Business Description and Vision

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Planning your business

Planning Your Business

Business Planning and Entrepreneurship

Business Planning & Entrepreneurship

Business Exit Planning

Business Exit Planning

Strategic Business Tax Planning

Strategic Business Tax Planning

You have officially entered the food truck business planning zone; a 7 step process for individuals who want to start or already have a food truck. Before creating a food truck, you first have to have a good understanding of the business involved around owning a food truck operation.


This plan is for both new and existing food truck owners because once you complete the business plan, you should always make an effort to revisit your initial thoughts and planning. “Change is constant”-You do not want to fall behind by never updating your business plan to reflect the current market or condition of your business.

“Failing to plan is planning to fail”-Benjamin Franklin

In order to remain successful, you have to have a good understanding of which of your menu items sells the most or less and whether your market is growing to include or exclude your business through change of city and state regulations.

In order to gain success through your food truck business, you must know the ins and outs of your business (ex. How many sandwiches did you sell yesterday?; What time of day is your busiest?; What are the new city parking regulations?). By knowing your business you will ultimately increase your chances of success.

“Success is the elimination of failure”-Anonymous.

Being an informed business owner will not happen overnight and will take some dedicated work and endurance in order to gain the needed knowledge to create and maintain a successful business. Following your business plan and making adjustments as needed; will keep you focused on your set goals.

Be sure to pay close attention to the "Food For Thought" sections. These sections offer valuable points that you should keep in mind as you complete your food truck business plan.


Food For Thought

Whether this is your first business or your 5th, every business encounters unforeseen obstacles. The key to success is learning from your mistakes and not making the same mistakes that others before you have made. Again, “Success is the elimination of failure”.

You must treat your business as a business and not as a hobby. You should stay updated with new and changing information, especially the rules and regulations that may affect you and your business.

Remember that not only are you making an investment in a business, but also an investment in yourself. If you have the right entrepreneurial mindset you can grow and develop you, your team and your business.


Remember...At the completion of this section you should know:

  • Who the business is and what it stands for
  • Your perception of the company's gowth and potential
  • Specific goals and objectives of the business
  • Background information about the company



Mission Statement

The mission statement is important to have at the start of your business venture and will play a role in the future success of your business. When your goals are set for your business, they should be created with the mission statement in mind. You can not set a business goal if you do not have a vision of your future business potential.

The mission statement defines you and your business and makes a clear point to express the purpose of your business. You should frame your mission statement and keep it to where it is visible to both you and your staff as a reminder each day of what your business stands for.

Your mission statement may have one descriptive sentence or a paragraph of descriptive sentences, as long as it is clear what your business purpose is. It should not be difficult to your consumer to figure out what your business is all about. It should answer what your business does; who it does it for; and how it goes about doing it.

Example: “Feeding the hunger in you, one banana at a time.”


Company Vision

The vision statement defines what you want your business to achieve going into the future. It provides stepping stones to achieving goals you have set for short term as well as long term. Like the mission statement, the company vision should be posted in a visible location as a reminder each day of what you and your employees are ultimately working towards in the future.

Example: To provide the best gourmet dishes to a hungry customer base from anywhere.


Business Goals & Objectives

A goal is a general idea of achievement while an objective defines the action step in order to achieve the goal. Goals and objectives are important to the food truck owner because they help to identify future goals as well as an action plan in order to achieve the set goal. Your goals should include profit potential, business growth, and product/service efficiency.

Because you want a profitable business, expenses will need to be decreased while at the same time increasing income. Example income objectives could include-increasing sales 10 percent each quarter or catering 3 events a month. Expense objectives could include buying your ingredients from a local market rather than a distributor.

Improving your customer ordering time is an example of a service efficiency goal. An objective to help meet this goal would be to add call ahead ordering to your list of services offered for those who do not want to wait in line.

To increase your business operation would be a business growth goal. Implementing an annual training for staff to stay updated on food safety and sanitation regulations would be an objective of business growth. To open a brick-and-mortar establishment may also be an objective.

Example: Goals

· To create and maintain a profitable business

· To improve customer service

· To increase employee certification knowledge

· To increase the span in which we do business

· To become more efficient in order to increase productivity

Example: Objectives

· Gaining 3 new catering events each month, while also increasing sales by 10% each quarter

· Replying to each customer through social media/email regarding a comment or complaint

· Requiring each employee to complete annual training hours

· Participate in festivals, events, and food truck parks in order to gain more exposure

· Hire a “hype wo/man” to take orders and work the line while the customers wait


Brief History of the Business

Providing a “history” of your business is just that; whether you are continuing a family business or starting a new business. It defines the origin of your business as well as how it began. Depending upon your situation, you will have either a simple or an extended business background history.

In describing the history of your business you should include: where you plan to lead your business, a short, descriptive biography of the food truck owner and/or operator, any major accomplishments, and what inspired the start of the business.

Example:

Nana Banana was inspired by my grandmother’s endless banana recipes. I remember wandering into the kitchen on Sunday afternoon’s and smelling the sweet aroma of banana and walnut cookies. I wanted to share my experiences with hungry customers and help keep “Nana’s” banana recipes alive.

Our banana and pecan bread with homemade banana pudding ice cream has won many best dish awards over the past three years. My name is Ryan Reed and I am a self-made culinary artist with five years in the food industry. I am ready to take my experience on the road and share it with hungry individuals that would appreciate a good banana dish.


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