Transscript from the Video
Are you looking for some fresh Food Business Ideas?
Great!
In 2019, the Restaurant Industry´s projected sales were 863 billion $ and there are more than a million Restaurants in the US.
In this Video you´ll not only get a simple 1-page strategy to create unlimited Ideas for your new Food Business!
Stay until the end to also see our food business apps, which you can use for free!
But before we start, please hit the subscribe button, to support our channel.
So let´s get right into it.
To start a new restaurant or coffee shop or any other type of food business, you first need a great idea.
A good idea can come into your mind by accident.
But this doesn´t happen all the time.
Developing a good idea can be time consuming and frustrating.
And you should take enough time to think about various business ideas, because the concept can make or break a business.
To help you with this important task, we developed a simple strategy, by which you can create literally unlimited high-quality ideas for your successful food business.
The 1-Page Food Biz
This system helps you to find and to combine the key elements for your new food business.
Start out with the field in the center and then complete the surrounding ones step by step.
Let´s do it!
Step #1 Define the central ingredient or product
This will create the main focus or character of your business.
i.e. beef, pizza, tea, chicken, coffee, ice cream, milk, eggs, meat, fish, vegetables, tomatoes, pasta, softdrinks…
Whatever you want to put into the heart of your business, write it down.
To keep a sharp focus, stay with one main ingredient or product.
Step #2 Create different Product Sizes
Customers prefer to have at least some choices they can choose from. But take care to keep the amount of options rather small than big, because too many choices are frustrating and therefore decrease sales. A menu with dozens or maybe even hundreds of products is way too big and can destroy your business.
Think about 2 or 3 Sizes of your main product.
Step #3 Develop a Recipe
It pays off to develop a great finger-licking recipe. Col. Harland Sanders started his chicken empire literally from nothing. All he had, was his great recipe for Kentucky fried chicken. The people loved it and so his idea could grew from zero to a leading international food business.
By the way, if you ask yourself, how you can calculate your prices … you can learn this in chapter 8 in the book “PROFIT”.
Think about the various ways how you can prepare your main ingredient.
i.e. Frying, Baking, Freezing, Roasting, Grilling, Steaming, Poaching, Broiling, Simmering, Blanching, Braising or Stewing. There are lots of possibilities.
Also think about the spices you want to use
i.e. Onion, Garlic, Pepper, Basil, Oregano, Rosemary, Chili Pepper, Mustard, Lemon Grass
Step #4 Make the Design great!
How should your food look and taste?
Scientists found, that the visual Impression makes about 75% of a buying decision!
Taste and look must fit together!
Otherwise the customer won´t buy the product.
Red, yellow and orange are very popular food colors.
Sound also influences your customers behavior. i.e. think about Crispy Sausage or Crunchy cookie. The people love them.
Or the Texture. A pudding can be creamy or firm.
The taste itself accounts for only about 20% of a products success.
This means that 80% of success come from design, name, marketing and such things.
Because of these circumstances, the food industry invests a lot of time and money into testing new food products.
Only 2% of new developed products become a success.
Step #5 Find Cool Names
A good product name needs to be memorable and relevant. Then your customers are more likely to remember your product, to recommend it to friends and to buy it again.
The name should describe what the product is. Instead of “Zucchini Cookies” you could name them “Grandma´s Zucchini Cookies”. In a study, sales in a cafeteria was increased by 27% simply by using such descriptive names. Find more detailed info in the book “PROFIT” on page 255.
You can also integrate your selling proposition into the name. i.e. “The Whole Enchilada” for a spicy dish, offered in a Mexican Restaurant.
Step #6 Create some Variations
To optimize your customers experience, you should find the balance between offering not enough and too much.
To add further offers, you don´t always need to create completely new products, but you can use product variations.
i.e. A café latte can be completed with caramel sirup and you could call it “Latte Caramel”.
Or you can make a product kit by putting together several items.
i.e. Offering a cup of coffee together with a croissant as a “French Breakfast”
Step #7 Tell an emotional Story!
Stanford University found, that Stories are remembered up to 22 times more than facts alone.
By telling a story, people slow down and you get their attention.
Then you can explain your product and persuade them to buy your product.
To create your story, you should find out, why people are buying your product.
i.e. If your customers want to eat healthy food, then tell them, how you choose the organic ingredients and how the dish is made with great care.
Step #8 Offer various Delivery Methods
There are many ways, how you can bring your food to the table. Each way has pros and cons.
Full Service – can be a pleasure for the customer, but labor cost soar dramatically.
Self Service – many people are used to self service and this can save you a lot of money.
Delivery Service – offering delivery opens your business for a much bigger group of customers. Many prefer to eat at home or want to spend lunch in their office.
Take Away – If your location shows a lot of traffic, than you definitely should offer take away. By this, you can increase your sales without needing more restaurants seats.
Step #9 Strengthen your Offer with a Guarantee
The food business can be great, but it´s also a crowded place.
Your products need to become special, to stand out.
Offering a guarantee makes you unique and can be very persuasive.
Domino´s Pizza built an empire with a simple promise:
“Fresh, hot pizza delivered in 30 minutes or less, guaranteed”
So here you have the steps to create endless new food business ideas.
Let´s summarize briefly
- Choose your main ingredient
- Offer different sizes
- Create a finger licking recipe
- Design your dish
- Use descriptive names
- Make product variations
- Tell the story about your food
- Offer various delivery services
- Use a powerful guarantee
If you like this content, please hit the like button!
But wait!
As soon as you have your new food business idea, it´s time to play the numbers game.
Have a look into our free apps. It´s never been easier to calculate your budget!
The Restaurant Price Calculator helps you to easily find the perfect price for your food.
And our Restaurant Business Plan Simulator is a great way to explore the most profitable way to realize your new idea.
And if you think seriously about starting or running a food business, then have a look at “PROFIT – The Restaurant Owner´s Handbook”
Check out proven strategies on how to operate a food business profitable.