Recycling and waste removal<\/li>\n<\/ul>\n\n\n\n7. Obtain funding<\/h3>\n\n\n\n Show me the money! By starting a business, you\u2019re certainly hoping to make some (or a lot!) of money along the way, but you know it often takes money to make money. When building your financial plan, don\u2019t forget these steps:<\/p>\n\n\n\n
Create a Budget<\/h4>\n\n\n\n When starting a business it\u2019s important to stay within a strict budget and to document EVERYTHING to ensure your business remains profitable. To begin, estimate your total forecasted sales and subtract your total costs (including ingredients, preparations, packaging, delivery, etc.). This is your \u201cgross margin\u201d and the foundation for your budget. Make sure all of your expenses (software, building maintenance, utilities, licensing, salaries) fit within this margin. And don\u2019t forget to pay yourself! Since many of these costs will be refined over time, it\u2019s okay to make your best estimates at this point and continually improve your budget as you get more precise information.<\/p>\n\n\n\n
Apply for Funding<\/h4>\n\n\n\n Now that you have a good idea about your finances, you can calculate how much money you need in order to launch. Don\u2019t forget to add the starting costs for your business, like building a website or mobile app or setting up a storefront. It\u2019s likely that you\u2019ll need some small-business funding to get started. Again, we can\u2019t know the best financial or legal decisions for your individual business, so make sure you do your own homework before jumping into anything. Here are a few popular options for funding that you may want to look into business lines of credit, business credit cards, equipment financing, and startup funding.<\/p>\n\n\n\n
For business banking and business loans, keep an eye out for processing fees and interest rates to make sure you don\u2019t get hit with higher banking charges in the future.<\/p>\n\n\n\n
It\u2019s important to keep your personal and business finances separate. Either a business savings account or a business checking account is an important part of this step in the process as well.<\/p>\n\n\n\n
8. Get business insurance<\/h3>\n\n\n\n Business insurance offers great protection for you and your employees. It can protect you from major losses and damages and lawsuits. If you choose to hire staff, your employees may need workers\u2019 compensation, disability, or unemployment insurance. For home-based businesses, you may also need homeowner\u2019s insurance to cover your home and kitchen equipment.<\/p>\n\n\n\n
If someone gets sick as a result of your food, you could lose your entire livelihood. Remember, not all insurance policies are created equal, and a business lawyer can provide counsel on the best insurance coverage options to protect you and your business.<\/p>\n\n\n\n
9. Purchase supplies and set up shop<\/h3>\n\n\n\n Starting your business and keeping supplies stocked will require constant access to fresh food and packaging materials.<\/p>\n\n\n\n
Buying in bulk is a great way to keep costs down if you can manage the shelf life of each ingredient so they stay fresh until use.<\/p>\n\n\n\n
Make sure you\u2019re checking with all of your vendors on any dietary commitments you\u2019ve made to your customers. If you have a plant-based menu or advertise \u201call locally sourced ingredients,\u201d you\u2019ll have to find suppliers that can support those needs.<\/p>\n\n\n\n
An inventory management system will help you track your incoming and outgoing supplies so you can be sure you\u2019re serving the freshest ingredients available. There are various software options specifically designed for meal prep businesses that can take a load off your shoulders. Software support is especially important if you have a subscription-based delivery model.<\/p>\n\n\n\n
Getting your storefront ready for customers may include an in-person or online shop. Either way, you\u2019ll likely need to invest in some high-quality food photography and at least a minimal website.<\/p>\n\n\n\n
Depending on your business model, setting up a shop may also include preparing a commercial kitchen.<\/p>\n\n\n\n
10. Create a marketing plan<\/h3>\n\n\n\n Remember that unique element you noted earlier that sets your business apart from your competitors? That\u2019s the foundation of your marketing plan!<\/p>\n\n\n\n
If marketing isn\u2019t your expertise, it may be helpful to enlist the support of a freelancer or agency to get the word out.<\/p>\n\n\n\n
In our digital age, digital marketing is a MUST for businesses. Here are a few digital marketing options to consider:<\/p>\n\n\n\n
\nSocial media<\/li>\n\n\n\n Content marketing<\/li>\n\n\n\n Search Engine Optimization (SEO)<\/li>\n\n\n\n Ads<\/li>\n<\/ul>\n\n\n\nAnd don\u2019t underestimate the importance of a quality website and a simple ordering process.<\/p>\n\n\n\n
Other traditional forms of marketing include billboards, newspaper articles, and press releases. Consider promotions to attract new customers as you launch your business.<\/p>\n\n\n\n
And in the food industry, photos are king! So include that high-quality photography in your marketing to get your customers\u2019 mouths watering!<\/p>\n\n\n\n
11. Sell your amazing products!<\/h3>\n\n\n\n You\u2019re ready to launch! This is the step you\u2019ve worked so hard for \u2013 so enjoy it!<\/p>\n\n\n\n
Feeding people delicious food and making their lives easier with fast and healthy meals is an incredibly satisfying career.<\/p>\n\n\n\n
Consider reviewing your business plan and business model every quarter to see if you\u2019ve outgrown them. Make adjustments and hire staff as needed to keep up with increasing sales.<\/p>\n\n\n\n
And don\u2019t forget to enjoy a dessert on the house once in a while!<\/p>\n","protected":false},"excerpt":{"rendered":"
Are you ready to make food not only work for your body but also your bottom line? The meal prep industry shows no signs of slowing, and with projected growth, for years to come, it\u2019s a great market to jump into if you\u2019re considering starting a business. Our lives are busier than ever! And while […]<\/p>\n","protected":false},"author":9,"featured_media":1177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[],"acf":[],"yoast_head":"\n
How to Start a Meal Prep Business: A Step-By-Step Guide - Fit Men Cook<\/title>\n
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