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If you have the makings of the next best master chef, and you believe that you can develop a secret recipe that will blow the mind of foodies, you may want to enter in a small food business.
And to make this business idea a reality, you must be backed up with a business plan which can help you get started.
But you can’t just simply print a plan and get started with it.
You’ve already invested a lot of time and efforts in planning your small fast food business idea so there is no need to reinvest in formatting and creating your best restaurant food business plan.
To help you build a competent and insightful food truck business plan, we have come up with this well-researched food truck business plan document that you can incorporate to get started.
So, without giving a second thought start cooking up your business plan with our sample business plan for restaurant.
This thoughtful restaurant business plan assignment will act as a guidance that will arm you develop a perfect business plan for your small business.
Our Food Industry Business plan word document will act as a roadmap and will walk you through the major components namely, executive summary, company overview, industry, customer, SWOT analysis, competitor analysis and much more.
Let’s have a look
Steps to Create Your Food Industry Business Plan Document By Utilizing the Sample Plan
Step 1 – Prepare an Executive Summary
Even beginners will find it easy writing about this business plan.
The very first step of creating a stunning business plan is to prepare an executive summary.
For your food truck business plan, you can start by presenting the key considerations.
Market research is factor that you should take into consideration before curating a plan for your restaurant business idea.
In this step, you will evaluate the growth of your small food business under different scenarios.
Assessment of business growth done under best, nominal and worst scenario will give your readers a detailed assessment about the feasibility your project.
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Step 2 – Study the Market
The second step while preparing a food business plan is to be aware of the market and the ever changing food related trends.
Before entering into the business you must study and keep up with the ever changing food and food related trends like packed foods, fast food or organic food.
Only if you have a prior knowledge about the market and industry you are going to serve in, you will be able to survive the cut-throat competition.
For understanding the market, you must analyze the competition in your sector, growth opportunity for your business and the customer base.
Keep a tab on the sales of retail food, competition and profit margins.
Apart from this, at this stage you should examine commodity prices, transportation bottlenecks, production cost and labour availability.
Before planning to setup your small business of restaurant it is crucial to study the external environment and technological changes.
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Step 3 – Presenting your Entity
Then comes presenting your company summary and its presence in the market.
At this, point you will present the name of your Entity, its incorporation date, investment amount, location and business web address.
Start presenting your entity by giving a brief company summary and the market share you are planning to grab.
Here you have to showcase the target segment you want to serve and your plans to become a renowned brand the US food retailing and service sector.
Your business would be incomplete without talented professionals and team members who will help you make your dream a reality.
The company summary must also include the details on your staff members and the skills they possess.
Devise a plan of how your team will conduct its operations and introduce the leader/CEO of your company who hands on experience in the food
business.
Also, talk shed some light on the channels and online platform that you will use to connect with your users.
Talk about your marketing campaign plans and strategies that you wish to incorporate to distinguish yourself from other providers in the market.
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Step 4 – Present the Products and Services You Offer
Your business plan is incomplete if you don’t present the products and services you deal in.
This is the time you will throw some light on the specific products that you have access to in your food truck business.
Use a table to showcase the products and services in a synchronized manner.
Some of the products that are usually served in a food truck are Meal kits, baked goods, ice-creams, pre-cooked snacks, coffee, wine, and beer.
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Step 5 – Present your Company Overview
Next step happens to be of presenting your company’s overview that comes with your mission and vision statement.
Here you will give a brief summary of your start up along with presenting high-quality food products that you would store in your small restaurant business.
Talk about the equity amount that you envision to raise for setting up and launching your restaurant business in US.
To make it easy for your audience to , you can depict the stats utilizing a bar graph chart that showcases the equity capital, startup cost, fixed assets expense, cash buffer main with the business.
Details on getting your small food business registered on online food delivery apps will be disclosed at this point.
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Step 6- Conducting Industry Analysis
At this stage, you will conduct an industry analysis and find out your position relative to the other companies in the same business.
Before taking into account the strategic planning process of entering into this business, you must understand the forces at work in the overall industry.
There are various areas in food industry where gaps exist and these gaps can prevent the development of sustainable food system, so one should study such market gaps.
Some of the market gap you should keep a tab on are –
- Technological change
- Shift in plant based options for the production of foods
- Upholding health and safety standards
- Enforcement of plastic ban
- Low long term growth rates
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Step 7 - Market Analysis
Before entering into a small food restaurant business, you should keep a tab on information related to industry, customers, competitors, and other market variables.
At this step, you will analyze the market and the prevailing trends. Getting valuable insights about the shifts in economy, competitors, market trends will help you stay on the top of the game in the highly competitive market.
You as an owner of your small restaurant business should take into consideration manufacturing activities related to the production, preparing, distribution, processing, prevention, transportation, and packaging of food products.
Now is the right time to show your audience the expected compounded annual growth rate of your fast food truck business.
