The UK’s food and drink sector has a turnover of around £25 billion and remains a buoyant industry which continues to attract budding entrepreneurs.
Statistics from the Federation of Small Businesses (FSB) show that more than 28,000 new food businesses opened in the UK in 2017. Adding to this, the industry grew by 89 per cent between 2000 and 2017, more than the UK economy as a whole (86 per cent).
In the food sector (excluding beverages), SMEs accounted for 96 per cent of businesses, 25 per cent of employment and 25 per cent of turnover.
If you are thinking of setting up your own business, here are 6 steps you should take to help you plan and launch your food and beverage business:
1. Set a solid business plan which outlines your business strategy and what you need to do to achieve your goals.
2. Do your homework – work hard to really understand your target audience and your competition.
3. Choose your team carefully – surround yourself with people who mirror your enthusiasm and share your dedication.
4. Partner with the right accountant who will work with you to establish sound financial processes and controls and help you manage your cashflow.
5. Listen to customer feedback and be flexible and willing to respond to their changing needs and interests.
6. Execute your business strategy – starting small, then scaling up as your sales increase.
The more advance consideration you can give to the job of starting up your business, the more likely you are to succeed. For more information and advice to help you startup your business click here or contact us. Our specialist business advisers to entrepreneurs know that starting up and running your own business can be very rewarding, provided the appropriate processes are followed and the right structures are in place.
Experience is the best teacher and our team of startup business experts have plenty of experience. We are well versed in working with businesses of different shapes and sizes and across a range of sectors, so you can rely on our detailed understanding of the processes required in achieving business success.
For more information about how we can help you and your business, contact Steve Govey or your usual Beavis Morgan Partner.
FSB and Le Cordon Bleu London launches Julia Child Scholarship 2019
If you are an aspiring food entrepreneur, here’s a unique opportunity for you to turn your dream into a small business reality. The FSB has teamed up with Le Cordon Bleu London to launch their annual Julia Child Scholarship.
This year’s scholarship aims to provide would-be food entrepreneurs with the first steps to business success. Applicants don’t necessarily need to be a great cook, but you need a strong business idea and you must submit your application by 16 June.
The prize, which is worth over £40,000, includes a year’s membership to the FSB; a place on Le Cordon Bleu’s Diplôme de Pâtisserie, a three month Le Cordon Bleu Diploma in Culinary Management, an internship at the iconic Savoy Hotel, and 12 months luxury accommodation provided by Londonist.
Find out more here: cordonbleu.edu/london/julia-child-scholarship/en