Business & Finance homework help

The business plan should be 10 pages long.  Please view each section of the rubric as needing two pages.  The business plan will be graded based on the rubric attached.

My business is a food truck named Brothers Wingz n Thingz. I am attaching some questions and answers about my food truck that I have answered throughout the semester that may help guide the paper. If you need any additional information, please let me know.

Choose your business. Why this one?

This past summer I ended up buying a food trailer.  starting up a mobile restaurant was something that I been putting into to play for about 3 years now.  The reason being is the passion I have for cooking food.  I mean the things That defines Brotherzwingznthingz is the chicken wings.  There isn’t a particular flavor but I prefer the season wings which comes dry or wet.  The strategy that I feel best fits us will be service and Higher quality. Service with us is the top priority because bad service is taking a risk of loosing customers and brings you bad reviews.  I offer higher quality by taking time and spending money on high quality meat.  some barriers could be location,

What is the Mission?( Mission Statement)

Here at Brother’s Food truck we Believe in providing Good quality Short-order Food at a fast pace.

How much is the dollar investment – is it realistic for most young entrepreneurs or too expensive?

28000$ and yes its realistic because I am 22yrs old food truck owner already

The products or services you would be selling?

Chicken wings , burgers, Fries, Catfish , Philly’s steak

How are these products or services different – do they have a differentiating feature or features?

Who is the serious competition?

Other Food truckers

Is there something like this already in the St. Louis Metro area?

Yes it is

Who is the target audience? (List at least three distinct details about the target audience)

Short Order type of people lovers

Do you have any experience in this field or with this product/service that would be helpful in selling the product or service?

Yes I do previously work at Fast food restaurant and at family restaurant

1.  What are the demographic characteristics of your target market? (age, gender, marital status, income, education level, etc.)

My demographic characteristic is very diverse. The products I sell are for all ages, genders, marital statuses, incomes, and education levels. The only people my products may not sell to is vegetarians. Otherwise, the city I am from, Memphis, has proved to me there is not only a specific demographic that likes wings.

2.  Describe the geographic area you are targeting. (Country, region, state, city, suburb, etc.)

The geographic area I am currently targeting is Memphis, TN.

3.  How do your customers spend their time? Describe their lifestyle.

My customers usually spend their time spending time with friends and family. They usually have gatherings at their houses, and they like to provide food at their gatherings. Wings are a must have for gatherings in Memphis.

4.  What are some of the cycle graphic aspects of your customers? (Their motivations, based on emotions, desires, lifestyle, and values.)

Customers in Memphis may try to newest wing spot to see if it is better than their “favorite” wing spot. For that reason, it is essential that each customer feels like your food is the best.

5.  How and where do your customers make their purchases? How long do they wait between purchases?

My customers usually call in to make a purchase. They pick up their order usually within 25-30 minutes of calling in unless they have a large order.

6.  What factors are most important to your customers when deciding to buy? What kind of trade-offs are they willing to make? What trade-offs will they absolutely resist?

My customers believe quality and customer service are most important when deciding to buy a product. They are willing to have some wait time as long as the food is worth it, and it is prepared safely. They will absolutely not trade off on bad attitudes or nasty tasting food.

1. See page 144. Complete a SWOT for your business, creating a list  for each part of your SWOT. Include both internal, external, and possible future factors.  This will give you a good sense of your business’s position.

Strengths- Quality of the food, customer service, mobile, able to sell out every time we open

Weakness- Cook time, Being on time, location, inventory

Opportunities-  Booking for events/festivals, Making atleast 2k a day, being able to control the crowd, exposure

Threats-  weather, Location, Running out of propane, others food truckers, Prices of food going up per pound

2. Now, knowing your business’s position, decide what your competitive strategy will be. You can go outside your book and look up competitive strategies.( There are only two main strategies: Cost leadership(My product has the lowest  price) and Differentiation ( My product is different and better)  Choose yours and explain why that choice, including the upsides and downsides of your choice.

Define your pricing strategy-  Find who have the lowest price on chicken since that my bulk of the food cost.  Sometimes the downside of this could be since a food truck only stocks for that day not getting enough and being only by a local grocery where its 2.40 per pound rather than 2.10 at a supply house.

Identify the key drivers of your profit-  cutting down the food cost would be the best way to maximize my profit.  Paying 18$ for a stick of 18/19 ground beef and hand patting 30 burgers out selling them a 9.50 single/ 14$ for double you’ll make your money back in 3 orders.

1. The most compelling thing to me about my food trailer would be my chicken wings and customer satisfaction
2. The reason why people would by it is because you wouldn’t get that taste no where else even if you tried and to me that’s honest opinion
3. The average size market for a food trailer is about 1.2b in and growth of the market is about -12.1%. The reason why I know this is because of the numbers from google and others in the same field as me.
4. The evidence I have for the market is my peers in the food trucking business
5. There are tons of food trucks in Memphis doing Hot wings/ bbq but what seprates me from them is the taste and quality of my food that I provide
6. It has been done before
7. I came up with my projections with my mentor Kimlee whom is a successful food trucker in Memphis Tn.   The reasons I know they are realistic is because I have not only seen him succeed but I also have seen others.
8. The ideas and marketing stragery i use is my social media page with my Instagram and facebook both will generate roughly about 10+ followers a day if I promote the page.
9. I cannot because I am still getting everything Established
10. Some would be never eneding grocery list, parking, weather, and the way to accept payment

Assignment #1: When you do your business model you may will find that your business as planned will not be profitable. Assuming you find yourself in that position, look at the 5 options under “Reality Check” on page 168. For your specific business, select and explain the 2 options you would be most likely to choose. And why?

1.change pricing-   By changing the prices on the food truck to see what best sells at that certain price.  This allows us to see a what price can we maximize the most profit out of the products we are selling.

2. Lowering expenses-  with  changing prices on the food truck that also cause you to lower the expenses meaning cutting your food cost to a low budget.  Like with dealing with short order things like chicken/fish all can go inside the exact same size box rather than buying certain boxes to make the plate look big.

Assignment #2: On page 172  nine very valuable Money  Management Tips are offered. Of the nine, explain which four (and why) you would consider most important for you specific business.

1.manage your growth-   learning to maintain the position that I am in now so I can move ahead is  How I feel.  So If I can maintain the position I am in then that means I am growing at my own speed which I am able to see growth.

2.watch inventory-  with  a food truck you have to stock and make sure you have enough food and supplies for today.  So which its important you take inventory daily because not all the time you by a store.

3.plan ahead-  So since you aren’t a  restaurant you have to look a weather and regulations  of the lot you are pulling up in.  So Its best to plan for the following week the previous week before.

4. save.-  Saving is important because with A food trailer/truck you have a lot of over head cost not with power just maintaining your machines and vehicle that you are towing with.