Do you feel the inclination toward the food industry when you think about your possible career? And do you want to be your own boss? If the answers to those two questions are ‘yes’, then there’s a definite pass to success in the future for you, but it certainly is hard work. And, it certainly does take some money to get started.
So where do you get that money? Unless you’ve somehow saved many thousands of dollars that you just have to spare to start your restaurant or food store, you’re probably going to have to aim for private loans, money from friends and family, a way to franchise someone else’s idea, find a way to tap into SBA loans, or potentially take a tangential route and add your services to someone else’s existing business.
Looking for private loans often just means finding out what’s advertised either in your area or over the web. Your best bet is to throw your hat in the ring with the most reputable company that you can find in terms of reviews, and try to make sure that the interest rates aren’t too steep for you to handle.
Money from Friends and Family
Is it acceptable to borrow money from family and friends? For the most part, yes. And, it takes a lot of the stress of off you in terms of interest rates and time frames. If you screw up your food business and default on everything, your parents aren’t going to be happy, but at least you’ll be dealing with them instead of loan sharks or the police.
Consider Franchising Opportunities
If you don’t want to go all in on your own, check out franchising opportunities. Classic examples are places like Subway or McDonalds, where you can work hard underneath a recognized brand, and still make a ton of profit for yourself, as well as operating with a certain degree of autonomy, which is why you’re going for the business angle in the first place.
If you go to your local SBA meetings, you’ll find out that there are a ton of opportunities and resources waiting for you there as well. If you go to a meeting where somewhere from the food industry is there presenting, you can come away with a tremendous amount of valuable information to help you with you cause.
Add Your Services To Someone Else’s Business
And a final option is for you to just piggyback directly on someone else. For instance, if you know someone who sells doughnuts, and you want to sell pies, then just ask them if you can be on their seller’s list. This will also give you a chance to see how the business aspect of the food industry works before you immerse completely.