Whether you’re starting a food business from scratch and need money to help you get it up and running or if you’re at the point where you need additional capital to grow your existing business, you need to know what lenders are looking for before you approach them for a loan. Read more
Posts from the ‘Financials’ Category
As good entrepreneurs, we’re constantly walking that fine line between wanting to offer our customers the absolute best value (for our knock-their-socks-off products) but also provide healthy profit margins so we can turn this passion of ours into a money-making proposition. It’s important however, to give yourself a little extra padding in your margins so that you can employ promotions without losing your shirt. Read more
If you’ve hesitated against buying the Food Product Cost and Pricing tool, check out this independent third-party review by Cookie Connection, the premier website for cookie designers both professional and amateur. Just to be clear, this was not a paid review and I did not have access to the review before it was published. The article series, talking about how to cost out your products, is phenomenal and well worth a read.
Oh the joys of small business accounting. It’s the backbone of all successful small businesses and yet it’s the one task that most small business owners dread. Unless, of course, you run an accounting firm and then I’m thinking you probably (hopefully!) like what you’re doing. But even if you have an accountant doing your taxes and bookkeeping for you, you need to understand that there are two types of accounting and which method you use can have a pretty significant impact on your business financials. Read more
We’ve spent a bunch of time this week talking about various e-commerce platforms you might be able to use to sell your products online but to truly develop a significant online business it takes more than just getting a shopping cart and being able to take credit cards. Like every business decision you make, to be successful you need to put the time and energy into developing an e-commerce strategy and make the sure the foundation is laid (like, can your product be shipped or will it fall apart?) before you hang out your online shingle. In the coming weeks and months there will be more articles about those very thing you need to take into consideration but, as always, if you have questions, thoughts, or ideas don’t hesitate to drop us a line at info (at) smallfoodbiz (dot) com.
I was in a brand consult meeting last week where we, 3 experienced food industry folks, talked about some of the changes happening in the industry. One company in particular came up in conversation and we talked about how their sales had taken a huge hit because “someone came in at a lower price”‘ It reminded me of my first ever MBA Marketing assignment…which did not go too well. Read more
Kickstarter and Indiegogo may be the big names in crowdfunding, but as more and more entrepreneurs turn to “the crowd” to raise the capital necessary to start and grow their businesses, it shouldn’t come as a surprise that several food-specific crowdfunding sites have popped up. While many food projects have been funded through Kickstarter and Indiegogo, those sites tend to skew towards technology and film/the arts. The idea with these new food sites is to try and make it easy for food entrepreneurs and ‘donors’ who are interested in investing in food businesses to find one another. Let’s take a look at 3 of these new sites: Read more
As mentioned yesterday, I really do take your suggestions and input seriously. Thanks to a few recommendations from readers, I’ve made some great updates to the Food Product Cost & Pricing Calculator. Check out what’s new! Read more