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:
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?
Who are your customers? What is their demographic?
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
Some great places and opportunities to consider for trading are:
The business district
Shopping districts or malls
Popular tourist locations
Parks and beaches
Bus and train stations
Festivals and events
Conferences and conventions
Private events (weddings, birthdays, etc)
Most of these locations will require permits and/or owner agreements, so make sure to check with your local authorities & institutions beforehand.
When it comes to festivals, events, conferences and conventions the best thing to do is to get in touch with organizers and lease your space well in advance
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