Starting a new business can be both an exciting and scary experience. This video identifies a few of the key things to consider before you start.
New Venture: Thinking of Starting a Business (video)
What is an entrepreneur?
An entrepreneur is anyone who organizes or manages a business, attempting to make a profit and assuming the risk of a loss. Evaluate yourself critically to see if you have what it takes to be a successful entrepreneur.
Personal and Family Considerations: Define Your Goals
Market research
Do you have a great idea for a new product, but don’t know who to sell it to? Do they want or need your product? Are other businesses already meeting their needs? How much will they pay? This is where market research is crucial.
Market Research for your Agricultural Product/Service (video)
Market Research
Identify Your Market: Right Buyer, Right Price
Considering Your Options: An Inventory of Possibilities
Review Your Finances: Making the Money Work
Assess Your Resources: Examining Production Requirements
Never stop researching your consumers and buyers. Keeping up with new market trends enables you to react quickly to changes in consumer demands.
Consumer Corner
Trends in Retail
Business planning
A business plan helps you formalize the thinking and planning process. By completing a business plan, you will better understand your market, production and pricing costs, and the competitive factors that will influence the success of your new business. A well-thought-out business plan is necessary to apply for the financing and resources required to start a new venture.
Launch Your Business: Time for Action
Business Basics for Alberta Food Processors
Elements of a Business Plan
Preparing financial projections and monitoring results
Marketing
Marketing is an essential part of running a business. Careful planning and thorough understanding of your chosen marketplace is key to developing a successful marketing strategy.
The type of business you are in and your target audiences will largely dictate how you market your product or service. It is up to you to find your niche and position yourself in that market by developing promotional and marketing tools that target this base.
Developing a Promotional Plan
Build Your Network: Reaching Out for Support and Advice
Marketing Essentials
Social Media Marketing Guide
Promoting Your Food Product: Social Media for Food Entrepreneurs
Know the regulations
Your product or service must be produced and sold while meeting the regulations of your chosen market. You will need to get all necessary permits and licenses.
All 3 levels of government have legislated acts and regulations dealing with food safety, packaging, labelling, licensing and taxation.
Municipal
Contact your local municipality or city to find out if you require a licence.
Provincial
Several provincial departments and agencies are responsible for developing and enforcing legislation related to the production and processing of agri-food products:
Federal
The federal government is also responsible to ensure that our food is safe. The Canadian Food Inspection Agency administers the Safe Food for Canadians Regulations which apply to all food processing businesses.
Packaging and labelling
Packaging protects the product from physical, chemical and microbiological sources of deterioration. Itis also a selling feature that can convince consumers to buy your product.
The label tells consumers what your product is, what it is made of, and its nutritional content. Your label must comply with regulations administered by the Canadian Food Inspection Agency.
Cost of production and pricing
You need to calculate the costs associated with making your product before you can set a price. Costs are divided into 2 categories: fixed costs and variable costs. These costs are collectively called the cost of production.
E-learning tool: An Introduction to Cost of Production (video)
Pricing 101 Webinar Series – Know Your Cost of Production (video)
Pricing your product is an important part of running a business. The price has to be low enough that customers see value, but high enough that you earn a profit.
Pricing Terms and Definitions
The Essentials of Pricing
E-learning tool: an introduction to pricing (video)
Pricing Your Agricultural Product (video)
How to Price Your Product (video)
Methods to Price Your Product
Pricing: Moving from Farmers' Market to Retail Sales
Pricing Processed Food Products
Pricing Horticulture Products
Pricing Meat Products: An Introduction
Financing
When starting a new business, you must consider how you will cover costs such as vehicles, equipment, land, buildings, supplies and employees. You will also require money for daily operating expenses such as rent, taxes, salaries and wages, advertising and utilities.
How much money do I need? Funding your agricultural business
Accessing financing can be a challenging aspect of starting or expanding a business. Understanding your options for financing and how a lender evaluates your application can help you be successful when applying for financing.
Where can I get money? Funding your agricultural business
How do I get money? Funding your agricultural business
Get the loan you need