Money saving ideas for your next foodie business venture

Food is big business. According to reports at Big Hospitality, Brits spend a quarter of their annual wage on dining out, so there’s money to be made if you offer something delicious. If you’re considering starting a new food business, here’s how to bootstrap your launch.

  1. Find the right suppliers

Unless you’re living on a farm, the chances are that you’ll have to find a supplier for your ingredients. Don’t jump to the first supplier that you find – they could be more expensive, and there’s no guarantee that they’ll be offering the highest quality product.

Look around when selecting your suppliers, pit them against each other for discounts, and never settle for something that you’re not entirely satisfied with. After all, it’s important that you save money when starting a business, but do you really want to sell food made from poor quality ingredients and risk damaging your reputation in the early days?

  1. Buy your equipment

In many industries, it pays to rent equipment to reduce the capital investment and reduce your risk in the process. If you’re planning on opening a swanky restaurant, then we’d recommend the same, but for start-ups, street-food outlets and pop-up shops, buying your equipment is often more cost-effective.

Check out websites like Corr Chilled for fridges and accessories for your catering operation – you’ll even be able to buy them on finance so that you don’t have to cough up thousands of pounds initially. Of course, there is risk involved with buying your equipment, but at least you’ll own your equipment and won’t be tied to an agreement with a wholesaler. 

  1. Market your food 

Whatever you’re planning on doing – whether that’s opening a restaurant, a street outlet or even an online food store – make sure that you advertise. Social media is one of the most effective methods of promoting food businesses – check out this guide from Cre8d to see how you can show off your food on Instagram and build an audience in the process.

On top of social, hire a photographer and a web designer and create a website that looks the part. High-quality photographs of your food, recipes, content and competitions will help you make an impact online and get customers interested in your brand. It sounds like an expensive venture, but building a brand online will help you save money in the long-run.

  1. Be resourceful 

Do you really need to send every new member of staff on a six-week cooking retreat, or can you train them on the job and get more value out of their presence? Likewise, should you invest in expensive product packaging when you can buy unbranded bags and holders for just a couple of pennies? Make sensible decisions, be resourceful, and you’ll save money.

When starting a new business, it’s essential that you keep a check of your finances, or you’ll risk burning out before you get going. Whatever you’re doing, have fun and good luck.

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Alison

Finance Blogger at Payday Jester
I have a passion for all things finance and business so if I can help you in anyway then please get in touch and if you have any comments or feedback please leave a message.

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