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- FROM MY FAMILY TO YOURS
Descriptive Overview: To provide entrepreneurs the elements that will enable them to identify if they have a marketable product. To further identify what components are required to make their product marketable. The course is designed to educate how recipe ingredients must be transferred to formulations. You will learn more about competition in the food industry, the importance of developing your business plan, and highlight the financial resources available for entrepreneurs. Professional marketing tips and sales techniques will be offered as a guide to your success.
The seminar is designed for new entrepreneurs just getting started and entrepreneurs whose products are not meeting the consumer needs based on their inability to position properly into the market. It will assist the entrepreneur to make his/her decision to move forward with their product. The participant should acquire a basic knowledge with resource information to get started or enhance their products for the retail market or foodservice industry.
WHAT WILL BE COVERED AT THE SEMINAR:
Identify if Recipe is a marketable product
How to make recipe a marketable product
Discuss product development and how to transfer from recipe to formula
Discuss the difference between retail and foodservice
Identify where your product fits – retail or foodservice
Understand the role of a Broker and Retail Buyer
Understand competition in food industry
Discuss business plan development
Discuss financial resources – availability
Identify marketing and sales techniques
Discuss the benefits of building good business relationships
Discuss what the retailer or foodservice expects from you
How to prepare for the next step
This workshop is designed for individuals who have great recipes and want to take them to market.
Michele has mentored over a hundred individuals.
If you are interested in getting more information on the workshops, email Michele at Michele@michelefoods.com
Phase I:
This segment of the workshop provides the general process to make your product marketable. It identifies how to make it marketable, transfer recipe to formula, addresses raw material cost, and sales approach with Buyer.
Identify if product is marketable
What is the product? Is there something about the product that is different or unique? Is the product retail, foodservice or both? Understanding the difference between the retail market vs. foodservice. You will receive a “picture eye view” of the food industry.
Product formulation
Identify recipe ingredients. Identify how to transfer recipe ingredients to formulation. Steps to consider as you develop product formula (confidentiality aspects).
Identify how to cost out raw materials
Review all components associated with product (i.e. – ingredients, raw materials, packaging, co-packers, etc.) Understand how volume reduces cost.
Competitive positioning
Make yourself aware of product competition. What product(s) are similar? Research where your product(s) are likely to be sold. Look at other like items.
Making sales call to retail buyer (i.e. – Wal Mart , Kroger, Stop and Shop) –
Identify steps to cover before making initial call. Understand buyer’s role and know what to discuss with buyer.
Phase II:
This segment deals with the entrepreneurship. It highlights business plan development, reviews capital infusion, raising capital and funding. It further covers marketing/sales techniques.
Entrepreneurship
What is the real meaning? What it takes to be an entrepreneur in this industry. Are you ready to be an entrepreneur?
Business capital, “Starting up and ongoing” –
Discuss the importance of having adequate “start up” cash flow. Identify other methods to continue the ongoing process (i.e. – capital infusion, private investors, etc.)
Discuss business plan –
Do you have a business plan? Identify the importance of having a business plan. Outline a “mock business plan”.