I think it’s really useful to think about launching a new food idea in the same way as you’d approach building a house.
You’ll have some thoughts about where you’d like the house to be, you’ll have some ideas about how many rooms you’d like. You might even have some thoughts on the design and how much you’d like to spend.
You might have considered if this is a once in a lifetime project or whether you’ll look to move again in the future.
And as a next step you’d probably look for an architect to help you.
They’re best placed to advise you on all the stages from finding the ideal plot to you taking the keys and moving in.
They’ll also have knowledge of where to find specialist help and the associated costs of all the various stages, particularly if your vision is somewhat different from the norm.
I’ve been the architect of numerous food, drink and health product concepts over the course of my career and have developed a robust methodology in readying ideas for success.
This starts with my Fact Finder, a comprehensive document that prompts answers to all the various aspects that need to be considered in launching a new food idea.
Here are some of the aspects that are covered:
1. Your Idea
- What are you overall aspirations and objectives?
- How well developed is your idea?
- There may be a ‘gap in the market’ but is there a ‘market in the gap’?
- Have you fully researched competing products, their positioning and price?
- Have you defined your customers and routes to market?
- What unmet need will your idea satisfy?
- Do you have a minimum viable product?
- Do you know whether your product will attract VAT or is it VAT exempt? (This can make a big difference to your margin.)
2. Your Product
- Do you need help in setting up your own kitchen or production unit?
- Do you need to identify a production partner?
- Are all your ingredients approved for use?
- Have you considered allergen and potential cross contamination issues if you’re aiming to make a ‘free from’ claim?
- Does your product comply with all the various food safety regulations?
- Are you already on sale but now need help to upscale production?
- Do you have a practical manufacturing and packing solution to enable you to respond quickly to growing demand?
- Do you need advice on the various manufacturing financial relationship options if using a third-party manufacturer?
- Does your product have adequate shelf-life?
3. Your brand, website and social platforms
- Do you have a brand name or do you need help in creating one?
- If you have a brand name, have you purchased appropriate domain names?
- Do you need brand design and packaging design?
- Have you sourced packaging or do you need help?
- Do you have a website or do you need help in creating one?
- If selling on line are you aware of the various e-commerce platforms and payment systems?
- Do you need social media accounts and landing pages creating?
- Have you developed a business plan?
- Do you have a handle on all your costs, expected retailer margins, warehousing, logistics and the all-important profit for you?
- Have you built in a marketing budget and if so to what level?
- Have you assessed how much working capital you’ll need to grow sales to generate cash reserves?
- Do you need help in preparing your pitch to retailers along with introductions to buyers?
- Do you need mentoring and coaching?
- Have you developed a launch and marketing support plan?
- If you’re looking to raise funds from third parties have you registered for an SEIS or EIS scheme?
- Do you need help in understanding the various funding options along with introductions to investors?
With the Fact Finder complete I help plan all the various stages and introduce you to key partners for product development, manufacturing, brand and packaging creation.
I’ll create your business plan and your five year finance forecast so that you are clear on the potential for your idea and the funding that will be required as your business grows.
We’ll look at your best options for launch, whether that be online or into retail – ensuring that demand doesn’t overstretch your resources – both process wise and financially.
I’ll guide you and advise you on all food legislative issues and also ensure that you adhere to Advertising Standards Authority guidelines in relation to your website and all promotional messages.
Introductions to retail buyers follow as we ready you for launch.
And with sales indications in place we will ensure that you have the funds required to push the manufacturing button by looking at the various finance options available to you.
For more information about how I help my clients launch new products take a look at Launching New Food Products.
And take a look at BoomBod as an example of my work.
If you’d like to explore how I can help you launch a new food idea, ping me an email so we can schedule a call.
Call: +44 (0) 207 205 2998 or email today for an initial chat.