Magazine article Newsweek

So You Want to Start A Food Business

Magazine article Newsweek

So You Want to Start A Food Business

Article excerpt

Byline: Ben Whitford and Dan Berrett

Producing great food is a labor of love. But no matter how delicious your recipe, successful ventures call for more than just enthusiasm. To gain market share without falling afoul of USDA regulations requires a cool head, forethought and hard work. Here are some pointers.

PLAN AHEAD. Got a hot new product? That's only the beginning, says Karen Karp, a Southold, N.Y., food-industry consultant. "Creativity needs to be followed up with careful business planning." Local community groups may offer courses to show would-be entrepreneurs the basics of running a business; make sure you sign up.

KNOW YOUR MARKET. Chances are, someone's already selling something similar. Don't let that put you off: that means there's a market for it. But to compete, your food needs to look the part. Basic packaging design costs about $5,000, but it can be worth splurging; top designers charge up to $30,000. …

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