Tags: Critical Thinking Activities In Patterns Imagery LogicIndia EssayMaster Thesis In DenmarkTelemarketing Research PapersHow To Write Argumentative Essay SamplePersonal Legend Essay
If the idea of a business plan leaves you confused and a bit queasy—like you’ve eaten one too many fried Oreos—you’re not alone.Many first-time and early-stage entrepreneurs like food truck owners skimp on the formalities and neglect to write business plans until it’s time to apply for a loan.Describe what your truck will offer and where you plan to sell food.
Next up is your Company Description—the section that really gets to the heart of your purpose, plans, and goals.
Effectively serving as a mission statement, the Company Description should clearly describe what your food truck is all about (a focus on organic ingredients, fusion cuisine, etc.) and how it fulfills a need in your community.
However you got here, you’re about to embark on one of the craziest journeys of your life—and if you take careful action along the way, the path you’re on could lead to a successful, sustainable business that allows you to spend your days doing what you love and being your own boss. Well, before you quit that day job and invest in a $50,000 truck, you need to figure out if your dream is even viable.
So grab some takeout from your favorite truck for inspiration and sit down with your note-taking device of choice.
According to a report by the National League of Cities, the food truck industry earns about $650 million each year. You’ll also need to factor in your pricing plans and any licenses or local restrictions that could impact your ability to attract more customers.
That’s a lot of cheddar—and trends suggest that profits will quadruple over the next five years to .7 billion. Your Market Analysis should display your knowledge of the food truck industry and show readers that you’ve done your homework.
Why did you decide to enter the food truck industry? Those are the questions you’ll be answering in the Market Analysis section of your food truck business plan.
First, you’ll need to look at trends in the food truck industry to figure out what kind of performance you can expect. How many people will be interested in your menu—and how many of them can you reasonably expect to serve each day?
However, your business plan can do a lot more than secure funding—it also serves as a guide to take you through each step of building your business.
You can use your business plan as an accountability tool to make sure you’re staying on track with the goals you’ve set.