Quick snippets from our morning read on Wednesday, 17th February 2021
Today’s morning is on starting out in business. Can you start a business without experience?
Starting a business from the ground up can be an intimidating and overwhelming experience, especially without guidance or support. But there are still so many reasons to do it. You get to be the boss, work your own hours and feel a sense of pride in solving a problem that you see in the marketplace by creating value for the consumer.
By sharing my experience building Bobo’s Oat Bars, without having any prior knowledge of the food industry, I hope to inspire anyone debating whether to embark on a business of their own. Here is some of what I’ve learned on my journey.
Notice what is lacking in the market and find a solution
Find a solution to what is lacking in the market from a consumer’s point of view. Solve a problem. Create something better or create a perceived value for the consumer. Most of the time, entrepreneurs are saving the consumer time or money. Figure out if your product will do that, and good figure it out as early and as cheaply as possible.
When I created Bobo’s, I saw that there weren’t a lot of delicious, wholesome, gluetn-free snacks with a simple ingredient deck on the market. I knew my product was all of those things, and that it was tastier than anything else already on the market. I found a solution and created value for my consumer by giving them a time-saving solution for breakfast-on-the-go.
Improve an existing industry
Don’t be afraid to be innovative. When I first started my business there, were only a few gluten-free products on the shelf that touted natural ingredients, so my consumer had only a few snacking options. When I entered the natural foods space, I had no business experience and certainly no experience in the food world. I was lucky enough to be in Boulder, Colorado, which is home to many other established natural-foods brands. I was able to meet other entrepreneurs, involve myself in networking events and the food community and learn from the pros. One thing I learned is that no one knows much going into a new business; everyone is learning and making it up as they go along. There is never one answer or one way when starting a business. Networking and listening and learning and sharing is the best way to share ideas in the beginning.
Do not fear failure
Sometimes, the best way to obtain feedback for your product is by going into the smaller retailers around your area. See how well your product is received by your consumers and your retail buyer. Getting honest and genuine feedback from people who might potentially be selling your product is super important in the beginning. Be sure to follow up and be grateful for their time testing your product. That feedback is easier to get from a small retailer, and it is golden.
Expect to spend money up front. Starting a business can be costly. I cleaned out my savings and took a second mortgage on my home when I began Bobo’s. That was a big risk for me, but I believed 100% in the success of my product. It was worth that investment, and I have no regrets.
Decide early into the process what are your talents, what are your skills. Find people with skills that don’t excite you. In the beginning, you’ll have to reach out to friends or ask favors of professionals you know. If you’re not great with accounting, get to know a bookkeeper.
Read the full article here.
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