The global beverage industry is expected to grow to nearly 2 billion USD by 2028. This is an increase of 3.47% from 2021.
Although some major companies are competing in the beverage industry already, there’s still room for smaller beverage companies to join the fight. Many consumers identify with their drinks and are serious about finding amazing beverages to indulge in.
But how do you start a beverage company and what steps do you need to take to get on the right track? Here’s what you need to know.
Start With Business Basics
Before getting too far in your business, make sure that you’ve set it up correctly. Be sure that your business is fully legal and set up all of the business basics.
Register your business and choose a business structure that you’re satisfied with. You’ll need to consider all the common business structures that are available such as sole proprietorship, partnership, corporation, and S corporation.
You should also choose a business name that you think will work well when marketing your products and that you think you can build a successful brand around. Additionally, you’ll want to get other parts of the basic structure in place. Set up a business bank account, rent an office space, and perform other essential business activities to set your beverage company up for success.
Look for Funding
Another important part of launching a beverage company is to get the funding you need. You’ll need to have enough money to launch your business successfully, develop your product, and manufacture it. You should consider various options for funding our business and attaining startup capital.
You may need to work with investors to raise enough money to launch your business. When doing this, you’ll need to have a business plan and will need to prove that your company is worth investing in.
Research the Market
Before launching your business and developing beverage products, you need to do as much research as you can about the beverage industry.
You need to understand the market you’re going into and should get all the details about how the industry works before you try to join it. Research your competitors vigorously so that you have a good handle on the trends.
You also need to research the target audience for your beverage so that you’ll know how to connect with them and market your product to them. The more information you have when launching your business, the better off you’ll be throughout every other step of the process.
Create Beverage Products
Once you have a good understanding of the industry, it’s time to work on your beverage ideas. You need to do plenty of brainstorming and ideation to create a beverage that will be a hit. Get together with your team and think carefully about what the market needs, what you’re capable of creating, and what your business goals are.
Create beverage products that you believe will do great on the market and that you truly believe in. You’ll need to work with experts to formulate your drinks. Ensure you have the right ingredients and have spent time perfecting your drink to meet your goals.
Once you have developed your first product, you can then start planning how to bring it to the market so that it gets traction with your target audience.
Prioritize Branding and Marketing
To sell beverages, you need to have a killer branding strategy. Think carefully about your branding and remember that it’s about more than just the logo. Your brand also includes your messaging, your marketing copy, and many other elements as well.
Be sure that you have a plan for marketing your product both during launch and beyond. Think carefully about the audience for the drink and consider where they spend their time and where you can best reach them. This could be on social media sites such as Facebook, Instagram, and Twitter or it could be through traditional marketing techniques such as billboard and print ads.
You’ll likely want to use a combination of many different marketing techniques to reach your ideal audience and ensure that they know about your product and are willing to give it a try.
Choose Your Ingredient Sources
An important part of starting a beverage company and creating beverages is to have a plan for sourcing ingredients. You need to compare your options and speak with various sources to reliably get the ingredients you need.
You’ll need to have strong standards when forming and manufacturing your drinks. Working with great sources will make the process of manufacturing and selling beverages much easier and will help ensure that your supply doesn’t run dry.
Getting all the details about your sourcing worked out is an essential part of having a successful company. Take this step seriously from the beginning so that you won’t have major setbacks later on.
Find Manufacturing Partners
You also need to determine exactly how your drinks will be manufactured and how they will be labeled, packaged, and distributed. You need to be sure that you can get products manufactured to your specifications. Look for a company to work with that will be able to deliver consistent, quality results.
Great partnerships will be the key to your success as a beverage company. Find partners who will do a great job of not only creating the beverage itself but also helping with labels and packaging.
Be sure to look for a partner that can provide you with any cans or bottles that you need. If you need aluminum beer cans, for example, you may want to work with G3 Enterprises.
Launching a Successful Beverage Company
If you want to launch a new beverage company, be sure that you have all of your ducks in a row from the very beginning. Great planning will be the key to your success. You need to set up your business correctly, perfect your product ideas, and choose partners that you can rely on.
Need more business and marketing tips for beverage products? Browse our blog now to find more useful guides for businesses.
