Tips on Starting a Franchise Food Cart Business
It has been observed that of all the businesses, food business has always been the beneficial one because people need to eat no matter what their economy looks like. People love to eat good quality food at cheaper prices so if you target huge people traffic and offer them food at low prices there is probably no fear for business loss. Starting with a restaurant is a bit difficult and risky. It may be difficult because you may have to write a proper business plan, arrange for loans as they need a high capital for investment and need a good marketing plan for its advertisements etc. and it will still have a risk of failure if you are not able to attract enough customers towards your product.
One of the easy ways to get in to the food business is getting started with a franchise food cart. This idea has already got enough recognition all over the world. Many fast foods provide franchise opportunities to people who want to get into this business. Brand recognition is probably one of the most important factor in making a business successful and getting cash in the registers faster because you use the trademark system of a successful business. For such reasons food cart business offers an ideal franchising opportunity. There are many positive reasons to invest in a food cart business for example it needs small capital, no business and marketing plans needed, no need to spend money on expensive advertisements, does not require any space/furniture to provide sitting area, no need to own/rent accommodation for your business, small menu unlike restaurants and is easily movable so that if you feel your location does not provide you expected population of customers you can move your food cart to somewhere else. Food carts business is an escalating business in Philippines today.
Here are some tips for starting a franchise food cart business:
• Identify your product or brand: First of all you should do a research on the products brands available in the market and choose one, which you think will be profitable for you.
• Ensure the quality and affordability of the products: the usual target market of food cart are not very specific about authenticity or brand names of the product you offer, but the product must be of good quality, delicious and affordable.
• Choose the right Franchise: make sure that the franchisor you choose is a member of either of the franchise associations in the Philippines, i.e. Association of Filipino Franchisers, Inc or Philippine Franchise Association. Make sure to consult a lawyer before signing the franchise agreement to avoid complications in the business.
• Get a good starting location: Make sure the location you select for starting you business must have substantial potential market regardless of whether you choose to put your food cart outlet on a residential or commercial area. Location plays a big role in the success of your food cart business.
• Cart style and Design: Design your food cart in a way to attract the customers of all ages.
• Ensure good service and operating system: Most of the times businesses fail because of a bad service even though if they are selling good quality products. You need to identify the customer’s demands and your team must be well trained to give better service to the customers to satisfy them.
• Securing all necessary permits before getting started: Prior to operations, you should register your business by attaining all necessary permits. Your business consultant will make you to familiarize with the procedures and requirements.
Bringing a skill or talent is you’re the first step to starting a business is to bring innovation and creativity in the traditional way of doing a business. Food business will need to embody the personal characteristics of an entrepreneur to grow and flourish. Any kind of business require hard work, good interpersonal relations, flexibility and a high degree of commitment which you will have to follow in your franchise food cart business as well. Most of all, you should love your work and do it with full spirit to make your food cart business successful.