Building a Business in the Food and Beverage Industry

As the COVID-19 pandemic continues to decimate industries, the food and beverage sector is responding to an increase in demand. Food manufacturers all over the world are increasing production and finding new routes to the marketplace. As customer journeys diversify and the industry undergoes revolutionary change, now could be the perfect time to build a food and beverage business.

Launching a successful enterprise can be tricky at the best of times. For many people, the recent challenges make it seem harder than ever to achieve commercial success. However, rebuilding the economy is a critical element of recovering from any global event. Furthermore, the high-speed evolution of the industry in response to the crisis means there is more opportunity for new players to grab a foothold in a crowded market.

If you want to serve local communities, contribute to rebuilding the economy and create a successful enterprise, a food and drink business is the ideal way to achieve your goals. As always, however, there are some important considerations to take into account…

1. Funding your enterprise

Accessing funding is likely to be difficult for the foreseeable future, particularly if you’re relying on commercial loans from banks or high street lenders. Despite this, a solid business plan will always attract interest. If your enterprise seizes upon the increased demand that’s building due to the coronavirus outbreak, many commercial lenders will be willing to discuss your proposals with you.

In addition to this, existing P2P networks and crowdsourcing platforms could provide a viable source of funding. When you can gain support from the target audience or community you’ll be serving, this could be a great way to nurture a budding customer base and tap into existing demand.

Of course, using your own savings and relying on investments from friends and family are always popular ways to fund new enterprises. Depending on the level of financing you need, you may be able to launch your enterprise without relying on funding from commercial sources at all.

2. Market your brand

Although there is increased demand for food production and delivery services, people won’t know about your enterprise unless you tell them. Branding is one of the first elements when it comes to marketing a new food and beverage business and it’s one of the most critical aspects of building your firm. Your brand should stay with you forever, so take the time to get it right.

As your future marketing activity will incorporate your branding, it can be highly beneficial to seek expert guidance when you’re developing a new brand. With a reputable food marketing agency in London, for example, you can create a long-lasting brand that encapsulates your ethos and engages your target market.

Marketing any products or services amidst a global crisis can be tricky. Successful engagement requires a nuanced approach. With a range of tools at your disposal, it’s tempting to begin marketing your enterprise before you’ve really locked down a workable strategy. By seeking professional marketing support, however, you can ensure you have expert input when it comes to devising and implementing a successful marketing strategy.

3. Cultivating a professional network

Depending on the nature of your business, you may need to work with a range of different suppliers to get your products or services to your customers. As supply chains are affected by the COVID-19 outbreak, this could be an obstacle you need to overcome.

However, many firms are ignoring their usual competitive rivalries and working together to serve the market. Due to this, you’ll find that many companies within the industry are open to collaborations and new partnerships. For new businesses, the ability to access a reliable supply chain is vital. While logistics may still be facing bumps in the road, the essential nature of food and drink production means that it is being prioritised around the world. As a result, you should find it relatively easy to access the raw materials you need to function, particularly in comparison to businesses operating in other sectors.

Planning for Long-Term Success

When you launch a business in the aftermath of a global crisis, there will be a range of unforeseen issues to deal with. Although these must be properly addressed to ensure a successful launch, a successful business will continue to operate long after the threat of COVID-19 has passed. By planning for long-term success and taking a strategic approach to business growth in a post-coronavirus landscape, you can build an enterprise that thrives now and in the future.