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Step 8 - Considering Market Trends
The market trend analysis will help you identify changes in the market and the ways your company can stay ahead of your competitors.
At this step, you need to have a look at the changes in customer needs and preferences, and the new ways of providing the products and services to your customers.
Consider the changes in the food technology and accordingly prepare your marketing strategies.
Environmental and social impact concerns are causing Food tech startups to integrate waste reduction practices and zero waste workflows.
All these concern should be taken into consideration before planning to start up a food business.
Since there are a lot of technological advancements taking place in the external environment, keeping pace with all of those has become a necessity.
Some of the market trends that you should keep a tab on are - tech trends, rise of plan based products, contactless delivery, enhancing customer loyalty experience, voice of the consumers, etc.
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Step 9 – Understanding Industry Challenges
Understanding industry challenges enable businesses to identify threats and opportunities that are present in the highly-competitive market. In this cut-throat competition, where survival of the fittest has become the unspoken truth, a firm can only think to exist if it is aware of the challenges prevailing in the external environment and knows how to deal with it.
At this step, you should take a note of all the bottlenecks that you might encounter when you enter this food and beverage industry.
Startup challenges like equipment and staffing cost, finding a suitable location, entrenched competitors, regulatory obstacles should be taken into consideration before planning to set up your restaurant business.
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Step 10- Having knowledge of Growth Drivers
Having a knowledge of growth drivers will arm you as a business leaders make better, quicker and competent decisions that will quickly respond to rapidly changing customer needs.
Only if you have a prior knowledge of your business growth drivers you will be able to attract funds for your startup.
Some of the growth opportunities that you can consider are -
- Increasing yield and nutrition
- Plant based innovation
- Focus towards sustainable packing
- Ecommerce market, etc.
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Step 11 – Analyzing customer profiles
Another crucial aspect of preparing a business plan is analysing customers and creating the target customer profiles.
You should have your hands on the imperative customer data to improve your business success.
This is the time when you will identify the needs and preferences of your customers and mention how your product will fulfil their needs.
Having analysed your customers need you will be in a position to develop new products and services that can drive more sales and profit, helping you build a better business.
Size of the market is another aspect that one must not ignore. Keep a tab on your total available market, serviceable available market and
serviceable obtainable market while preparing a robust business plan for your food truck business.
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Step 12 – Conducting SWOT Analysis
Identifying areas of the business that are performing well are of utmost importance. These are the critical success factors which give your business its competitive edge. Identifying these strengths will help you make sure that you maintain them so that you don’t lose your competitive advantage.
Present your company’s strengths, weaknesses, threats and opportunities in front of the investors see where you stand in the marketplace.
Analyze your organizational strengths, weaknesses, opportunities and threats to uncover opportunities that you are well placed to take advantage of. Also, by having an understanding of your weaknesses, you will be in a position to wipe out your threats.
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Step 13 –Analyzing Competitors
Next step is to conduct a comparative analysis of your small business with other businesses on the basis of various parameters.
For conducting comparative analysis you can prepare a list of names of different companies. Present it with the following elements -
- The year in which the company was founded
- Its description
- Website
- Social media presence
- Revenue generation
- Products offered
- Market capitalization
Doing so will help you know where you stand amongst all of your competitors.
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Step 14 – Creating a Robust Marketing Plan
Next step is to create a robust marketing plan for your small food business plan.
To survive in cut-throat competition you should devise such strategies and tactics that help you stand out of the crowd.
This is the time when you will showcase your marketing plan. Here you will have enough chances to pique the interest of your audience to listen to your great business idea.
Prepare a powerful sales strategy utilizing the sales funnel that majorly includes 4 phases, awareness, conversion, loyalty and retention.
Decision regarding marketing communication channels to be adopted for creating your brand awareness would be considered at this stage.
Consider email marketing, online publications, SEOs, pay per click campaigns, etc. for positioning the brand in the minds of your customers.
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Step 15- Preparing a Financial Summary
Your business plan would be incomplete without the most important financial statements. Close your plan by presenting your company’s financial assumptions.
You can portray historical and forecasted revenue by presenting the figures in P&L account, Balance sheet, and cash flow statement.
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Some of the important aspects that you should cover in the financial summary are –
- Revenue model
- Break even analysis
- Profile and loss statement
- Cash flow statement
- Balance sheet
- Scenario analysis, and
- DCF valuation
FAQs
What is the size of Food Truck Market in US?
It has grown to be $2 billion industry with an average revenue of $290,000 yearly.
Who are the key players in food trucks market?
Some of the major key participants in food truck business are -
- Food Truck India
- Prestige Custom Food Truck Manufacturer
- Roundup World Street Kitchen
- Roaming Hunger
- Good Food Truck Company, and many more others.
What is the food trucks market growth?
The food truck market is expected to grow at a compound annual growth rate of 6.8% from 2021 to 2028. It is expected to reach USD 6.63 billion by 2028.
