It seems that the food truck industry may be hurting in Canada. Specifically, red tape and high costs have hurt the Vancouver market. A new report conducted by Vancity credit union has even shown that there is an estimated 80 per cent turnover rate of truck ownership in the industry.
To assist business leaders in this venture, we’ve put together a list of food truck tips that could prove to be helpful. While it takes a range of different resources to run a successful company, the following recommendations could ultimately assist with any plan.
Know your identity
What is your business and how do you want it to be portrayed?
Sure, it’s important for every business in any industry to know its brand, but perhaps even more so in the food truck market. After all, a food truck’s success depends on its ability to establish, develop and perfect a specific brand.
Like any other company, a food truck must differentiate itself from the competition. Don’t just be an imitation of another type of food truck, but create something new and original that easily stands out.
Know your market
Before you start your business, you need to make sure that there is a market for what you have to offer. If there isn’t a need for your product, then why produce it?
In addition, you also need to become aware of trends in your target market and try to stay ahead of them. Specifically, find out what the customer wants and try to give it to them.
Know your business plan
When it comes to running a successful business, planning is key! Therefore, before you even start your company, have a concise plan that will allow you to achieve your goals.
Ultimately, thinking ahead can help you to create staying power. Make sure you consider your competition, the market, promotional tools, your management structure and financing.
When it comes to planning, you should also plan and control your costs, ensure consistency with your product and prepare a huge grand opening that is memorable and attracts the attention of lots of customers.
Know your employees
This tip may seem easy, but is very important. Your employees represent you and your product. Therefore, it’s not only necessary, but vital to hire workers who believe in your business and have the same goals as you do. You want people who will support you and do their best to ensure your food truck becomes a hit.
Training is just as important as the hiring process. Yes, you need to hire the best, but you also need to properly train these workers so that they know exactly what you expect from them. You’re a team, so work together!
Know yourself—Be a leader
Lastly, it’s extremely important to be a leader. As the head of the business, your employees will look at you for direction and guidance. It’s your business, your dream, so be present in it.
If you want to own a food truck, then be prepared to work!
[SOURCE: CBC News]
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