If you are in the process of starting a food truck business, then you need a sample food truck business plan template to help you identify crooked paths. Below is a detailed guide on how to write a business plan for a food truck company.
Food trucks are becoming more popular for two major reasons: First, they are less expensive to start and run than traditional brick and mortar restaurants. Second, they enjoy more patronage due to their mobility. (Of course, people tend to buy something if you take it closer to their doorsteps).
So, if you are looking to start your own business in the food industry and have chosen the food truck business, then you have done well.
N.B-: This article was culled from the “Complete Guide to Starting a Food Truck Business.”
However, as is the case with any other business, starting a food truck needs adequate planning. By creating a business plan for your food truck business and implementing the plan to the letter, you are on the way to building a successful food truck business. Here’s a sample food truck business plan template you can use for FREE.
Aside serving as guide to take you through each step of building your business, your business plan will also come in handy if you need to request funding; whether you are applying for a bank loan, or angel funding, or even funds from family and friends. With banks, it’s a requirement. With family and friends, it makes them take you more seriously.
Now, writing a business plan doesn’t have to send shivers down your spine. It’s not as difficult or complex as you might think. Just sit down with your note-taking device and follow these guidelines below. Here, we will be discussing the various sections of your business plan, and what you should include or explain under each section. However, you can check out the more in-depth guide to writing a business plan.
Writing a Business Plan for a Food Truck – Sample Template
Since it is a summary that briefly describes what your food truck business is all about, your executive summary should be written after all other sections. But we are covering it first here because it appears first in your finished business plan. Like an appetizer, it gives the reader a feel of your business, compelling them to read on to learn more about your business.
Your executive summary should explain why you are entering the food truck industry and why you are qualified to run a successful food truck business. it should discuss the need that your food truck addresses, and how you plan to fill that need in your local market.
You must also describe what your food truck will offer and where you plan to sell food. And also include important financial information about your food truck business, such as the required startup costs and your profit expectations. Don’t forget to outline your goals for the business and where you hope to see it in the future. However, you must try to limit your executive summary to just one page, highlighting key points clearly.
In this section you will describe your purpose, plans, and goals in more detail. What is your food truck business all about? What need does it fulfill, and how does it fulfill that need? What makes your truck better than others? You must answer these questions adequately and accurately.
In addition, you should explain why you think your food truck business will succeed; whether is the value you provide, or the quality of service, or the location, or other factors.
In this section you will further explain your chances of success and your reasons for entering into the food truck industry. You will need to explain what rate of growth you are expecting, based on trends in the local food truck industry. Then you can proceed to define your target market. Why they will people at your food truck, where you will find them, and how many of them you are expecting?
You will also need to factor in your pricing plans, licenses, and other local restrictions that could impact your ability to attract more customers. Beyond your business, your market analysis should display how much you know about the food truck industry as a whole.
This will convince the reader that you have really done your home work. This is why we worked hard to provide you with a sample food truck marketing plan template to help you through the process.
This section is where you will describe how your business will operate. You will detail who will do what, where, and when. You can start by outlining the ownership and organizational structure of the business. Who is in charge of the whole business? Who are the other team members, and what are their roles?
Next, you must give a background on each of the core members of your team. You should also give detail their qualifications, skills, and experience, and explain how these will contribute to the success of your food truck business.
5. Products and services
Chances are that this section prompted your decision to start a food truck in the first place. Here you will explain what products and services your truck will offer and how these fit into your customers’ needs. Describe each food on your menu and the unique benefits customer stand to enjoy by eating at your food truck.
In addition, you should explain what separates your food truck from other food vendors; including brick and mortar restaurants in your area. This will make up your unique selling proposition. Finally, you may include any ideas you have for new product or service inclusions, and why you think they will succeed.
6. Marketing and sales
In this section you will highlight the strategies for reaching out to your target customers, since they will only eat at your food truck if they aware of it in the first place. Outline your best marketing ideas for finding and attracting new customers and retaining old ones. Will you offer discounts to first time or repeat customers? Will you send press releases to local magazines and newspapers?
In the aspect of sales, you must think about the number of sales you will need to make in order to keep your business running as well as how many sales you need to make to turn a profit.
This is where you create monthly or quarterly projections for your income and costs. You will need to cover these projections for the next three to five years. Chances are that you will make a lot of assumptions and guesses in this section. This is okay, provided you clearly specify where you are using each assumption and how it contributes to the bottom line.
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