Reply to stacee on her update on her project
As I move through the financials of my plan, I quickly realize the food brokers greatest cost will be travel and entertainment expenses. I initially, wanted to go to market as a national broker, but a good method to minimizing this expense short term would be to operate in the western region of the U.S., so this will be a indicated in my conclusion of recommendations of the plan
Very little capital is needed as an independent food broker. Quake Capital (2018) suggests 29% of all startups fail because of this, so I have added a required partner investment or long-term loan into my financials. Not only do the partners have the security in knowing there are funds to support in the tight periods or when the unexpected occurs, but this will motivate them to succeed knowing their money is invested.
Technology is not developed with in this industry, I think this could be a big opportunity for me. The number one complaint Brands have about Brokers is they do not know what the Broker is doing for them. The quality of the broker is determined by sales, but when a brand attributes a channel of sales to a broker it does not mean the broker facilitated the sale. Having said that, I think there could some functionality of a reporting and monitoring app like a social media app. I do not know enough to suggest I have the answer but transparency would lend itself well in this industry.
Quake Capital, ((2018, June 23). The top 10reasons startups fail; Watch out for these red flags.
Medium: The Startup. Retrieved from:
https://medium.com/swlh/the-top-10-reasons-startups-fail-ab3196d70568
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