Do you dream of becoming a vegan entrepreneur? Here are some tips on how to start up a vegan business on a limited budget
The world of vegan businesses is booming. From “bleeding” burgers to dairy-free cheese to cruelty-free skincare, there are new vegan products gracing supermarket shelves, luxury department stores, and restaurants from the fast to the fancy. The vegan market is thriving because consumer attitudes are changing. It’s supply and demand. Now is the time to get into vegan business.
If you’re a budding entrepreneur, there has never been a better time to jump into the vegan market. If you’ve got a limited budget, don’t be discouraged. There are plenty of ways you can get a business started without breaking the bank.
Identifying Your Target Market
Identifying a target market is the foundation of building a brand. It’s only when you know who you’re talking to that you can start to develop your business. You can determine your target market by defining your product or service and then researching other similar businesses.
You can find out more about your target market by using resources like Survey Monkey. However, the site does charge for its services. Alternatively, you could scan through free data, like that available on Google Trends.
You could also choose to gather together a focus group. You don’t need to pay an agency to do this for you, you can do it on your own, by posting an ad on Craigslist or posting homemade flyers in relevant areas, for example. If you don’t have the budget, you don’t have to pay participants either. You could keep it as simple as offering a chance to learn about something new and potentially — if you have the cooking skills or resources — a free lunch.
Preparing a Business Plan
Writing a business plan is essential to the success of your business. It will help you think about your strategy and the specific steps you need to take to reach your goal, including fundraising. According to business magazine Entrepreneur, a perfectly written business plan requires thorough research before you even type the first word.
There are plenty of free resources available to help you write a business plan. YouTube, for example, is filled with helpful video tutorials and tips. You can also find templates online. In the UK, the Government website offers several examples that are free to access, as well as a clean template for you to fill in when you are ready.
The Prince’s Trust — a UK charity set up to help vulnerable young people — offers several free resources and templates for writing a business plan, as well as tips on how to get started.
Social media and platforms like Kickstarter can help you build a business on a budget
Making Use of Social Media
Once you name your company or product, make sure you grab the relevant domains and social media handles. Don’t underestimate the power and influence of social media, either! When your business gets going, these platforms will be invaluable marketing platforms for you and one of the easiest ways to grow with a limited budget. Although a social media strategy team can be one of the best spends for a small business, you can start out on your own, mastering many of these techniques for yourself.
You should identify which social media platform is right for you to focus on, and this goes back to your target audience. If your goal is to be business-to-business, consider focusing on platforms like Linkedin. If your target audience is Millennials and Generation-Zers, your focus should be on Instagram, YouTube, and Facebook.
Find out where your people are. Are you starting a vegan skincare line? The beauty blogging industry has exploded in recent years, and the main platforms for influencers and bloggers are Instagram and YouTube, so this is where you need to be, too.
Find out where your people are. Are you starting a vegan skincare line? The beauty blogging industry has exploded in recent years, and the main platforms for influencers and bloggers are Instagram and YouTube, so this is where you need to be, too.
Networking
Social media comes in handy again when it comes to networking. PX CEO Frans Van Hulle says, “use platforms like Linkedin, Twitter, and Facebook to produce, comment on, and engage with relevant industry content to build trust among your followers. You’ll also generate inbound networking — contacts will find and reach out to you, so you’ll spend less time having to actively seek more contacts.”
Linkedin is a particularly good platform to use for online networking. Reach out to others, but make sure each message is customized instead of sending out the same generic text. Accept connection requests when relevant people reach out to you as soon as possible. You should also trust the algorithm and review and connect to those who are suggested to you by Linkedin.
Outside of social media, participate in local events. If you make vegan cheese, for example, find out when food markets are taking place in your town. Or find out about larger events you can travel to. If you’re in the beauty world, look for anything beauty related. Same with fashion or food.
Fundraising
When starting a company on a budget, raising capital is going to be one of the most important factors for your success. Thankfully, there are many ways in which you can secure financial support.
You can ask friends and family to help you when it comes to finances. Forbes says, “consider inviting family and friends to invest in the company with the understanding that their money may not be returned. In most cases, these friends and family are investing in you, not your business. Both parties should think of this investment as a grant with no strings attached.”
You could also consider a small bank loan. Most banks and credit unions offer small business loans. To apply, you will be expected to provide the bank with a full understanding of your business. You will need to prove that you have the skills and expertise to make your business plan work.
You could also look for Angel investors. Forbes says, “this affluent individual — or a group of individuals who pool their research and resources — provides capital for a business start-up usually in exchange for convertible debt or ownership equity.”
You could also consider a small bank loan. Most banks and credit unions offer small business loans. To apply, you will be expected to provide the bank with a full understanding of your business. You will need to prove that you have the skills and expertise to make your business plan work.
You could also look for Angel investors. Forbes says, “this affluent individual — or a group of individuals who pool their research and resources — provides capital for a business start-up usually in exchange for convertible debt or ownership equity.”
Crowdfunding is another option for financing your business. Platforms like Kickstarter and Indiegogo are responsible for a number of major success stories. Did you watch the “Veronica Mars” movie? That was made possible through Kickstarter. Fans of the teen TV show raised more than $5 million.
Baubax was able to create “the world’s best travel jacket” thanks to Kickstarter and Indiegogo. In July 2015, it raised more than $9 million. The following September, it raised a further $2 million. For the newer version of the jacket, the Baubax 2.0, another $4 million was raised on Indiegogo. Pebble crowdfunded its first smartwatch on Kickstarter back in 2012, managing to raise more than $10 million.
Kickstarter says that people love peeking behind the creative curtain and “directly supporting the creative process. In fact, 13.9 million people have pledged more than $3.39 billion to bring Kickstarter projects to life over the years.”
Baubax was able to create “the world’s best travel jacket” thanks to Kickstarter and Indiegogo. In July 2015, it raised more than $9 million. The following September, it raised a further $2 million. For the newer version of the jacket, the Baubax 2.0, another $4 million was raised on Indiegogo. Pebble crowdfunded its first smartwatch on Kickstarter back in 2012, managing to raise more than $10 million.
Kickstarter says that people love peeking behind the creative curtain and “directly supporting the creative process. In fact, 13.9 million people have pledged more than $3.39 billion to bring Kickstarter projects to life over the years.”
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