Strategic Advisor to Founders and CEOs. Took a specialty food manufacturer from capital raise to exit sale. Turnaround CEO. Food safety expert. Built five USDA inspected food manufacturing facilities.
25 years experience as CEO and Founder of American specialty food manufacturing companies. One company ranked #192 on Inc.500 list. Topics covered range from concept to capital raise and exit sale.
Social enterprise and "most profitable" are in conflict with each other. It may be best if you focused on one or the other and once the idea works, then either make it profitable or add a social component. Trying both at the same time has a very high chance for failure.
In addition to getting academic knowledge about accounting, marketing, etc. you need to actually work in an environment that allows you to learn about what it takes to "Make Payroll".
Until you know what it takes to keep the doors open, starting a business and assemble the plane while flying it means that your chance of failure and wasting money is almost 100%.
Go to the source - i.e. monitor government sites that list new company incorporations and then call the companies with your pitch. In the US that would be the Secretary of State website for each state.
Sign up with Alibaba as a supplier. Otherwise if you are in the US you can work with the programs offered by the Department of Commerce.
Check if your country has an export program - and then work with them.
Short term answer - yes. However your problem will be execution. A two-sided marketplace takes years to grow and millions of bucks to keep the door open until you are big enough to grow naturally.
First you need to calculate your costs. Then estimate the number of transactions per month Then estimate your cost and margin per transaction Identify who benefits the most and charge them 66% of the number you need and charge 34% to the other party. Monitor and test and be willing to change percentages based on what works.
If I got the right company - they are an insurance company. https://www.assurant.com/ Insurance companies do employ CPAs - so it should be worth your time to check into the offer.
You will need to start small. If you have a garden use that to raise some chickens from scratch. If you don't have a garden, make a deal with a farmer to use some land to raise chickens. You can sell some of the eggs and use others to get more chickens by letting them hatch. Protecting the chickens will be a major issue in the beginning.
Alternative is to raise money to rent land and build coops and get an initial amount of chicks.
Unfortunately this will not work in India or globally and you will end up wasting a lot of time dealing with scammers.
A better option is to take on a partner that will handle all the marketing on a full time basis. The partner should get a salary or a commission on each sale and equity in the 5 to 25% range.
Always best to maintain control over critical functions and marketing is one of them. Best of luck.
1) Use AI every day for personal and business 2) Try every model on the free plan 3) Pick the best and pay for a subscription
In my case, I pay for Gemini
At this point, you have to step back and re-evaluate your plan. The possibility for you to raise money this kind of money for what is a non-scalable, hyper-local business are close to zero.
I suggest you focus on making money so that you are not dependent on your wife's income and then: 1) Create a business plan for your concept. That will show you if your idea is viable from a financial perspective. Do the research yourself and do not get fooled by your passion for your idea. Be totally rational when doing the numbers , not optimistic. 2) If the numbers make sense, then start trying to raise funds by approaching people in your network. 3) Do not spend anymore money for work that you could and must do yourself.
For more details: https://z-niche.com/2020/02/21/how-to-evaluate-an-idea-for-a-start-up/
Herb has deep experience as a food manufacturer, great knowledge of the food supply chain and players. He provided very helpful advise for my business idea. A great person to talk to. Thanks again Herb!
