Starting a business that involves producing your own beverages has its challenges, but also its rewards
In order to make it in this already overly crowded marketplace, it is essential to know that your product has to stand out from the rest and for it to do so, many startups are turning to crowdfunding as a way of generating income that will help them launch their business idea.
Sixty percent of businesses in the food and beverages industry have made use of crowdfunding platforms to fund their project.
In this inevitably tough market believing that you will make it because you have the passion and determination is an enormous mistake, as this alone won’t help your business venture get off the ground. In the food and drinks marketplace, being in the right place at the right time is as important as having an excellent product to pitch to retail store managers.
Here, we tell you what to consider to make your beverage startup a success.
Come up with a concept
This will be the most challenging aspect of launching your beverage startup, as it will be the concept that you come up with that will make or break your venture. Coca-Cola was first marketed as a tonic that relieved exhaustion, and it was only after having been in the market for a while that the drink became the most widely distributed product on our planet. With a product portfolio of more than 3,500 drinks, it will be impossible for you to match their offering, but with the right concept, your product could become a favorite beverage in no time.
Write down a list of the most popular flavors and get in touch with a drinks connoisseur to get some first-hand industry information. Defining what your drink should be will be the hardest but most important part.
Package it appropriately
Every single product that we see advertised on television or gigantic billboards has a carefully planned marketing strategy behind it. From devising what the product will be and coming up with a solid concept to packaging and marketing this accordingly, it is crucial that the message your product conveys resonates with its essence.
If you are looking to launch a healthy tea, for example, you should ensure that the packaging transmits a health-related message by using a simple font and colors like white, for purity, and green, for eco-friendly. Drink packaging is an essential part of the beverage startup process, and you should do some appropriate research before deciding on what your product will look like.
Test it among loved ones
Just because your product tastes and looks great to you doesn’t mean that the consumers you are trying to attract will think so too. If you have already identified who your potential customer could be, gather friends and family members that fall within this demographic and test the product among them.
If you tell them this will be something you will be pitching to major supermarket and retail store buyers, they will provide you with honest feedback on your product and hopefully also tell you what its best assets are as well as what you should improve. If you are feeling adventurous, you could also organize a focus group with complete strangers.
This post has been contributed by Ryan Gatt, it may contain affiliate links.