Know-How Exchange : Strategy

I strongly agree with Randall. Your first step isn't the legal stuff or the new kitchen you'll need. It's the business plan that will guide the whole thing.

I've been involved with several food businesses over the years, including a local brand that went national and grew its volume base by a factor of 50x. The key for that brand was getting the retail distribution -- and that's a big deal. They borrowed and invested $10 million! And then they invested another several million in advertising and promotion each year.

Like Randall, I hope you won't see this as discouraging. It's meant to be sure you know exactly what you're getting into, what it's going to take up-front, and what the critical success factors are likely to be. If you go through this process and decide to go for it, you'll be thankful you did the homework in the beginning.