The Business Plan, One of Seven Components to Start a Successful Food Processing Business

After you have come up with an idea for a new food product or processing method, the next step is to develop a business plan. Sample business plan outlines are available on the internet and are discussed in a later article. The writing of a business plan is the most important part of the whole process of developing a new food product or process but often neglected and is probably why most new food products fail in the marketplace. 

The concept of developing a business plan is to write down your thoughts and review them frequently with ever increasing detail. I could see a person working on a business plan for 5-6 months. The idea is to plan your new business in every detail so that you minimize the probability of wasting money. 

Once you have started writing the plan, you will realize that there are areas that you don’t know about. Try to find people who can help you in areas that you are unfamiliar with. Get assistance wherever you can. There are a number of sections of a business plan that I do not think are initially important but there are others that tend to be the central focus of the whole new product development scheme. The most important aspect of the business plan is how you plan to market your new food product. You must clearly define such elements as “defining your customer” and why should a potential customer pick up your product versus a competition”. 

Other important elements include “how you plan to manufacture the product and distribute it” but these are not as important as getting potential customers to pick up your product and try it. I often hear people say that my product tastes real good. That is good but how will potential customers know that it tastes good unless they pick it up and try it. If you cannot market and sell your product, you do not have a viable business.

by: Harrys 

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