Cash Out with Specialty Recipes
So you want to sell your specialty recipes? Consider this!
- Cooking for Engineers you’re able to submit any great recipe for publication food bloggers. If your post is chosen, earnings are anywhere between $10 to $20 per recipe
- Recipe Yum is a place where food lovers can share their favorite recipes. If bloggers or food editors want your recipe they will pay.
There are a number of ways to make money selling recipes. And we will address this in a moment. First, let’s look at what happens if someone contacts you about buying your recipe. It is important to know how to approach food companies to sell your recipe ideas. Selling recipes to restaurants, bakeries, grocery and convenience stores can be a challenge. And more likely than not, the creator of the recipe receives compensation.
If you know how to approach companies to sell recipe ideas, this can be the start of a great relationship. Define the outstanding qualities of your product. Stiff competition in the culinary field means the competition is stiff. Test your recipe to find benefits and qualities that similar dishes do not. I will assure you have examined your competitors.
Decide who you’re going to sell it to. The category your recipe falls under and its redeeming qualities are important. If you’re selling a biscuit recipe, look for dessert manufacturers and bakeries. Always make a list of potential buyers, in case the first buyer withdraws their offer.
Prepare a presentation package. Make a small portfolio outlining your culinary background and the recipe idea you’re pitching. Include your current food service resume or related credentials to prove your expertise. Also include a brief summary of your product, its exclusive qualities and a photograph of the recipe in its prepared state.
Contact each potential buyer on your list. Compose a short cover letter introducing yourself and the nature of your business. If you are mailing the letter, print it on company letterhead and enclose a copy of your presentation portfolio. For emailing, convert the portfolio to an electronic document and attach it to the emails. In either case, mention that you will follow up by telephone shortly. If you don’t receive a response, follow up within a week.
Set a flexible selling price. You don’t have to include your desired selling price in your presentation. Schedule compensation negotiations during the proposal stages.
Once you have received interest from buyers establish an estimated desired amount of payment. Prepare to be flexible. Have you received a letter of interest? Or a phone call from potential buyers? If so, it’s time to begin the proposal and negotiation process. The buyer may make you an offer right off the bat. If it meets or exceeds your predetermined selling price, accept the offer and proceed with the legalities.
Do you have an attorney that specializes in this market? Get one. If the offer is not what you want, make your proposal and be willing to negotiate a fair compromise. Remember, the initial presentation should never include specific listings of ingredients or preparation instructions. This helps prevent the possibility of someone stealing or re-creating your original recipes.
Other ways to sell your recipes
Start a Food Blog
If you want to combine your recipes with delicious photographs and the stories behind your cooking and baking experiences, you may be starting a great blog. The video below is 3-hours long so pace yourself, it’s intense. This is a favorite of mine and a most comprehensive video tutorial. If you are interested in understanding how to develop your web presence enroll in Getting Your Business Started Online. The information in this course is essential to your success.
Become a Freelance Recipe Developer
Did you know many brands and magazines get recipes from recipe developers? Brands and magazines are always looking for creative ways to bond with their followers and readers. Supplying fresh, innovative recipes from cooks and bakers who make their living creating unique recipes is essential.[bctt tweet=”Did you know many brands and magazines get recipes from recipe developers?” username=”foodpreneurbiz”]
Where do you find these recipe development gigs? There are a number of freelancer websites. Search for Recipe Development or Developers and start applying.
Write a Cookbook and Sell it on Kindle
Writing your Cookbook is not the most challenging part of making your book. It’s formatting the book properly. Below is a YouTube Video that I found helpful when writing my ebooks. If you have questions. There are many formats but I find Kindle is easiest. Let me know.
Before starting your cookbook I highly recommend The Recipe Writer’s Handbook by Barbara Gibbs Ostmann and Jane L. Baker. This is an affiliate link to my Amazon store, so I will make a few coins when you purchase the book. The book is essential if you are going to be writing recipes.
Enter a Recipe Contest
This is probably one of the most cost-effective ways to make money with a recipe, although it may take you a while to master what contest sponsors are looking for. The money is not always that great, but I highly recommend you enter those high-end contest yielding $100 – $5000.
There are a couple of websites you’ll want to check out.
Cooking Contest Center (The annual subscription is $25 and 65% of members have won between $1,000 and $100,000 in cash and prizes from cooking contests with 20% of members winning more than $25,000!)
Submit your Recipe or Food Article to a Magazine
If you love to develop recipes and much as you like to write about food submitting your recipes, photos and food stories to a magazine is a great option. Below are a number of magazines that want your articles, recipes, and photographs.