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Starting Out
Starting or expanding your food business takes some
planning. Six months to a year is not an
unreasonable amount of time to expect to spend in
preparation for opening your business.
Is Entrepreneurship for
You?
It is not possible to eliminate the risks associated
with starting a small business, but you can improve
your chances of success with good planning and
preparation. Start by taking stock of yourself;
evaluate your strengths and weaknesses as the owner
and manager of a small business. Consider the
following questions.
Are you a self – starter?
It will be up to you, not someone else telling you, to
develop projects, organize your time and follow
through on details.
How well do you get along with different
personalities?
Business owners need to develop working
relationships with a variety of people including
customers, vendors, staff, bankers and professionals
such as lawyers, accountants or consultants. Can you
deal with a demanding client, an unreliable vendor
or a cranky staff person in the best interest of your
business?
How good are you at making decisions?
Small business owners are required to make
decisions constantly, often quickly, under pressure
and independently.
Do you have the physical and emotional stamina
to run a business?
Business ownership can be challenging, fun and
exciting, but it’s also a lot of work. Can you face a
12-hour workday, six or seven days a week?
How well do you plan and organize?
Research indicates that many business failures could
have been avoided through better planning. Good
organization of financials, inventory, schedules and
production can help avoid many pitfalls.
Is your drive strong enough to maintain your
motivation?
Running a business can wear you down. Strong
motivation can make the business succeed and help
you survive slowdowns.
How will the business affect your family?
The first few years of business start – up can be hard
on family life. There may be financial difficulties
until the business becomes profitable. The family
may have to adjust to a lower standard of living or
risk family assets.
On the upside, for the right person, the advantages of
business ownership outweigh the risks.
A new venture is exciting and you are your own
boss.
The hard work and long hours benefit you
directly, rather than increasing profits for
someone else.
Your earning and growth potential are far less
limited.
Running a business provides endless variety,
challenge and opportunities to learn.
Is My Idea an
Opportunity?
It is possible for you to be a self starter and have a
good product or a good idea, but not have a business
opportunity. Your product must meet the needs and
wants of the consumer. Remember, the purpose of
your business is to sell products, not to make
products that might sell. Some products fill a niche
in the general market, while others will have wider
appeal. Some are new or improved, making them an
alternative to similar products already available.
Anyone with a new product idea must know their
target market and its needs.