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Four things you need to open a successful food business

Four things to start a succesful business

There are a range of great career opportunities for our students after graduating from Le Cordon Bleu London, with success stories that include head chefs, business owners, wine producers, chocolatiers, and even cooking show stars, but it may be difficult to decide what path you want to follow. So this series of careers articles will be exploring the wide range of routes that are available to those dedicated and talented people who have gained a Diploma at the world-leading culinary arts, wine and management school!

There has been a dramatic rise in new restaurant openings in the UK over the past year but with the evolution of the foodie world, restaurants are no longer the only food business option for budding entrepreneurs. Many of our alumni have gone on to create their own food trucks, pop-up dining events, supper clubs and even catering businesses.

But what does it take to be successful in such a competitive industry? Le Cordon Bleu London has got the answer with this list of four things that you need to open a successful food business:

1. An innovative idea

To be sure that your idea translates into a viable business model you will have to undertake market research. What are your competitor’s strengths and weaknesses and what are your own? You need to establish this in order to ensure that you can offer something that’s better than the competition and at a more competitive price point.

If your idea is so innovative that you have no competition then you need to ask yourself why. Is it really a good concept? Will it be of value to the customer? Will it make you a profit? Does it have longevity?

2. Culinary and business skills

Technical and business skills are definitely needed when opening a new culinary venture, and acquiring a qualification is an excellent way of showing lenders and customers that you are an expert in your field. Our integrated Culinary Arts and Business Diplomas gives you both comprehensive classical training and great business know-how, so that you understand both the product (the food), and the principles of business including strategic planning, personnel management, marketing and accounts.

3. A solid business plan

Having a solid business plan is definitely the key to building any successful business. Having a well thought-out, systematic plan that you can adapt over time to reflect food trends and industry developments, will allow you to recognize any issues as they arise so that you can take action accordingly.

An integral part of this plan is the marketing activity. This outlines how you intend to create a demand for your product, and the steps that you will take to find potential customers, and convince them that your food business is worthy of their time and money.

4. Finacial backing

When opening your own food business whether you’re purchasing a food truck, buying a restaurant space, or offering your cooking services to others in your own home (supper club) or in theirs (private chef), you will need to have a good idea of the costs involved and may need financial backing to support your goal.

Present your concept and business plan to a variety of people starting with friends and family, which may even lead to financial support. If you receive some critical feedback in this first instance then just regroup and think of a different way to attract lenders and seek publicity for your business. You could consider partnerships, joint ventures with other companies or start-up funds from government schemes.

If you would like more information about our integrated Culinary Arts and Business Diplomas then visit the Le Cordon Bleu London website and turn your food business dream into a reality.

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