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Recipes: Ingredients to Success, A Food Business Accelerator
March 21, 2017 @ 6:00 PM - 9:00 PM
Recipes: Ingredients to Success
presented by In The Business of Food & FoodLab Detroit
Today, more than ever, adopting a mission-driven, sustainable business model is an important component of a business’ success. Keeping mission front and center for managers, employees, and customers is simply good for business. At FoodLab, we believe that empowering leaders with the knowledge and resources they need to make mission matter will most certainly improve performance and results.
It isn’t enough these days to have a great business concept — consumers, retailers and investors are looking for companies with a higher purpose. To help food businesses at the scale-up stage stay true to their values while they grow and scale, FoodLab Detroit has developed a Good Food Accelerator in partnership with food & beverage industry consultant Jess McClary, CEO, McClary Bros and her team at In The Business of Food (IBF).
This Accelerator will have a strong focus on branding, financials, operations as well as sales and retail strategy — all of which are “extremely important” for food businesses in the scale-up stage, particularly those keen on following in McClary Bros. charmed footsteps. For someone who’s scaling up and wants to do what McClary Bros has done and go through retail, these are some of the strategic decisions that are extremely important.
Who we’re looking for:
FoodLab’s Good Food Business Accelerator was created to address the needs of scale-up stage food businesses who are ready to take a long, hard look at the innards of their business and get some outside wisdom on how to keep the passion, increase the efficiency and deliver the very best product they can to the people.
What you get
Unlike typical accelerator programs, where ‘one size fits all, FoodLab’s Good Food Business Accelerator is customized and has a high-touch consultative approach. Our workshop facilitators, mentors and topics are curated based on the needs of the cohort companies.
At the end of the Accelerator, 5 participants with the most compelling ideas, will bring their mission to life and pitch their company live in front of a panel of prolific industry experts & 100+ attendees at FoodLab’s Good Food Spotlight that will be held during Detroit Startup Week. The winning business will be awarded a cash prize & mentorship to further their business objectives.
You will be building a formal business plan over the length of the program, specifically addressing the challenges facing food businesses
You will examine and assess the processes, policies or concepts in your existing business that address: Corporate Culture, Leadership Skills, Human Resources, Branding, Marketing, Social Media, Operations and Inventory Management, Internal Finances, Finances for funders/investors/partners and learning to pitch your business.
All participants will develop a sales pitch for their business and select entrepreneurs will be chosen to participate in the Good Food Spotlight Pitch Competition.
This class is appropriate for you if:
1.You have operated your food business for 1+ years
2. Your business has had revenue of over $50,000
1. Your business is currently a full-time job for one or more owner(s) OR
2. You intended for your business to grow to support a full-time job for one or more owner(s)
Your food business fits into either of the following tracks:
1. Recipes to Retail: Growing your product-based food business
2. Recipes to Restaurant (or Food Truck): Growing your foodservice-based business
You need to develop a formal plan/strategy in your business in one or more of the following categories:
1. Company identity/culture
2. Management Training/Leadership
3. HR/Hiring Processes
4. Marketing/Advertising/Social Media
5. Operational Management
7. Inventory Management
8. Best practices in bookkeeping
9. Understanding your cost versus pricing
10. Building financial picture/projections for funders/lenders/investors
11. Pitching your business
About In The Business of Food
The Chicago raised, but now Farmington, Mich.-based entrepreneur, Jess McClary, started McClary Bros. as a bakery in her home. Flash forward three years later and McClary Bros. is on track for a $1M revenue year with products served or sold in 1,000 locations in 27 states! Jess McClary and her team have years of industry experience and also have a keen talent for helping entrepreneurs. With her new company, In The Business of Food, Jess plans to teach food entrepreneurs how to tackle their most pressing challenges and structure healthy businesses.
About FoodLab Detroit
FoodLab Detroit is a membership-based network of over 220 food processing and retail businesses who want to make a positive social impact. We invest in the success of thriving, sustainable local food businesses, increasingly owned by people of color and women, so that they might create jobs and wealth in their communities.