Interested in starting your own entrepreneurial journey in food and beverage but unsure what to expect? Then read up on our interview with Cody Russell, CEO of Alaska Food Company, located in Wasilla, AK, USA.
What's your business, and who are your customers?
Alaska Food Company is a food hub specializing in freeze-food manufacturing and processing. Our business model focuses on contract manufacturing, government and military contracting and selling an in-house brand of freeze-dried meals. Our customers are the State of Alaska, military units, and selling our products direct to consumers and retailers.
Tell us about yourself
I have an extensive background in starting and scaling businesses, from ideas to multi-million dollar companies. Alaska Food Company is the latest business I created to help solve the food insecurity issue that Alaska is facing. Alaska imports 95% of its foods at an annual cost of $2 billion. The recent pandemic and a recent earthquake that shut down the state exposed how fragile Alaska's food supply chain is. By analyzing these state-wide issues, I was able to come up with a solution to the broken supply chain by creating a manufacturing plant that will serve as a critical component of Alaska's food supply chain. This business motivates me daily because we are tackling a substantial state-wide issue that will help many people. We are creating in-state jobs, incentivizing farmers to maximize their yields, reducing waste, providing healthy meals to school systems, and assisting the state in retaining more money. As an entrepreneur, the main focus should always be solving a pain point and helping as many people as possible, and that is why I wake up every day at 3 am and get after it!
What's your biggest accomplishment as a business owner?
My most significant accomplishments as a business owner are:
- Creating jobs.
- Solving real-world problems and providing value to people.
- Creating business systems that allow me to live a 4-hour work week while traveling the world.
A business is not something that you work IN but work ON. If you have to work in your business every day, you did not create a business you created a job.
What's one of the hardest things that comes with being a business owner?
The hardest thing about being a business owner is that you bear all the risk. It is straightforward to clock into a job each day that pays a salary or wage with benefits and be told what to do. It is tough to accept that sometimes you may not be able to pay yourself because, as an entrepreneur, you are the last one to be paid. Further, you set the company's direction and have to discover ways of attaining traction and growth. However, because you are taking on all the risks, you have the most significant potential reward and the opportunity to create an autonomous system, allowing you to live a life that most people cannot. Additionally, all problems that arise will come to you for resolution. You must learn to be patient, calm under pressure, and attain self-discipline that most people are unwilling to achieve.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Identify a migraine-level problem, want, or need in the marketplace.
- Develop an MVP.
- Do not take on a 50% partner. If you take on a partner, create a vesting schedule with a 1-year cliff. Most things can be hired out.
- Bonus- get a virtual assistant in the Philippines. It will change your life.
Where can people find you and your business?
Website: https://alaskafoodco.com/
Facebook: https://www.facebook.com/SeaTeeRussell
Instagram: https://www.instagram.com/cody.t.russell/
LinkedIn: https://www.linkedin.com/in/codyrussell30/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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