Even though street food has existed for many years, it has seen a flow of popularity in the last couple of years. It looks like the street food craze is taking over the world, and it’s no wonder why because it offers customers great quality meals at economical prices.
From busy cities to small towns, food on wheels is a flourishing trend. In today’s world, street food trucks are just as creative as many of the highest-rated wine bars and restaurants, attracting more and more people every day.
Hence, if you’re interested in owning a venture, take advantage of this opportunity because there’s never been a better time to set up a street food business. But how can you set up a street food business, and what’s the recipe for victory?
Opening a street food business requires more than just wishful thinking. You must have a solid and detailed business plan. Moreover, with some dedication and hard work, you’ll have the best chances of making your business successful.
Not sure how to start your street food business? Here are some valuable tips to start your business.
1. Choose your street food vehicle
Apart from what you’ll be serving, the next most significant question is, what exactly will you sell from? Do you need a stall, truck, cart, or trailer? Will you buy it or lease it?
The type of street food vehicle you choose depends on your requirements and needs. For instance, purchasing mobile food carts is a better option if you don’t want your vehicle to stay at one location throughout.
While selecting the most suitable vehicle for your street food business, consider whether you want to buy a new or used one. Keep your budget in mind and how much you can spend upfront.
Size is another crucial factor to consider while choosing your street food vehicle. You need to ensure that your vehicle’s work surface, storage capacity, and countertop layout are sufficient for the task you have in mind.
For instance, if your menu includes food items with multiple ingredients and a more complicated preparation method, you’ll need a vehicle with a larger countertop.
2. Develop your menu
A street food business’s menu is its biggest magnet. To create loyal customers, you must create an exciting and reasonably priced menu that offers reliable fresh food and drink options.
To create a great menu, figure out what you’ll be serving. When it comes to menus, more isn’t always the best. Instead of filling your menu with a bunch of options, consider limiting your menu to a few dishes only.
The more items you offer, the more ingredients you’ll need to keep on hand, leading to a lot of waste.
After you have finalized a list of dishes you want to serve, start grouping them into categories like main dishes, dessert, appetizers, and drinks. From there, think about how you want to feature or list each dish and category. Using the list of your dishes, start writing descriptions of your menu items. Consider talking to your chef about the inspiration behind the dish and any unique ingredient sources. After deciding the prices, you can choose your menu’s color scheme and add some images to make your menu look attractive.
3. Create your social media presence
Almost 90% of individuals use the internet, and of these, nearly 50% are active on social media platforms. Creating your street food venture’s social media lets you tell people about your launch.
Social media platforms allow you to start conversations and encourage your target audience to know, like, and trust your business. Moreover, social media platforms attract customers and get you valuable customer feedback.
Remember to stay active and post content regularly. Instead of posting whatever images you have, take out time to create a consistent brand image over all platforms and customize your pictures accordingly. Alongside, respond to your audience’s questions and comments.
4. Get fundings
Now, it’s time to think about getting funds for your street food business. Even though many people choose to fund their business from their savings, not everyone has enough private funding. So, what should you do if you don’t have enough personal savings?
Thankfully, there are numerous other ways you can find to fund your new business. For instance, you can present your idea to your family and friends and ask them to contribute.
Besides that, look for potential investors who can invest in your business. Consider using crowdfunding not only to raise money from many people but also to get valuable feedback on what people think of your business idea. Moreover, you can look for grants or government aid to fund your street food business.
5. Select your location
You know what they say, ‘location, location, and location.’ To choose the best location for your street food business, consider what you can afford to spend on rent based on your sales and profits.
Choose a spot that’s easily accessible to your potential customers. Moreover, check whether the neighborhood you’ve chosen has any noise restrictions or regulations to avoid any troubles in the future.
While choosing a location, check the proximity to other businesses as competitors can influence your traffic. In addition, keep the big picture in mind when selecting a location. Think about what the neighborhood looks like in the next couple of years and if any development projects in progress might change the local landscape.
6. Write a solid business plan
Jumping into a street food business without a plan is a recipe for disaster. The market for street food is highly competitive, making it vital to have a solid business plan before you start running your business.
Your business plan should focus on what you’re going to do. This means it should have everything to make your street food business sound attractive to potential investors.
You can create an effective business plan by highlighting the organizational structure. Remember to include how many employees you have hired and who’s in charge when you’re not around in your business plan. Besides that, remember to write your goals and marketing strategies in your business plan.
Like any other business, opening a street food venture also comes with challenges. However, the helpful tips mentioned above can make it easier for you to start your business and make it successful.