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Setting up a home based business such as specialty food store is an ideal small business for many individuals due to the numerous benefits it carries.
As long as you have a natural passion for food, it's rare that your specialty food store would fail to thrive.
Keep in mind however, that when setting up this kind of business, it's imperative that you focus on only one main product line.
For example, you could concentrate mainly on wine and cheese or vegetarian food or focus only on providing different desserts. In short, keep in mind that you want to offer a SPECIALTY and offering too many products may dilute the very purpose of your specialty food store.
Setting Up a Specialty Food Store - Have You Thought of These?
If you are truly interested in investing in this type of small business, it's imperative that you are fully aware of the following areas.
Following FDA Regulations - Everything that happens inside your store is governed by the Food and Drug Administration. One of the most challenging aspects of a store owner's job is ensuring that each and every step involved in the food-making process doesn't violate any FDA regulations. Be sure to check on this angle prior to launching your small business especially if you plan to offer specialty food you cook on your own.
Branding - Sometimes, the success of a specialty food store can simply be due to its name. Make sure that you've got a GREAT name for your specialty food store , one that mirrors the very essence of what your small business is all about.
Packaging - This post-production aspect is unfortunately often overlooked by many small business owners. Great packaging can easily make one of two similar products more sellable so make sure that your product's packaging can be considered as an add-on value rather than just a food wrapper.
Updating Your Cooking Knowledge - If there is no such thing as being too rich or too thin, nor is there such a thing as being too food-smart. Statistics show that the food industry has one of the highest mortality rates for establishments. You need to constantly update your knowledge on food if you wish to stay in the specialty food store business!
Marketing - Word-of-mouth advertising is GREAT but since you are just starting your small business, a little 'push' may be needed. Hand out brochures regarding your specialty food store or participate in a club or organization related to the specialty food you offer. For instance, a ladies' club would be great for your special scones, while an organic club compliments specialty food for people with allergies.
Bulk Sales and Party Packages - Everybody loves a discount especially when it has to do with the most basic of necessities - food! So don't forget to decide on how much you wish to sell your products for if your clients are willing to buy in bulk. You can definitely increase your sales just by mixing and matching your items then combining them to form different 2-in-1 packages as well other combination.
For more information on setting up a home based specialty food business, you can check out the following online sources:
U.S. Food and Drug Administration
New England Food Entrepreneurs
Northeast Center for Food Entrepreneurship
Be Sure to visit our Business Start Up Guide for information on starting your business
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