Do you want to start a food truck park business and need to write a plan? If YES, here is a sample food truck park business plan template & FREE feasibility report.
Starting a business usually requires cash (startup capital) and if you have enough cash to invest in a thriving business in the United States of America then you should consider starting a food truck park. Note that the real deal when it comes to starting a food truck park business is securing a parking facility that is large enough to contain the number of food trucks you want to have at your park.
It might take you months to get an ideal facility, so it is better that you inform your real estate agent well in advance to help you with the search.
So, if you have decided to start a food truck park business, then you should ensure that you carry out feasibility studies and also a market survey. A business plan is yet another very important business document that you should not take for granted when launching your food truck park business.
Below is a sample food truck park business plan template that can help you to successfully write your own with little or no difficulty.
A Sample Food Truck Park Business Plan Template
1. Industry Overview
The food truck park business is part of the parking lots and garages industry and the industry provides temporary parking spaces on an hourly, daily, weekly or monthly basis to consumers. The industry is highly fragmented, with most operators being small private companies that operate a single parking lot or garage.
One-third of the industry’s operators are sole proprietors or non employers that collectively command only a small portion of total industry revenue. Although most enterprises in the industry are local and small, there are several large companies operating thousands of facilities on a national scale.
Statistics has it that in the United States of America alone, there are about 16,012 licensed and registered parking lots and garages responsible for employing about 142,726 employees and the industry rakes in a whooping sum of $9 billion annually with an annual growth rate projected at 2.3 percent between 2016 and 2022.
It is important to state that the companies holding the largest market share in the Parking Lots & Garages in the US industry include LAZ Parking Ltd. LLC, SP Plus Corporation and ABM Industries Inc. A recent report released by IBISWorld shows that the Parking Lots and Garages industry is in the mature phase of its life cycle.
The report revealed that the industry value added (IVA), which measures the industry’s contribution to the economy, is projected to grow at an annualized rate of 2.3 percent from 2011 to 2022. In comparison, GDP is expected to grow 2.0 percent per year on average over the 10-year period.
The report further stated that while IVA growth will outpace GDP growth slightly over the period, the number of companies in the industry is expected to increase at the low annualized rate of 2.2 percent over this period. During this time, merger and acquisition activity is expected to remain high, which is a key indicator of a mature industry.
All three major players have grown their operations considerably through acquisitions over the five years to 2016. Please note that food truck parks work directly with the Food Trucks industry and the industry has experienced a boom over the five years to 2020, primarily as a result of the surge in gastronomy in the United States.
The industry is composed of operators that prepare and serve a broad range of cuisines from mobile food trucks on city sidewalks, in parks and at events.
Over the past five years, the industry has outpaced the broader food service sector. Additionally, the industry has evolved quickly, as entrepreneurial food truck operators have entered the market to cater to changing consumer preferences in favor of gourmet offerings and unique food concepts.
As a result of these trends, industry revenue is expected to grow at an annualized rate of 7.5% to $1.2 billion over the five years to 2022.
Starting a food truck park business in the United States of America can be stressful, it requires enough cash to acquire land large enough to accommodate the kind of facility that can comfortably attract operators of food trucks and also to guarantee their safety.
2. Executive Summary
Williams Carson® Food Truck Parks Company, Inc. is a licensed food truck park that will be based in Westchester County – New York, US. We will provides temporary parking spaces on an hourly, daily, weekly or monthly basis to food truck operators and also engage in organizing food truck festivals from time to time.
Williams Carson® Food Truck Parks Company, Inc. has been able to secure all the relevant licenses and permits to operate in New York. We will ensure that we abide by the rules and regulations guiding the food truck parks line of business in the United States.
At Williams Carson® Food Truck Parks Company, Inc. our clients’ overall best interest would always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we put standard structures and processes in place that will enable us meet and surpass our business goals and also stay highly competitive in the industry.
Our customers can be rest assured that they will get quality services at competitive rates when they hire our services. We will go the extra mile to ensure the safety of cars under our care and our customers get value for their money.
