Despite the low start-up costs involved, jumping in to street food without any kind of plan is a sure-fire recipe for disaster. The space is extremely competitive, and you need to have a very clear idea of the niche you plan to fill before taking the plunge.
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, summarize 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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