First Step: Market Research

Market research involves finding out the ‘who, what, where, why and when’ of your business, and while it’s not the most exciting part of your endeavour, it’s certainly an essential one. It can be risky and even silly to assume that you already know the answers to these questions and then get caught out later on.

Here’s what you need to address at this stage:

Operational

• Where will you set up your food cart business?
• When will you open to ensure the best business?
• How will the weather affect your trade?

Target Market

• Who are your customers? What is their demographic?

Competition

• Is there any competition? What do they offer?

Locations & Business Opportunities

Finding a couple of great locations will play a major factor in your success and it depends on several key factors:

• Where you’re allowed to park by law
• Where the customers are
• The prime hours for each location
• Competition

Some great places and opportunities to consider for trading are:

• Office parks
• The business district
• Empty lots
• Shopping districts or malls
• Popular tourist locations
• Sports venues
• Parks and beaches
• Bus and train stations
• College campuses
• Festivals and events
• Conferences and conventions
• Private events (weddings, birthdays, etc)
• Corporate events

Most of these locations will require permits and/or owner agreements, so make sure to check with your local authorities & institutions beforehand. In the case of festivals, events, conferences and conventions the best thing you can do is to find where they are staged and lease your space well in advance.