Williams Carson® Food Truck Parks Company, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a food truck parking services business, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our clients’ needs precisely and completely. Our overall business goal is to position Williams Carson® Food Truck Parks Company, Inc. to become one of the leading food truck parks in the United States of America within the first 10 years of operation.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are confident that Westchester County – New York is the right place to launch our food truck park services business.
Williams Carson® Food Truck Parks Company, Inc. is a family business; it is owned by Williams Carson and his immediate family members.
Williams Carson has a Diploma in Transport and Logistics with over 9 years of hands on experience working for some of the leading brands in the transport and logistics industry in the United States of America prior to launching Williams Carson® Food Truck Parks Company, Inc.
3. Our Products and Services
Williams Carson® Food Truck Parks Company, Inc. looks forward to deliver excellent services in terms of helping our customers safely park their food trucks and also transact their business within our facility.
Our intention of starting our food truck park is to favorable compete in the Parking Lots and Garages industry and of course to make profits from the industry and we will do all that is permitted by the law in the United States of America to achieve our aim and business goal. Our business offerings are listed below;
- Hourly or daily off-street parking for food truck operators
- Weekly or monthly off-street parking food truck operators
- Organizing food truck festivals at regular interval
4. Our Mission and Vision Statement
Our vision is to become one of the preferred choices when it comes to the demand for food truck parks in and around Westchester County – New York and the whole of the United States of America where we intend offering our services.
Our mission is to ensure that we build a food truck parks company that will attract the best food truck companies and franchises in the United States of America; a company that will boast of having some of the best and reliable workforce in the whole of the United States of America.
Our Business Structure
We intend starting our food truck park with a handful of full time employees (field workers and back office staff) and some of the available roles will be handled by facility managers. Adequate provision and competitive packages have been prepared for all our employees.
Below are the business structure and the roles that will be available at Williams Carson® Food Truck Parks Company, Inc.;
- Chief Operating Officer (Owner)
- Facility Manager
- Admin and HR Manager
- Sales and Marketing Manager
- Security Guards
- Client Service Executive/Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Accountable for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
- Takes charge of the day-to-day operation of the facility.
- Supervise and participate in the development and administration of the Parks, and Public Facilities Maintenance Division budget; direct the forecast of additional funds needed for staffing, equipment, materials and supplies; monitor and approve expenditures; implement mid-year adjustments.
- Direct, oversee and participate in the development of the department’s work plan; assign work activities, projects and programs; monitor workflow; review and evaluate work products, methods and procedures.
- Direct, administer, and oversee the functions of the street maintenance division including but not limited to the sidewalk repair program, street signage repairs, pothole repair program, street striping and legend painting, sandbagging program, tree pruning and planting programs.
- Plan, design, and direct the development of new parks, facilities and programs, and improvements to existing facilities and programs.
Admin and HR Manager
- Accountable for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of contracts
- Responsible for supervising implementation, advocate for the customer’s needs
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managers with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
- Responsible for ensuring that trucks parked at the parking lot are secured
- Maintains a logbook of parking activities to ensure compliance with the facility rules and regulation
- Keeps a record of vehicles parked and make sure the vehicles are safe.
- Reports defects, accidents or violations to the management
Client Service Executive
- Welcomes/receive clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with parents and students on the phone, uses every opportunity to build clients’ interest in the organizations’ products and services
- Manages administrative duties assigned by the HR and Admin Manager or Transport & Logistic Manager in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels/documents for the organization
- Distributes mails in the organization
6. SWOT Analysis
Our intention of starting Williams Carson® Food Truck Parks Company, Inc. in Westchester County – New York is to test run the business for a period of 2 to 3 years to know if we will invest more money, and expand the business. We are quite aware that there are several food truck parks all over the United States and even in the same locations where we intend starting ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be well – equipped to confront our threats.
Williams Carson® Food Truck Parks Company, Inc. employed the services of an expert HR and Business Analyst with bias in startups to help us conduct a thorough SWOT analysis and to help us create a business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Williams Carson® Food Truck Parks Company, Inc.;
Our strength; highly qualified and experienced management team, robust business network with key stakeholders in the food truck industry, reliable staff members, customer loyalty and strong reputation amongst domestic industry players will surely count as a strength for Williams Carson® Food Truck Parks Company, Inc.
