9 Things to Include in a Food Truck Business Plan
Experts say food trucks are one of the hottest trends to start a business this year. This article will talk about the most important things to include in a Food Truck business plan.
You Need a Business Plan
If you are considering starting up a food truck business, the first thing you need to do is create your Food Truck Business Plan. This post will tell you what information needs to be included in this document. Along with the Executive Summary, Company Description, Market Analysis, Marketing, Business Operation and Management & Ownership sections that need to be outlined in your plan; you will also want an Equipment Inventory section as well as Financial Projections section.
How to Write a Food Truck Business Plan
Set a goal to have as much detail and information included in your business plan as possible, because this document will serve as a great launching pad for you to go out into the world and execute your business plan. You do not have to be an accountant or marketer in order to create one; however, you will want to use any means necessary to include as much useful data related to food trucks for your readers, including:
- Executive Summary. This is an overview of your business plan, which includes general information about your business, mission, goals and objectives. Some people include this section in their business plan as an addendum.
- Company Description. This is where you briefly describe the kind of business you want to start and its industry. You can also include in this section information about your management team and company structure if applicable.
- Market Analysis . This section provides an overview of the current and future state of your industry, trends, market factors and drivers that can affect your business. This includes information about the customers in your restaurant and who you will be marketing to, as well as the competition.
- Marketing Strategy. In this section, you describe how you plan to reach out to potential customers and how you plan on positioning your food truck business in the marketplace. Describe the customer base you will be aiming at, product or service features, pricing analysis and distribution plan.
- Business Operation and Management. This section describes the different aspects of your business, including ownership structure, operations, management responsibilities and facility needs. You will want to describe the marketing, finance and human resource functions of your business, including how you plan on tackling these aspects throughout the life of your food truck business.
- Sales Forecast. You will want to include a sales forecast section that describes the amount of revenue you expect your business to generate in unit volume, in terms of dollars and cents.
- Financial Projections. This section will tell the reader if your projected sales are over- or under- the market average. You plan to evaluate your business using a quarterly cash flow model and calculate projections for next year, along with a projection of other future periods over five years.
- Equipment Inventory Section. In this section, you will want to include the information related to the equipment items to be purchased for your food truck business. You can include information about brand names, colors, type of equipment, cost and delivery dates.
- Appendices or Attachments. These include additional copies of your business plan in case any readers lose it or tear it up. It is also a great spot to include your resume, letters of reference and any contracts or agreements you have to provide for your readers.
Your food truck business plan should be presented in an attractive format with a presentable design and in professional manner. Your goal is to make sure your business plan is detailed, useful and understandable by anyone; however, if you are unable to do this on your own, it may be better off hiring a restaurant business plan professional who can offer you friendly guidance and assistance throughout the process.
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