Cooking Up Profits
Like thousands
of people, Tim and Nina Zagat loved dining out. Unlike thousands of people,
the Zagats found a way to turn that passion into a multimillion-dollar
business.
As is often
the case, the Zagats hit upon their great idea because they couldn't find
something they wanted themselves — a reliable guidebook to restaurants.
Because they found selecting a new place to eat was often a hit-or-miss
proposition, they got the idea to enlist some of their friends in helping
them rate places they had eaten. The Zagats printed up the information
and passed it among their friends. Their little restaurant guidebooks
were so well-received that they decided to turn their hobby into a business.
Today, the
Zagat dining guidebooks are the most popular in the field, covering several
cities in the U.S. plus London and Paris. The food-loving couple now enlist
the aid of thousands of people to evaluate a wide range of restaurants
and give their opinion on everything from ambience to service. They added
another profit center by issuing special editions, which corporations
use as gifts for their customers and business associates.
Food has always,
of course, been a popular basis for building a business. No other commodity
is as universal in its market and fortunes have been made at every link
of the food chain. One of the most prevalent business fantasies is to
open a perfect little restaurant, despite the expense and failure rate
of such undertakings.
But if food
is your passion, there are numerous ways to turn that pleasure into profit,
other than opening a trendy eatery. Let's consider a few of the ways you
could create a tasty business.
Catering.
If cooking for a crowd is your forte, catering could be a natural for
you. Both businesses and individuals use the services of pros to feed
parties, conference-goers and other large gatherings. I recently met a
woman who has spent the past 30 years creating luscious wedding feasts.
Then there are the youthful caterers here in Minneapolis who specialize
in feeding touring rock bands and their crews. Even more challenging are
the catering businesses who specialize in cooking for film crews —
often in out-of-the-way locations.
A new trend
that's catching on with busy professionals is hiring a personal chef who
prepares a week's worth of meals in advance and freezes them for the time-pressured
singles and families who can afford such a service.
And catering
is a business that seems to thrive almost everywhere. In small towns,
private caterers now assume the role that was once played by the ladies'
aid organizations in churches. One of the advantages to catering, of course,
is that it's easier to control your time as a caterer than is possible
with a restaurant where you're expected to show up every day. Catering
also allows you to be as creative as you like. You can specialize in something
unique, such as wedding cakes or vegetarian cuisine.
Share
cooking information. There are several formats that can be adapted
if you love food and have good communication skills. When I visited my
sister Margaret in Los Angeles, our drive time on the freeway was often
enhanced by listening to the amazing Melinda Lee, a resident food expert
who shares her tips and techniques on the radio.
Food is also
a popular subject for writers, with an endless stream of cookbooks appearing
all the time. This is one market that never seems to get saturated. A
friend of mine compiled a cookbook of family recipes that was so treasured
by everyone who received a copy, that she saw a new opportunity for starting
a business to design and edit family cookbooks for others. And even self-published
regional cookbooks find an eager market.
Examples of
self-publishing success abound, so if you have an idea that might be conducive
to publishing it yourself, by all means consider doing so. You'll be in
good company.
As our interest
in fine dining and healthful eating has grown, the number of food magazines
has also grown, with all sorts of opportunities for freelance food writers,
critics and stylists to share their passion for good eating.
In addition,
experienced cooks often teach adult education classes to share their expertise.
A woman in Florida devised a class just for single men — and improved
her social life at the same time. Classes in everything from low-fat cooking
to haute cuisine continue to draw curious students wishing to expand their
cooking repertoires.
Market
a food product. Actor Paul Newman garnered enormous publicity
when he decided to market his homemade salad dressing. Several million
dollars in profit later, his company, Newman's Own, has added other products,
including popcorn and spaghetti sauce.
If you have
a great recipe that's deserving of its own place in the market, consider
small-scale manufacturing. While this requires a considerable financial
investment and, in most places, a rigid conformity to state regulations,
the growing specialty food and gift shop market can provide a perfect
vehicle for getting your product launched.
Many successful
entrepreneurs sell food at special events or out-of-doors. You'd probably
be surprised to learn that the annual income of some street vendors in
New York surpasses the six-figure mark.
Another idea
that has proved successful is specialty sandwich delivery to workers in
large office complexes. Many entrepreneurs have carved out a nice little
profit center this way.
Sell
food via the mail. Thanks to speedy delivery services such as
Federal Express, specialty food items are being shipped all over the country.
I was flabbergasted when I saw a classified ad in Los Angeles
magazine offering burritos for sale via the mail. Who'd ever buy a burrito
that way, I wondered. Well, plenty of people, apparently. A few days after
the ad caught my eye, I saw a story on television about the success of
Burrito Express, which ships its specialty from coast to coast.
Then there's
Coriscana, Texas, home of the biggest purveyor of fruitcakes in the country,
a product that is sold primarily through the mail. Gift baskets of local
foodstuffs are also popular mail-order items. You can order all the fixings
for a pancake breakfast from a company in Vermont, for instance. If you
live in an area that's famous for a food not easily found elsewhere, opportunity
could be knocking.
While specializing
seems to be the key to a successful food business, it's equally important
to have a desire to share your passion for glorious food. If you've got
those basic ingredients, there could be a goldmine in your kitchen just
waiting for you to discover it.
There's
more where this came from.
Order Winning Ways now!
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