Our weakness could be keeping the best hands during our teething period, price structure, lack of scale compared to our peers who have already gained ground in the Parking Lots and Garages industry.
The opportunities that are available to us as a food truck parks company operating in the United States of America is massive considering the fact that food truck parking services is a well – accepted service in the United States of America and the Food Trucks industry has experienced a boom over the five years to 2022, primarily as a result of the surge in gastronomy in the United States.
Just like any other business, one of the major threats that we are likely going to face is a breakdown of business relation with our hosts (the county). Another threat that may likely confront us is the arrival of a food truck park in same location where ours is located. Some other challenges and threats that we are likely going to face is economic downturn.
7. MARKET ANALYSIS
The market trends as it involves the parking lots and garages industry especially in the United States of America and Canada is indeed dynamic and at the same time highly competitive and challenging. But one thing is certain, once a food truck park can gain credibility; it will be much easier for the company to attract some of the largest food truck companies and franchises in their location.
No doubt, advocates of food truck parks believe that these parks can revitalize neighborhoods, attracting business to little-visited areas and offering dining options where there once were few. Since trucks have much lower start-up costs than brick and mortar restaurants, they’re a way for new chefs to establish themselves in the community.
And these food truck parks stand to make a major impact on the way Americans eat. Lastly, most food truck parks tend to seek for food truckers online in places like Craigslist and other websites oriented toward food trucks, as well as in print publications of the “Penny Trader” variety.
The mix of vendors you can offer the public is also crucial to your success. The greater the variety of offerings, the more customers your food truck park should attract; vendors also will appreciate your good judgment in this area. You may need to offer discounted selling spaces during your start-up period. Once you’re established, you can gradually increase this rate.
8. Our Target Market
Our target market is basically operators of food trucks.
We are aware of the competitive nature of the parking lots and garages industry and we are ready to compete with players in the industry. Williams Carson® Food Truck Parks Company, Inc. no doubt is a new food truck park, which is why we took our time to do a thorough market research and feasibility studies before launching the business.
We were able to highlight some factors that will give us competitive advantage in the marketplace; some of the factors are trust, honesty, security and excellent relationship management, well – qualified and experienced management team – our size advantages, cost advantages, customer loyalty and strong reputation amongst domestic industry players.
Lastly, our professional drivers and back-office staff members will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
We will look out for gatherings where we can network with food truck operators. As a matter of fact, our first port of call will be to connect with the nearest association of food truck operators in New York; we are likely going to get our first major deal from them.
At Williams Carson® Food Truck Parks Company, Inc. all our employees will be directly or indirectly involved in sales and marketing of our services.
We will create provision for our employees to earn commission when they bring in business for the organization. We will also encourage freelancers to work with us; whenever they refer clients to us, they will earn a percentage of the deal as agreed by both parties.
Lastly, we will leverage on the power of the media by advertising our food truck park using both online and offline platforms.
We will work hard to ensure that we get repeated business from our customers and also, we will encourage our customers to help us refer food trucks to us. Part of our strategy is to reward loyal customers and to leverage on word-of-mouth marketing from satisfied customers.
Williams Carson® Food Truck Parks Company, Inc. will adopt the following sales and marketing strategies in sourcing for clients for our business;
- Introduce our business by sending introductory letters alongside our brochure to food truck operators and other key stakeholders in Westchester County – New York and throughout the United States.
- Print handbills about our food truck parking service business and its locations and drop them in public facilities.
- Advertise on the internet on blogs and forums, and also on social media like Twitter, Facebook, LinkedIn to get our message across
- Create a basic website for our business, so as to give our business an online presence
- Directly market our food truck park facility.
