If you’re fanatical about food, launching your own food company could be a great way to combine your passion with work. From bespoke sauces, fine dining restaurants, and ready-made deliveries, there are plenty of options to choose from.
To give you a head start, check out these essential elements for starting your own food firm.
Register Your Business
Before you can officially launch your food business, you’ll need to register with your Local Authority. Your premises will be inspected so that you can be given an official food hygiene rating. Remember – this doesn’t just apply to commercial business premises. If you’re launching a company from home, you’ll still need to register your food business and be open to inspections.
Setting up a Limited Company
Incorporating your company isn’t always strictly necessary but it can make good business sense. When you operate as a sole trader, your personal finances can be in jeopardy if your business faces any legal claims. By using a limited company instead you keep your personal finances separate from the firm and protected.
In addition to this, you’ll find that some wholesalers will only offer trade accounts to limited companies. This means that incorporating your company could enable you to access cheaper ingredients and tangible assets.
Setting up a limited company can have a range of benefits for business owners, but it isn’t right for everyone. If you’re unsure which business structure is most suited to your enterprise, it’s important to access independent advice before you get started.
When you’re launching a food company, you’re going to need business insurance. However, there are many different types of insurance, so you may need more than one policy. Public liability insurance will provide coverage in case members of the public suffer harm as a result of your business activities, for example. Alternatively, employee liability insurance protects your company if any employees suffer harm while performing their duties.
If your business will offer a food delivery service, you may also need to obtain fast food delivery insurance. As you’ll be delivering for a business purpose, standard car insurance won’t cover you for this activity. Fortunately, specialist sites like Quotezone can offer you a range of quotes for a cost-effective fast food delivery insurance policy designed for delivery service providers.
Business interruption insurance can also be a good idea when you’re working for yourself. Although it’s not a requirement, it can provide peace of mind if you’re unable to work and your income suffers.
Marketing Your Food Company
Whether you’re opening a restaurant, launching a free-from food company or baking luxury cakes, you’ll need to market your business. If you’re well-known for your culinary creations, you’ll already have good word of mouth advertising to rely on, but you’ll need to step things up if you want to take your business to the next level.
Digital marketing can be a great way to publicise a food business, especially when you’re first starting out and budgets are tight. With the right mix of online publicity and offline networking, you can let the world know about your new food venture and wait for the orders to come rolling in.