If you’ve always dreamed of running a food truck business, now is the time to make it happen. Over the past few years, the food truck industry has been booming. It’s a billion-dollar industry with start-up costs that are less than traditional restaurants. Even though you are not opening a brick-and-mortar restaurant, food truck owners should still make a business plan.
Here are some of the key components to add to your business plan:
- Executive Summary
For the executive summary, you should include all of the highlights and features of your business. Think of this as your elevator pitch.
- Company Description
This is where you go into detail. The company description should lay out the details of your business, discuss the types of food you will provide, and all other pertinent information.
- Market Analysis
The market analysis portion is where you’ll need to do your homework. In this section, you’ll discuss the food truck industry – growth rates, trends, consumer groups, etc.
For this section, you’ll need to discuss how you will structure your business. Will you form an LLC as a sole proprietorship or is it a partnership? Another question to address is how the day to day operations will function. Will you hire employees? And, do you have the skill sets to run the operational needs.
This section is simple, you’ll discuss what kind of food you’ll be serving at your food truck.
For the marketing and sales section, you’ll want to explain how you plan to get into the market and grow your food truck business.
This section is needed if you currently do not have the funds to open your business, and need investors. Investors will pay close attention to this section, because they will want to know where their money is going and how it will be used.
For this section, you’ll want to present your expected annual goals and how much money you will realistically make in a year, 5 years or even 10. This section can be difficult because it will require you to do someone homework on the market, especially if this is your first time owning a food truck business.
Our infographic will walk you through how to create an effective business plan that will attract investors and lay out a clear plan on how your business will run. We also included other important considerations, like what demographics to target and the best cities to start your food truck business.
Further reading: Do you need a physical address for your business?