Noah Munro understands firsthand the challenge of growing a profitable food business through his work as co-founder of The Mill Fudge Factory. Munro drove the growth of the company from an idea into a well-run profitable food business with over 10 employees and steady annual revenue growth. Munro was also responsible for selling over $400,000 of fudge online, shipping to every state in the United States. He shares his step by step advice on how to develop a profitable pricing strategy and lessons he’s learned along the way.
A little about Noah
Noah Munro is a food business consultant and founder of Taste Profit Consulting LLC in Portsmouth, New Hampshire. He provides food business owners and managers with entrepreneurial coaching and execution support. He has assembled a team of specialists to help provide support on growth strategy, marketing and PR, eCommerce, and accounting. Noah is also the co-founder of The Mill Fudge Factory in Bristol, New Hampshire and earned an MBA from Babson College, focused on entrepreneurship.
- Businesses make the mistake of doing cost pricing versus market-based pricing
- Make sure you clearly define your competitors and their pricing structure
- Decide on your pricing strategy (quality, price, value) and make sure it’s a profitable model
- Think about at what price your retailer will be selling your product and what margin they’ll need
- Make sure you focus on your core business, not the shiny penny
- The common mistake is to ignore the financials; instead, use your financials as a dashboard
- Develop an advisory board to help steer your ship
- Be persistent, persevere through the challenges your facing
Noah’s awesome pricing profitability tool: Competitive Price Analysis Tool (Excel download) – Noah Munro, Taste Profit
“Make sure you find your core business focus and make sure that core business is viable.”
“If your margins aren’t there, it’s going to be really hard to exist in the long run.”
“You need a team to grow a business, you can’t do it alone.”