Imagine starting a business without requiring much capital and easy. Well, this article is what it is all about it. The increase in demand for food and drinks on the go and middle-class spending has created a positive outlook for the food industry which is estimated that the food truck industry will continue growing for the next 5 years. Currently, it has at least 10,000 operating food trucks in Malaysia and the number is expected to grow as the year goes by. The reason was that the food truck business has massive savings for operation costs, and you can experiment with different locations for your food truck business. Below are some tips to ease your way into starting a food truck business.
Prepare a detailed Business Plan
Before starting every business, we need to create a business plan. This is to better understand your competitor, your goals, whether your business is feasible for the current market, to understand your financial plan for the business, and many more. We have broken down the step by step to build your business plan.
Description of your business summary
This first section describes the most important part of your plan. It is to make it easy for investors and lenders to know a rough idea of what is an overall business plan. In this section, you will need to cover your business concept, vision, product, target market, financial statement, how much funding you need, and who is in the business.
Do a market research
This section describes the right market or your product. If you choose the wrong market, you will need extra effort to push your sales. You need to know your market and industry trends for the current time. If the industry is projected to be a decline in the future, it is advisable to not go into that business.
Know your logistic and operations
This section describes the planned operations. You should include where to get your suppliers, production, and inventory.
Make a financial plan
No matter how good your business idea is, you still need to be practical and know your financial health so it can continue operating in the future.
In this section you need to include the balance sheet , income statement, and your cash flow statement
The cost to start a beverage truck business
First and foremost, any business whether it is small or big requires capital investment as the starting point. It is worry-free as the beverage truck business required lesser capital investment compared to the normal restaurant business. It Is estimated that the cost to start a food truck business is average around RM15000 compared to a café business which on average needs almost RM500000 as café cost includes the rental cost of the property.
Register with bank
Raw materials and equipment
Finding the right raw materials and ingredients
You MUST regularly stock up on your raw materials if you own a food business. The dry (spices, rice, flour, cereals, etc.) and fresh food groups under raw materials (poultry, meat, fish, eggs, vegetables, etc.). Stocking wisely, especially for fresh food, is one way to prevent your prices from spiralling out of control. You must not only be aware of the expiration date to prevent needless waste, but you must also shop in the correct places to get lower prices without sacrificing quality.
The type of beverage you offer is not just the main thing that attracts your customer, the quality of the ingredients, the time to serve the beverage, the tastiness of the beverage, and the freshness of the ingredients. Finding the right supplier that fits all needs is hard that is why we recommend MIX-LAH for getting all your beverage needs. They serve quality beverages ranging from topping, coffee, and tea to ice-blended fruit juice.
How to make your food truck be more prominent
When we said prominent doesn’t mean designing the truck, instead it is all about finding the right location. You need whether there is visibility of space in order for customers to notice you and prevent your food truck from blending in with the space. Next is the convenience whereby you need to let your customer easy to access you when they park their car to visit your food truck. Lastly, the best location for food trucks is usually feeder spots where are a lot of foot traffic in that area. Best location examples are parks, night markets, shopping malls, or near office buildings.
In a business, the revenue has to be more than the cost of producing in order for you as the business owner to be motivated to keep running your business. According to Cilisos.my, you could expect to earn up to RM45,000. This figure makes this business very lucrative for you as a business owner.
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