Much like any other business, building a frozen yogurt business takes time and perseverance. There are many factors that should be considered prior to acting on the impulse for this type of business. Here are a few tips to keep in mind as you embark on your journey to being an entrepreneur in the frozen yogurt field.
Self Service vs. Full Service
It is essential to consider whether your frozen yogurt venture will be one of self service or full service. Many of the top competitors offer a combination of the two so that customers can have varied options. Furthermore, doing a bit of market research on the competition will provide keener insight as to where there is a market niche that will appeal to the needs of your target consumer. Additionally, this background research will better help you put together original menu offerings that other frozen yogurt companies may not have.
Assuming that all of the frozen yogurt business necessities have been completed (i.e. business licensing, operating permits, tax identification numbers, retail and food licenses) then it is safe to proceed on to the inventory selection step. Sure, it is a given fact that you will be selling frozen yogurt, however you should consider the following question: will your yogurt be soy-based, dairy-free, almond-milk based, probiotic infused or just the standard variety? Additionally, take into consideration any toppings, syrups, fruits, scales, freezers, warmers, chairs, tables, office equipment, cash registers and credit card machines required. Factoring these items into your inventory budget will prove exceedingly helpful.
What’s Your Flavor?
Choosing the right flavors for your target consumer is essential. Just having a few general flavors may send a customer straight to the competition. This is where you as an entrepreneur can lean on the side of creativity. This is where creative naming comes into play. For example, if you have a vanilla flavor, you can spice it up with the name and an extra ingredient. For example, Madagascar Vanilla is a type of vanilla flavor that is a bit bold – it would not be odd to use this exotic vanilla flavor as a name for one of your bolder varieties of vanilla frozen yogurt. This can also be done with chocolate and cheesecake flavors as well. This is where research meets creativity – a pairing that can easily yield profitable results if done correctly.
Setting up a frozen yogurt business can be a bit daunting. The key to doing everything right is to set up your business first and then follow through with discerning how your product will be more intriguing than that of your competition. By doing these things, your endeavor can be a true success.