Preheat your oven to 325°F (163°C) and grease and flour a 9x5 inch loaf pan.
In a mixing bowl, cream together the softened butter and granulated sugar until light and fluffy.
Add the eggs one at a time, mixing well after each addition. Then mix in the buttermilk, vanilla extract, and red food coloring.
In a separate bowl, whisk together the flour, cocoa powder, baking powder, and salt.
Gradually add the dry ingredients to the wet ingredients, mixing until just combined. Do not overmix.
Pour the batter into the prepared loaf pan and smooth the top with a spatula.
Bake in the preheated oven for about 70 minutes, or until a toothpick inserted in the center comes out clean.
Once baked, remove from the oven and let the cake cool in the pan for about 15 minutes. Then transfer it to a cooling rack to cool completely.
For an added touch, consider frosting the cooled pound cake with cream cheese frosting.