046 - 5 things you need to make your vegan business a success (Live from Global Vegfest)
Sep 21, 2021
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David, an expert in vegan business practices, shares vital insights for aspiring entrepreneurs at Global Vegfest. He emphasizes launching a mission over just starting a business, and the importance of appealing to non-vegans. Engaging with customers and learning from established entrepreneurs can significantly enhance success. The discussion also highlights the critical role of mentorship and personal growth in creating a resilient business. David’s strategies underscore that self-care and community involvement are essential for sustainable growth in the vegan market.
Launching a vegan business should focus on a mission that inspires others, enhancing credibility and fostering community support.
Reaching non-vegan customers is essential for growth, as they constitute a significant portion of the plant-based market.
Deep dives
Start with a Mission
Launching a vegan business should involve a mission that goes beyond simply offering vegan products. Successful businesses are those that inspire others and connect with a broader purpose, which in turn attracts customers and supporters. For example, a company like Re-farmed not only produces oat milk but also helps dairy farmers transition to plant-based milks while creating sanctuaries for farm animals. This mission-driven approach enhances credibility, fosters community support, and encourages word-of-mouth marketing.
Target Non-Vegan Consumers
Reaching out to non-vegans is crucial for the success of a vegan business, as they represent the largest segment of the market. Research shows that a significant percentage of meat replacements and plant-based meals are consumed by non-vegans, reflecting a growing trend in ethical consumerism. Brands like Beyond Meat have successfully attracted a predominantly non-vegan customer base, illustrating that a well-executed vegan offering can appeal to a wider audience. Businesses should focus on this demographic to encourage plant-based dietary shifts and maximize their market potential.
Engage Customers in Development
Building a business that addresses customer needs requires engaging with the target audience from the outset. Entrepreneurs often spend too much time perfecting their products before seeking feedback, which can lead to costly mistakes. In contrast, by launching a minimum viable product and soliciting real-time feedback, businesses can better understand their customers' desires and make necessary adjustments. This strategy not only enhances product-market fit but also fosters a loyal customer base invested in the growth of the business.
Learn from Established Brands
Identifying and connecting with successful businesses that share similar goals can provide valuable insights for aspiring entrepreneurs. Many challenges faced in launching a vegan business have likely been encountered and resolved by others in the industry. By seeking mentorship and understanding the strategies of predecessors, entrepreneurs can save time and resources while learning from their experiences. This network can foster collaboration and innovation, ensuring that new ventures have a solid foundation for growth.
The 5 key things you need to have a successful vegan business. There has never been a better time to have a vegan business. Interest in vegan and plant-based is at an all-time high but with so many huge brands now entering the market, how can you have a vegan business that is ethical but also financially viable?
In this seminar live-streamed as part of Global Vegfest, David takes you through the 5 key things that you need to make your vegan business a success. They are:
Don’t start a business, launch a mission.
Don’t just sell to vegans.
Build your business with your customers (or audience).
Go find the people who have already done what you are trying to do and learn how they did it.
Don’t just build a better business, build a better you.
About Vegan Business Tribe
Hosted by Vegan Business Tribe co-founder, David Pannell. Lisa & David have worked with some of the largest high-street brands and food manufacturers to help them understand and connect with the vegan marketplace. David is also the official UK agent for The Vegan Society's Vegan Trademark and Lisa writes the monthly business column in Vegan Food & Living - the biggest vegan print publication in the UK.
Vegan Business Tribe is where they give back with weekly content, seminars, business clinics, networking events, mentoring and online courses to help you create a successful vegan business. If you want to go beyond the podcast and connect with our community of like-minded vegan entrepreneurs or get support from Lisa & David, then head over to www.veganbusinesstribe.com where you will be welcomed with open arms!
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