Developing Your Business Plan
Now that you have decided on the kind of Food Truck you would like to run, the next step is to put together your business plan.
While writing your business plan may be intimidating or even overwhelming at times, the plan is a figurative map that will guide you to success in your new mobile catering business. In simple terms, your business plan is a description of your company which outlines how you will launch, run and grow your new business.
Understanding the importance of a business plan
So, you may be wondering if you really need to create a business plan. In short, the answer is yes. Your business plan will become your reference point and will assist you in maintaining focus for your new mobile catering business. Some critical factors and answers arise from your business plan; resources, profit and information needed.
Furthermore, your business plan will allow you to think objectively about your strategy, and potentially lead you to new and unexplored strategies.
Putting together your business plan
Like your new business, your plan will constantly be evolving and a work in progress. Your plan should always include the following sections, as they explain your goals and highlight your execution strategy.
Executive summary: this is the most important section of your plan, as it details why you think your new business will be successful. The executive summary provides an overview of your plan and should be around 1 – 2 pages. Subsections should include; overview, products and services, financing, mission statement, management team, sales forecasts, expansion plan.
Table of contents: this should be included as a reference point with clear titles.
Market analysis: this section should present findings of your market research including any key points or conclusions reached. Subsections should include: industry description and outlook, target market information (including demographics, geographic, competition, market share and product pricing), financials including forecasted sales and expenses, income statements, forecasted cash flow and a balance sheet.
Management team: this section should reflect your skill set and experience. If you are looking for investor funding, this is your chance to sell yourself to potential investors.
Appendix: this section may not be necessary, however if you need to include extra information like credit history, resumes or references, this is the place to include it.
And your business plan is complete ✔️
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