- Provide discount days for our customers
- Advertise our business in community based newspapers, local TV and radio stations
- List our business on yellow pages’ ads (local directories)
- Encourage the use of word of mouth marketing (referrals)
Sources of Income
Williams Carson® Food Truck Parks Company, Inc. will ensure that we leverage on our strength and the opportunities available to us in the U.S. to market our services and to generate enough income that will help us drive the business to stability. Below are the sources we intend exploring to generate income for Williams Carson® Food Truck Parks Company, Inc.;
- Hourly or daily off-street parking for food truck operators
- Weekly or monthly off-street parking food truck operators
- Organizing food truck festivals at regular interval
10. Sales Forecast
One thing is certain, as long as food truck business exists, the need for food truck parking services will continue to be in demand. Food truck parking business is indeed a profitable business because food trucks are not allowed to park indiscriminately in the United States of America.
We are well positioned to take on the available market in the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six months of operation and grow our business and our clientele base.
We have been able to critically examine the parking lots and garages industry in the United States of America, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.
Below are the sales projection for Williams Carson® Food Truck Parks Company, Inc., it is based on the location of our food truck parks company and of course other related services that we will be offering;
- First Fiscal Year (FY1): $280,000
- Second Fiscal Year (FY2): $450,000
- Third Fiscal Year (FY3): $550,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. So also, there won’t be any major competitor (food truck parks company) offering same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
11. Our Pricing Strategy
At Williams Carson® Food Truck Parks Company, Inc., we have perfected plans to charge competitive rates since we have minimal full – time overhead. We will ensure that we leverage on price to win over customers; our prices will be affordable and negotiable.
The fact that our business door is open to both individuals and corporation organizations (food trucks) means that we will have different price range for different category of clients. As the business grows, we will continue to review our pricing system to accommodate a wide range of clientele.
At Williams Carson® Food Truck Parks Company, Inc., our payment policy will be inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that Williams Carson® Food Truck Parks Company, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our clients make payment for services rendered without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
12. Publicity and Advertising Strategy
In spite of the fact that our food truck parks facility will be well located, we will still go ahead to intensify publicity for the business.
Williams Carson® Food Truck Parks Company, Inc. has a long – term plan of covering various locations in major cities in the United States which is why we will deliberately build our brand to be well accepted in an around Westchester County – New York before venturing to other cities in the United States of America.
Here are the platforms we intend leveraging on to promote and advertise Williams Carson® Food Truck Parks Company, Inc.;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms to promote our brand
- Install our Billboards in strategic locations all around Westchester County – New York
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our official vehicles are well branded with our company’s logo et al.
13. Startup Expenditure (Budget)
When it comes to starting a food truck park, the major areas you should look towards spending the bulk of your cash is in the leasing or acquiring of and. Aside from that, you are not expected to spend much except for construction, securing license and permits and of course paying of your employees. These are the key areas where we will spend our startup capital;
- The total fee for incorporating the Business in the United States of America – $750.
- The budget for Liability insurance, permits and license – $2,500
- The amount needed to acquire a suitable parking facility in Westchester County – New York (Re – Construction of the facility inclusive) – $400,000.
- The cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
- The cost of accounting software, CRM software and Payroll Software – $3,000
- Other start-up expenses including stationery – $1000
- Phone and Utilities (gas, sewer, water and electric) deposits – ($3,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost of launching our official Website – $600
- The amount needed to pay staff for the first 2 months – $20,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
Going by the report from our market research and feasibility studies, we will need an estimate of $600,000 to set up a standard food truck park in Westchester County – New York.
Generating Funds/Startup Capital for Williams Carson® Food Truck Parks Company, Inc.
Williams Carson® Food Truck Parks Company, Inc. is a family business that will be owned and managed by Williams Carson and his immediate family members. They decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Generate part of the startup capital from personal savings and sale of stocks
- Generate part of the startup capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $100,000 (Personal savings $90,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of any business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be long before the business closes shop.
One of our major goals of starting Williams Carson® Food Truck Parks Company, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to engage in affordable, safe and highly accessible food truck parking services at all times.
Williams Carson® Food Truck Parks Company, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of.
Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for zoning and business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Acquiring of Large Park facility in Westchester County – New York: Completed
- Conducting Feasibility Studies: Completed
- Startup Capital Generation: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Packaging Marketing/Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with key players in the industry (networking with food truck operators): In Progress