hard to break into but that’s not the case. 

In fact, the food and beverage industry is one of the most popular sectors for entrepreneurs and small businesses. If you’re a talented baker, a budding chef or a qualified nutritionist, you might be keen to launch your very own food company. However, the cost of starting a business can be a barrier for many people. Fortunately, these handy tips will help you to get your start-up off the ground without blowing your budget:

1. Find shared premises

You’ll need somewhere to work from but that doesn’t mean you have to take on a lengthy commercial lease. Many organizations offer office or kitchen space to entrepreneurs at a reduced rate. By sharing space with others, you can even start building your own professional network. 

Alternatively, why not consider working from home? You can obtain food and hygiene certificates for residential properties, so there is nothing stopping you from setting up your enterprise from the comfort of your own home. 

2. Get expert help with branding

Whatever type of business you launch, people will need to know about it before they can become a customer. Furthermore, you’ll need to engage your target audience and build a brand in order to generate interest. 

The importance of having a marketable brand can’t be overstated, so it’s well worth seeking expert advice. Getting help from a specialist food marketing company will save you a significant amount of money in the long run and help to increase your success from the get-go. What’s more, food marketers will have the experience and expertise to help you break into a competitive market. 

3. Source equipment

If your business is involved in the production or creation of food or drink products, you’ll need specialist equipment. For many businesses, this is one of the biggest start-up costs. However, you don’t have to buy brand new equipment when you’re first starting out. If used equipment is still outside your budget, why not hire the tools you need? This can be a convenient way to access the equipment you need, particularly if maintenance and repairs are included in your rental agreement. 

4. Consult an accountant

Whether you register as a sole trader or form a limited company, you might be tempted to handle your own tax returns. First-time business owners often assume this will save them money but, in reality, it can cost you a lot more than you think. 

Many businesses are eligible for grants and tax reductions, but they fail to claim them simply because they’re unaware of them. By seeking advice from a qualified accountant or tax advisor, you can find out exactly what you’re entitled to. In addition to this, a financial strategy prepared by an accountant can help to minimize your tax liability and boost profitability. 

5. Use freelancers

Most small businesses start out with just a few members of staff. As your organization grows, however, you may need more people in order to cope with the increased demand for your products and services. Of course, hiring employees is costly and involves a considerable amount of bureaucracy. 

If you want to avoid the burden that this brings, consider using freelancers and subcontractors instead. The gig economy has made it easier than ever to hire people on an ad hoc basis. Whether you need temporary waiting staff to work at an event, a new website or a growth plan for your company, there are experienced freelance professionals who can provide the skills you need. 

Building a Successful Food Business

Working in the food and beverage industry can be exciting and exhilarating, especially if you’re running your own firm. However, being your own boss means you’re ultimately accountable for the success or failure of the business. Entrepreneurs typically work long hours and devote the majority of their time to building a successful enterprise, so be prepared to give it your all. 

Although you won’t necessarily need a formal qualification in business management, researching the industry and gaining knowledge is always beneficial. In addition to this, getting as much practical experience as you can, will ensure you have the skills you need to go it alone. With the right combination of research, talent, hard work and determination, a successful food company can be your reality.