Should you start a vegan business?
In the topsy-turvy world of freelancing, the modern home-based business has to cater to more than a generalised market. And so, with veganism being a major trend, not just health wise, but business-wise, then surely it makes a lot of sense, especially if you have some passion for veganism, to start your own vegan business? While it's not a simple as that, what do you need to make sure that your vegan business stays ahead of the herd?
Nurturing the relationships in your supply chain
You can look online on how to nurture your supply chain relationships, but it cannot be underestimated that your supply chain is one of the essential composite parts of any business relationship to ensure that your products reach the customer. Because running a business, especially from home, can be a logistical nightmare, especially if one link of the chain doesn't work, either due to a lack of communication, or problems that are out of your hands, which can result in a very poor public image. This is why it's so important for you to ensure that you nurture good quality communication, but also nurture these relationships effectively. Supply chain network optimization is vital to ensure you can meet your customers' needs and prevent your business from losing much needed income. Supply chains are important in all sorts of businesses and when they don't function well or can't cope with an increased demand then they can have negative consequences. Such an issue was shown in the healthcare sector when COVID-19 struck. As supply chain tech company Verusen explains "COVID-19 has exposed the vulnerabilities of complex global supply chains at an unprecedented speed and scale. This is particularly true in the healthcare sector, where the scramble for protective equipment has laid bare the inherent risks of inventory and single-sourcing models driven exclusively by cost control."
Do you need to appeal to more than just vegans?
Veganism is a big market, but when you are starting out, the temptation can be just to hit the vegan market, because it's a very logical thought. But now, you should consider your options outside of vegans. There are those “militant vegans” who have been living this lifestyle for decades, and then there are others who are intrigued about how you can physically live off beans and tofu, and this is where you could make a killing, marketing wise. Providing that intrigue to potential customers is an age-old fundamental of effective marketing, and when you are starting out, especially in an industry that has so much competition out there, you can't keep afloat by appealing to vegans alone.
How passionate are you about the vegan industry?
It's worth asking now, because it's your passion that will keep you pressing on. In any business, there are going to be extreme highs and deep lows, which is why you need to have never-ending passion for the industry, seeking out new items, different approaches, and generally keeping up to date with trends in the industry as a whole. Are you passionate enough that, when you have a bad month, you will keep on going?
Because it is this that every business person needs, not just the necessary skills and knowledge. A lot of people would choose the vegan industry as a business venture now because it's an easy way to make money, but this isn't actually true. Every business has numerous competitors, and when you are brand new, why would someone buy from you in the first place? They have a supplier that they trust already out there. So when you are knee deep in bills and logistical problems at 2 in the morning, this is where your passion will keep you alive and focused!