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Anyone who desires to start a business no matter how big or how small must draw up a business plan. If the person needs to obtain business financing the lending institution where the person is going to get a business loan will first need to examine the person’s business plan. Their plan of action will bear a lot of weight on the type of loan they can get and the amount.

Research City Codes, Rules, Regulations

The person needs to research their city requirements and code for such a business. Look into health department rules and regulations for the handling of food. The person must research a truck and parking permit to do business.

Will it be a Food Truck or a Food Cart?

Trucks cost a lot of money because the health department will require restaurant equipment. Food carts are much less money to start out the business, so this is another option. The person can search for a good used truck or used food cart that is all equipped and ready to go. It all depends upon how much the bank is going to loan for the business venture. The person must decide upon their food specialty. The person must answer many questions and give some deep thought to their answers.

Food Trucks

  • Cost-$45,000 to $200,000
  • Venues-more complete meals and options are open

Food Carts

  • Cost-$3,000 to $6,000
  • Menu Venue-Simple sandwiches such as hot dogs-snack items-ice cream and more

The Key is Uniqueness and Food Venue Popularity

More people are jumping onto the healthy food wagon. It is to the person's benefit to go out onto the street with a clip board and find out what foods is most wanted among the people in that area. Visit offices in the area and retail stores to see what is what food they would like to see on the street. Figure out an appealing business name, incorporating the product sold.

What is the Plan of Business Cost?

The person will make a list of needed equipment and create a plan of cost for the business venture. Lending institutions such as credit unions, banks, Lending Clubs and personal loans are options to look into. Have a business plan typed up to take to lending institutions. Is the person going to cater special events?

Get Financed

When the person has the green light to precede by the lending institution, providing the commercial truck finance rates are attractive, the person needs to figure out another list of month-to-month expenditures. The person needs to make a complete list of everything they will need every month such as food ingredients to cleaning supplies.

Do Not Open Door to a Business Without Good Insurance

Meet with an insurance agent regarding your food truck. A professional and trusted insurance agent is able to meet the person's needs for liability and other coverage. The person must make sure that this insurance adequately covers their needs. Make sure this policy will cover vandalism should this occur.

Consider Options for Business Location

The person must speak with the city's health department to find out the specific places that they can park their food truck. The health department can tell the person where and when they are legal to park the truck during business hours.

Market, Market, Market

Market smartly and make important connections within the community. In order to make a substantial living the person will need to make and keep important connections. Care for these precious contacts and keep in friendly contact. Organizations within the city are a good start for making contact, such as the Chamber of Commerce, Kiwanis, United Way and many more. Obtain a list of organizations in that city and make a positive connection. Have a bunch of eye-catching business cards handy and pass them to all people met. Make sure the truck or cart is eye-catching, clean and appealing to the public.

Use Social Networking, and Optional Marketing Venues to Expand the Business

Many people use Facebook, Twitter, and other Internet Medias to expand on new business ventures. Figure out what source of printed advertisements are more cost worthy such as special free papers printed every week, the newspaper or printed business flyers put with newspapers in the area. The first flyer could include a coupon that will help the public but does not break the bank.

Consider Promotional Tools When the Time is Right

As the profits start to roll in and the person sees that they have something that is going to thrive, the person can offer promotional tools to the people supporting the food truck, such as T-Shirts with the business logo, coupons, hats, pens and more. Have business name, phone number and hours printed on the items for sale. Do not go into debt for promotional tools too soon. The person needs to be able to afford these tools.

In Conclusion

A business plan laid out by the aspiring entrepreneur, showing the financial institution steps towards profitable business success and common sense spending, marketing and promotional tools will go a long way towards obtaining financial help to get the business started.

Author's Bio

Phillip Gruppelaar is the owner of Harley Finance www.harleyfinance.com.au - Australia’s largest grey import, truck, equipment and machinery finance broker. Contact him if you have any questions about your truck finance.

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