Despite the low start-up costs involved, jumping in to street food without any kind of plan is a sure-fire recipe for disaster. Here are a few things, you can do to help you quickly write down your business plan.
Writing a business plan isn’t a complicated job and it doesn’t have to be very long. Keep it concise, to the point and ensure that you cover each of the following topics:
- Your business’s name
- Business management: who’s going to be in charge?
- Your mission statement: in one sentence, summarise the aim of your street food business.
- Your vehicle: are you going to use a stall, a cart, a trailer or a truck?
- Start-up costs: what do you need to buy to get started? What fees to you need to pay in advance?
- The daily operational costs: how much will you spend on ingredients and what are the overhead costs on a weekly or monthly basis?
- Funding and financial projections; where do you plan to get the money from to start the business and what are your projected profits/losses for the next month, year, 2 years etc? How will you maintain the cash-flow?
- Your schedule: will you work on the business full-time or alongside your day job?
- What’s your main competition and how will you differentiate yourself from it?
- What is your marketing strategy?
- Do you have the logistics in place to deal with delivery and customer service?
If you plan to focus on events, your food cart business plan should include a clear targeting strategy. Pitch fees will vary widely, and there are a whole host of other variables to take into account including total attendance, other traders present, and the demographic of customer that will attend.
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