So when you start a food business where do you start? Firstly, should I?
The most important thing here is if most people knew how hard something was going to be they wouldn't do it. However it's better to jump with your eyes open than blindfolded so I go through this exercise whenever I am taking on a new challenge.
I will link a full description here but let me give a quick break down:
What are my chances of success?
How will it look if I fail?
Step 1: Success:
How good is my knowledge in this area?
Have other people succeeded doing this? How many fail?
Do I know something unique? Am I going against consensus? If yes, what do I know they don’t? And what do they know I don’t?
Step 2: Fail
If I fail, what will the downside be? Research/reach out to others who tried and failed.
Do I have back-up options if this fails?
What is my risk tolerance level? if you think its high, ask yourself what have you done before with high risk and how did you manage - you may THINK you do, but have you ACTUALLY got experience of managing risk when things go bad.
How will I feel about myself if this fails? When it's all said and done, there is only you, think hard and imagine that feeling.
If this fails will I still learn/gain something beneficial? Essentially even if you fail, will you still win. This could be contacts, experience, skills etc.
Step 3: Fail to Act
In the link a above I have a thought exercise I go through, this was inspired by Tim Ferris: Fear Setting. I think Tim does a better job than I could ever dream of so I will push you his way. However here is what I think about.
But what if you fail to act? What happens then? So I really lean in to this section.
If I do nothing, how will my life look in 6 months? How will I feel about that?
If i do nothing, how will my life look in 18 months? How will I feel about that?
After all that you decide it is still time, then let's look at next steps.
This is Principle Number 1: Be Honest with Yourself.
There will be a series on principles to help you focus when setting up your food business.