Food Truck Startup Business
Entrepreneurship 251
Finance & Marketing
Goal:
Conceptualize and validate a viable food truck business through comprehensive financial planning, market analysis, and brand development.
Skills Involved
Financial forecasting
Marketing strategy
Cost analysis
Customer profiling
Competitor research
Graphic Design
Presentation development
Process
Created a food truck concept and persona, built a menu and cost-of-goods model, analyzed capacity and revenue potential, developed a multi-channel marketing plan, identified operating and equipment costs, and synthesized semester-long research into a final start-to-finish business presentation.
Learnings
Strengthened financial literacy, improved understanding of operational costs and revenue modeling, and gained experience building an integrated marketing strategy for a location-based venture.
Steps taken for this venture:
Develop a food truck concept, persona card, and landing page
Create our menu, then figure out our average order, cost of goods sold, and the cost of the items on our menu with considerable mark-up
Figure out our volume, growth, and capacity of the truck to understand how much maximum revenue we can make and start to determine our profits
Develop our marketing plan that consisted of paid online marketing, a website, marketing tools, and ongoing marketing (flyers, business cards, and stickers)
Consider all of our other costs, like equipment, truck, POS system, gas, operating hours, hourly wages, etc.
Using all of our semester work create a final presentation that is presented in class over the entire concept start to finish