If you have an idea, a dream, a promise and want to build on it, the first thing you need to do is to buy a notepad and a pen or pencil. Next, write down everything pertaining to your business idea, type of business, type of food, how much do you want to spend on your business, where do you want your business to be located, what types of people do you want to cater to, and every other thought racing through that beautiful mind of yours will become your business foundation. Using your notepad, you will take those thoughts when you are READY and turn them into a powerful tool that will allow you to conceptualize your business. Organization is a key Building Block to success.
Reach out to your friends and family. Pitch them your idea. Then use their thoughts and suggestions to help you formulate a solid game plan to kick start your food business. Who knows, by sharing your idea with those you love and trust you might find help, business partners, investors, fans to spread the word, and PAYING CUSTOMERS. A word of caution when sharing your business ideas. This is a competitive business and some of your food truck/restaurant peers might try to outmaneuver you on your food concept if they think you have something to work with. So, share outside of your "circle of trust" sparingly. Communication is another integral Building Block to success.
Before you do anything that is going to require you to spend a significant amount of money and time on a project do your due diligence first! Research your food concept in as much detail as possible until you have a solid understanding of what you are getting into. Go online, use your local library, go to food truck events and pick the food truck owners/operators brains. Gather as much information as you can to help you navigate these treacherous waters.
There is a reason why restaurants have an 80% turnover rate & Food Trucks have a 60% within the first 5 years of operation. Contact your local SBA - Small Business Association. Then contact your local S.C.O.R.E. office. S.C.O.R.E. is a FREE and invaluable resource to help potential and current small business owners like us to succeed and grow!
Make an appointment with a rep a S.C.O.R.E... Most importantly find a S.C.O.R.E. Mentor! They can help you locate resources and information for FREE. Your profit margins will be thin enough, don't fall into the trap of spending more money than you have to. My S.C.O.R.E. mentor connected me to Angel Investors, taught me how to use QuickBooks, and other business software. Never underestimate the power of an experienced MENTOR.
As a CPA, my S.C.O.R.E. mentor gave me invaluable advice that I still use to this day. S.C.O.R.E. and other Non-for-Profits are designed to help us increase our chances of success. Research. Research some more. When you are tired, continue Researching. You will know when you are ready to stop Researching and start doing. If you ever get stuck, hit the pause button and Research some more. *Thank you, Lynn S., for helping me to make my food truck and restaurant dreams come true! * RESEARCH, huge Building Block to success.
You need to be upfront and real with yourself regarding your strengths and weaknesses because banks and other investors will not pull any punches when it comes to qualifying you for a loan. The food business by its very definition is a highly volatile, risky industry. If you want to succeed in this inundated, cut-throat space you need to STAND OUT. A (S.W.O.T - Strengths, Weaknesses, Opportunities & Threats) analysis is crucial to your business survival. I laid out a very detailed, several page S.W.O.T. analyses that I included in my business plan when I decided to seek financing for my food truck and restaurant venture. The same S.W.O.T. analyses in fact that is available in my E-store, included in my business plan template.
Pro Tip: when applying for a business loan if you sound unorganized, seem unsure, or just trying to b.s. them you are going to be in for a lot of disappointment. Highlight a few of your weaknesses first so that you can get to your many strengths and make a lasting impression with your lender. This will show the lenders that you are realistic, in that you have recognized your business weaknesses and are working on them. We are human after all. And then you really focus on all of your Strengths. Take me for example, I have multiple college degrees in Finance and Managment Information Systems yet have not worked inside a restaurant in over 25 years.
During Covid I was laid off and could not find work for over two years. My cash flow was quickly becoming non-existent, so I had to find a new career path and fast! It was then that I decided to start my own food truck and restaurant business. I will discuss my personal story throughout my Blog so look for those updates. But a quick example of me turning a weakness into a strength happened when I went to a bank for my first food truck and restaurant loan.
My weakness was that I had not been working in the food industry in a very long time, however I LOVE food and have a very unique financial and IT background that gave me a huge leg up versus other owner/operators already in the industry. I told the three banks that I initially reached out to for a business loan that I was able to work at the eatery, supervising my staff, taking calls, deliveries, etc. while doing contract work online from my office in the back.
The banks loved the fact that I was versatile enough to operate an eatery while at the same time continuing to make money to support my personal expenses until the eatery became profitable. Of course, they all offered me a loan to start up my food business!
Are you an incredible cook but lack Business/IT skills. Tell the bank that you stand out as a chef and have lots of friends to help you create financial spreadsheets and more for your business. Find ways to offset your weaknesses with your strengths and the day will be yours! S.W.O.T analyses is the anchor piece of your Building Block.
I cannot stress the importance of being unique, personable, and driven in this business. If you want to start or build upon an existing food truck, food trailer, restaurant or some other type of eatery you have to STAND OUT.
