For those who may not know, the Fancy Food Show is the largest specialty food and beverage event in North America. Attendees can discover almost 200,000 food and beverage products from 2,400 exhibitors from 80 countries and regions. Jane Applegate, President and CEO of the Applegate Group, says, “At the Fancy Foods Show, you see a lot of people whose dreams came true. But the road [to the show] is also paved with ventures that didn’t make it.”
Showcasing your products at this exclusive food show can provide the break that an entrepreneur needs to get their products into the $72 billion worldwide specialty foods market. This opportunity makes the show incredibly appealing to hopeful entrepreneurs, all of whom have fantastic products and a passion for what they’re creating. However, according to several industry veterans who were interviewed by the Applegate Group, you need much more than a good recipe and a dream to make it in the competitive world of specialty food and beverage. Here is some advice from owner and experts at the show:
Follow the rules
This includes tackling the challenge of dealing with food safety regulations and restrictions. “The US food safety regulations are tough and could put a small company out of business,” says Jeff Binstein, Senior Director at European Imports.
Invest in packaging and branding
The right branding can change your business. Take a tip from Terra Delyssa, a Tunisian olive oil company owner who changed the look of her product and says, “The reaction was unbelievable”. Check out sites like www.aspecialtybox.com, which will service your packaging needs and also act as consultants.
Pick a recession-proof food
Jim Lampman, founder of Lake Champlain Chocolates saw that chocolate was an affordable luxury that could survive in tough times. Lampman’s company has remained profitable during several economic slumps, and is currently bringing in $20 million per year.
Make your product consistent
“We are absolutely ruthless about product quality,” says Jim Walker of Walker’s Shortbreads, “Success in the food business comes down to integrity in everything you do. Consumers know when they buy Walkers, they buy it because it always tastes the same.”
Seek help with sales and distribution
Companies like SF-based Buyers’ Best Friend, which brings about 60 small businesses to the Fancy Food Show, help connect small businesses with buyers and reviewers. BBF asks companies for $1,500 a year for membership, but if they don’t sell $1,200 worth of product, they are refunded.