FOOD KIOSK BUSINESS PLAN GUIDE
If you love cooking, you may want to turn your hobby into an income generator by starting a food kiosk business.
Patronage is central to its success.
Therefore, you will need to site such a business in an area with a lot of foot traffic. To achieve your goals, there are several things you must consider and put in place to guarantee success.
Here is a sample business plan for starting a mobile food kiosk business.
What will your Menu Consist of?
Good knowledge of your menu is necessary for success. This involves a lot of planning. You should know what people want and be able to provide them with tasty dishes. The type of menu you choose depends on your location.
You may choose to focus on a particular segment of the market or have something for everyone.
Where will it be located?
For any food kiosk business, location is vital to how lucrative it is. We earlier said areas with high pedestrian traffic present the perfect spots. You need to have this all mapped out before venturing into the business properly. Finding the right location can serve as a boost for growth. This is more so when other aspects of the business (as contained in this article) are properly implemented.
Some great locations for your food kiosk business include airports, strip malls, sports centers, fairs, retail parking lots, and festivals.
These are mostly busy with travelers of all sorts from different locations. This can pose quite a challenge with satisfying your target market who will come from different destinations. Your potential customers are likely to have different preferences in their menu choices.
This is more pronounced in International airports where people fly in from different parts of the world.
Malls are perfect locations for setting up a food kiosk business.
However, you must know that the chances of having competition are almost certain. The good news is that pedestrian traffic is a constant feature. Being able to provide tasty meals and wonderful customer service will get you the patronage you need.
- Sports Venues
These are seasonal in nature but are as lucrative as any other. People turn out in their numbers for games, especially on weekends. You can exploit this opportunity to sell your tasty treats.
Setting up shop at fair venues is another way of starting a food kiosk business. Whatever type of fair there is, you can make brisk sales within as long as the fair lasts.
- Retail Parking Lots, and Festivals
These two are ideal locations to consider when setting up a food kiosk business. People turn up in their numbers during festivals as well as in parking lots. Your choice of location is important to the success of your business.
Food Kiosk Business Startup Cost Implications
This is among the most important factors to consider. Every business including a food kiosk requires adequate funding. The most common source of funding is from savings specifically set aside to achieve your aims.
However, there are small business loans you can obtain through the Small Business Administration SBA.
This is a U.S government agency that offers support to small businesses. A food kiosk business qualifies to apply for these loans.
It is important to note that the SBA itself isn’t the lender. However they are the enabling agency that connects small business owners with traditional lenders. Detailed information is available on SBA loans.
Steps for Starting your Food Kiosk Business
Although this is a small food business, there are still standard steps to follow in establishing it. Without following these, your business will definitely be headed for the rocks!
So what are these steps? They include;
- Having a Food Kiosk Business Plan in Place
This is an often stated step for all types of business. Yet its importance cannot be overstated. This enables you have a clear grasp of funding requirements, identifying your target market and how your profits will come in.
- Selecting a Preferred Legal Entity
Most small businesses including a food kiosk choose to start a sole proprietorship. This has its advantages as well as disadvantages.
However, as the business expands, it becomes necessary to choose an entity that will distinguish your business assets from your personal assets. This shields you from any legal actions that may arise in future. A legal expert should be consulted for assistance.
- Tax Registrations
These are important requirements for every business. There are state as well as federal taxes that apply to new businesses. You can find details about taxes that apply to your food kiosk business from the relevant business registration agencies for your state.
- Insurance Cover
Businesses are required by law to have an insurance cover in place. This mostly comes in the form of compensation insurance for businesses having a workforce.
No business is too small to adopt efficient marketing campaigns. This is the engine room of profitability in any business. You should develop effective marketing strategies including a strong social media presence as well as the use of non-formal marketing strategies.
- Obtaining Permits and Licensing
Different states have their different requirements for obtaining permits and licensing. This enables you run your business smoothly without incurring any sort of fines. For your business to stand a chance of growth, this step has to be well taken care of.
We have seen that starting a food kiosk business requires much more than having the desire to establish one. There are several things to consider as well as steps to follow to increase the chances of success. This business is quite lucrative but you need to put in the right effort at the right place to guarantee success.