You have to be NICE to your customers and your staff. AND you CANNOT STOP, EVER unless you have someone that you trust with your livelihood & money that can run your business as good or better than YOU.
Create high level entry barriers that will make it difficult for others to copy your menu, concept, and style. Spend as much time as you can thinking about the future of your business. How are you going to create brand recognition, keep an ever-changing menu, gain MarketShare and profitability.
If you get too comfortable with your business and start cutting corners and slacking off another hungry wolf will come along and steal your sheep. Count on it. Find a unique concept that you can get behind and run it full throttle until you can't move anymore. Hopefully, by then "after" others have seen how successful you are becoming and try to copy your 'flavor" you have moved onto something else new, fresh, and innovative. I am not saying find a totally new business to get into. I am saying that you should always be thinking about how to re-brand what you currently have to keep it fresh.
Let your competitors eat your dust. Keep them guessing. As I have explained above and, in My Blog, my very first food truck business happened during Covid. I was able to take a brand new concept (MACHOS NACHOS), an untested menu, and set up a base of operations in a heavily trafficked location where I stayed put 5 days a week, which was unheard of for food trucks, and I made between $13,000-$16,000 a month keeping my food truck open 30 hours a week or less.
I had other food truck operators and even restaurant owners coming to my location daily to see what I was doing and how I was able to make the kind of money with my brand-new food truck business. My business model was unprecedented and blew everyone away. After my second month in business, I was catering and going to events. The money just kept rolling in.
When asked, I showed curious customers and competitors my daily sales and gave them insight to my business model of success. Other people used to say to me, Mike if you give away all of your secrets how can you stay successful. I would smile and reply, "none of them are me." I have spent decades making and saving tens of millions of dollars for current and previous employers, friends, and family using my techniques listed above and throughout this website.
My innovation and knack for making other people money has always been off the charts. Back in the day I was not in it for me or the money. I genuinely wanted to help my friends and family. Middle-aged Mike today would do things a little bit differently, but with the same zeal. I am always thinking ahead to the next biggest, better thing and you should make it a habit of doing that as well. Unless you are okay on settling for, meh. Check out (My Blog) to learn more!
Why did I create this website and why now? Like many of you I lost family members during Covid. Life sucker punched me like it never had before, and I have been through a lot. It was during this time that I decided to find something else outside of my 8-4 rut. I am not built for the daily corporate grind. Being told what to do, micromanaged, bullied, harassed, etc... so, I decided to be MORE than I was. I started my own internal REVOLUTION.
As a child in and out of foster care I was never able to get close to anyone, so I created my own worlds with characters that I could relate to. Using my vast imagination, quirky sense of humor, and past experiences, I have been writing fiction on and off for several years now on top of trying to find gainful employment which I found a few years ago thank God. And I juggle(d) food trucks and eateries in between when I can.
An idea came to me while reading a book that I recently purchased, "How to find a Literary Agent. It was on page 25 of this book that the idea to create a "Food Truck Revolution" website came to me. Spoiler alert I have also been writing a fictional story called "Food Truck Revolution".
I hope to share my fictional story "Food Truck Revolution" with all with you when it is complete and ready for publication. So, anyway, this idea popped into my head to try and create a place where food truck, restaurant and other eatery owners/operators could go to find very useful information to help them with their businesses. Maybe you will find inspiration here as well; I really hope you do.
Take my strengths and mold them to your own. Avoid my pitfalls. I also want this website to be a communication hub and resource of valuable information for those in the business and those looking for a food truck or restaurant near them to help with their catering, events, and other food needs. In my Ecommerce store, I have several downloadable Excel templates that are for sale.
My Excel templates work and will save you lots of time, money, and stress. All of my comments, reporting, etc. were all based on trial and error. I know what works for me. Use my food industry knowledge to make YOUR food business the most that it can be!
My templates in the E-store will help you take the guess work out of budgeting, setting menu prices, and other expenses. You can save yourself a lot of time, money, and headache by utilizing my proven templates in my E-commerce store below. I am also available to consult with you to help you build financial, inventory, cost, savings, profits, reports and other templates that suit your unique business-style.
In (My Blog) & (Building Blocks section) I give examples of situations and pitfalls for you to build upon or avoid. Learn from my mistakes and avoid the obvious traps associated with this business. The heart of my mission statement is to help as many of my fellow FOODIES as I can to be in the 60% of Food Trucks that SUCCEED!!! One day, I want us to all to be in the 99.9% of Food trucks that SUCCEED! No matter what stage you are in with your business from (conception to established) We can help you maximize your profitability and GROW your food business.
With some time and your help, together, we will turn the food industry around for the better. If you need anything at all I am an email or phone call away. With all of my heart I wish all of you the greatest of success with your business. For everyone that wishes to join me, "Welcome to the Food Truck Revolution!"
Your Food Truck, Restaurant, & Everything FOOD-Related HUB!