Why Is There No Opportunity For Growth In Cottage Foods?
Cottage foods don’t offer an opportunity for growth, or do they?
An online student posted the title question on the online course discussion board. And it got me thinking. Does this mean CFO’s are not making money? According to the report Flower Power earnings are in fact, low. But is that by design, since some CFO’s view what they do as a hobby and not a serious way to make money.
Cottage food operations are used to supplement income. There are those who make this a full-time job, but not many. Initially, selling your specialty food is enticing, fun and satisfies the ego. The problem is, the wallet is not fed prompting food crafters to ask; “Where’s the opportunity for growth?”
Unfortunately, the growth will not come until you think outside the box and look for opportunities. While you’re in the ‘building a foundation stage’, consider where you want to take your product. What will your business look like over time?
If you decide to take a leap of faith, and start selling your gourmet specialty, do your homework.
Research, educate yourself and network. Seek the knowledge of professionals within the industry. Learn how to create a legal food business in your state. If you’re baking, make sure you’ve got competent baking skills. Take baking classes and learn the science of baking. You don’t need a Ph.D. you do need basic knowledge. Plus perfecting your skill and learning will improve over time.[bctt tweet=”Growth comes from building relationships and keeping in touch with those who are able to champion your cause.” username=”foodpreneurbiz”]
Find Opportunities for Growth
Below are a few best practices when building the foundation of your food business. Growth comes from building relationships and keeping in touch with those who are able to champion your cause.
- Do you know any food buyers?
- Does anyone you know operate a restaurant or food truck?
- When was the last time you went to a gourmet market?
- Are you active in the community? Why not?
- Do you attend city council meetings?
- Have you volunteered recently for a non-profit?
- Do you sit on any boards? Are you the Chairman?
- Do you head up any groups or committees at your place of worship?
Build a list of people who will champion your cause. Don’t be shy, now is not the time for that. Your first thought might be, I don’t know anyone. Remember, it’s not always about who you know, but who knows the people you know. Opportunity comes in the form of exposure and sharing your story. In next week’s blog, I will lay out a checklist for drafting your story and sharing it with the world.