In the past few years, Street Food has become the hottest topic, with people thronging from miles around to get the taste of the street spices and develop a palate for the latest foodie craze. Whether it is a food festival or a market stall, it’s evident that people make money from this yummy business.
It’s a low start-up business which yields loads of money. Despite the low start-up costs involved, jumping into this business without any business plan is like preparing surely for a disaster. The market is very competitive and you need to have a clear idea of the steps you plan before taking the plunge.
You will generally be having the idea about what kind of food you are going to serve. If you are planning to serve basic, low-cost fast food, you will be flooding yourself with numerous competitors with similar business wherever you go. It would probably a need for you to become effective. You have to achieve as many customers as you can in a short amount of time, keeping waiting time as short as possible with maximizing profit.
And if you are thinking to start with the unique variety and high-end product, you won’t have to compete with the bulk. All you have to do is to achieve the highest quality of your food to justify higher prices and make yourself stand out among the competitors. You need to understand your audience and meet their expectations in terms of taste, money and quality.
Your business plan should include every key which are required to flourish your business. One such of the various such keys is the Time to make a start- this is not something to be asked but is something you must know. All the big pitches that you want to trade in summer handed out in spring, with appealing for in New Year.
The other important aspect which holds a major space in planning is the place where you trade. Your business plan must have a clear idea for which event, market or festival to target. The pitch fee will vary to a great extent. These are the places you may look at-
- Regular Markets-These are a good regular source of income and provide midweek trade as well as a coveted regular pitch, first amongst the street food trophies. Note that customer-spend will be significantly lower here as people are not there to sip on your delicious food but to nab a bargain.
- Weekend Markets- Weekend markets are probably more suited to street food as they attract the foodies and not the bargain hunters. Here, the potential takings are low as compared to even a small festival. Since they are weekend markets, you have to wait for the whole week to serve.
- Music Festivals-A well-established music festival can attract a fantastic crowd of music lovers. Here, your trade can excel as these fests are long running but again be careful of a bad ratio of traders to customers and be fearful of free food being handed out right next to your pitch.
- Food Festivals- A food festival can attract a fantastic crowd of food lovers keen to try something new. These festivals may be paid one or for free. I would approach paid food festivals with a healthy dose of common sense. Asking people to pay to go and pay for more food is a cunning business plan, and there are people out there who do pay. On the other hand, in the food festivals which are for free, the visitors count will usually be much higher but will also account for a higher number of bargain hunters.
The number of options can seem to be intimidating and it becomes difficult to determine where to begin. Start by validating which kind of event you would expect to see the street food business similar to yours. Attend such events and then analyze the pros and cons of each and every event with respect to customers, your interest and competitors. You must have a clear idea about everything related such as which business is doing well and why?
Your business plan must have a strong branding and marketing approach. A strong brand will help you stand out from the crowd, which is not just important for attracting customers but also securing spots at venues. Especially in the more established street markets, securing a pitch is more about who you know, and a strong social media presence or positive press coverage can help raise your profile.
Social media should be the centre of your branding policies. Posts on Twitter and Facebook would convey your message to a larger audience. These would create an army of online followers of your brand.
Infocrest Finweb LLP gives you a very unique, strong, competitive and creative business plan like the above. It is just one of the various innovative business plans which we provide to our clients. We target to guide our believers in achieving their most ambitious business planning and maintaining the paramount levels of professionalism and experience.
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