Hi Nichole,
Sounds delicious! Nichole, are you interested in actually starting-up a
business of producing, marketing, and selling this dip? Or does it sound more
appealing to try to sell the recipe to another company who already is in the
business of producing and selling food products?
Either way, I would suggest that the first thing you do is to start off by
researching the market. If the idea of producing and selling the dip is
appealing to you, find out what's really involved in getting a product like
yours produced and onto the shelves. Alternatively, look into the possibility
of copyrighting the recipe, and finding out what another company might be
willing to pay for such a recipe. Try to examine what your options are, and
which seems more appealing to you.
Obviously, selling the recipe is probably the most simple way to go,
although you would probably have to seek legal council to ensure that your
recipe is properly protected, and that any contractual agreement you might
enter into would make good sense for you.
Producing, marketing, and selling the product yourself would be more
involved. You might want to start by checking out the local regulations around
producing and selling a product like this. Are you thinking about doing it
yourself in your own kitchen? If so, make sure that it is legal for you to do
so. Is there any special training you would need or licenses you would have to
obtain? What about pricing? How much money would you have to charge to cover
your costs and make a profit? What is the competition charging? Would you want
to go directly to the local stores or supermarket chains, or find a distributor that would. Perhaps there is a local "farmers market" in
your area. Does the idea of sitting behind a table selling your product appeal
to you? If so, visit one. Find out how other businesses do it. Examine how
much money you would have to invest to get this thing off the ground before
you would start to see a profit.
Starting up a business can be a lot of work! I would encourage you to
figure out what you are truly interested in and are passionate about before
becoming involved in something that might not enjoy.
If, after thinking about it you have more questions, don't hesitate to
write in again!
Warm regards,
Susan Martin
About the PowerHomeBiz.com Guide:
Susan Martin is a Strategy Coach who works with business owners and
professionals who want to make more money, have more fun and more time! A life
long entrepreneur, Susan learned sales & marketing, management, finance,
pricing, negotiation and a host of other business skills through running her
own successful businesses for 30 years. She is an adjunct professor at the
Pratt Institute in NYC, where she teaches a business course called "Going
Pro". Susan is a Registered Corporate Coach, and a member of the
International Coach Federation, The National Association of Business Coaches,
and Coachville. Visit Susan at: www.thecoachinglounge.com
to learn more and subscribe to her free newsletter.
