Tuesday, August 6, 2019
Business Plan for Small Business Essay Example for Free
Business Plan for Small Business Essay Introduction While food trucks are very popular in the U.S, it seems under the strict by-laws in Ottawa as well as other cities in Canada as the government want to protect its citizens. With a growing demand for food trucks, the City of Ottawa has been forced to loosen restrictions on the mobile eateries, much to the approval of locals as well as chefs trying to make a mark on the culinary environment. In 2012, City Council approved the New Street Food Vending Program to encourage new, convenient and culturally diverse fare on City streets. There are now a total of 61 street food vendors permitted on OttawaÃ¢â¬â¢s streets (32 trucks 29 carts). In the spring of 2013, there was an addition of 17 new vendors (10 trucks 7 carts). From oriental cuisine to Mexican treats, seasonal creations to sustainable seafood, these new vendors will complement the existing mix of street foods vendors and satisfy the diverse appetites of residents and tourists alike. According to the OttawaÃ¢â¬â¢s new street food vending program, a food truck cannot be greater than 10 meters in length (33 feet), by 2.6 meters in width (8.5 feet), by 4.3 meters in height (14 feet). Refreshment trucks must: be clean and sanitary all the times be in compliance with size regulations be safe and stable condition and state of good repair have recycling and trash receptacles outside of the unit have a trade name written on both sides of vehicle with letters no smaller than 7cm in height be removed from City streets during non operating hours (11pm Ã¢â¬â 5:30am) not be left unattended for longer than 30 minutes during operating hours In addition, all licenses and permit holders must: dispose of grease and water in accordance with all laws and regulations ensure trash/recyclables resulting from the vending activity are collected and removed from the vending area before leaving for the day. Street Vending Insurance Information As a condition of being issued a mobile refreshment vehicle or cart license, you are required to obtain and maintain General Commercial Liability Insurance coverage which meets the following requirements: insurance for Public Liability and Property Damage for vehicles with a limit of not less than $2,000,000 per occurrence insurance for Public Liability and Property Damage for carts with a limit of not less than $1,000,000 per occurrence the City of Ottawa is named as an additional insured the policy must contain an endorsement to provide the City with 30 days prior notice of cancellation or change that would diminish coverage A mobile refreshment vehicle or cart license will not be issued until sufficient proof of insurance has been received and approved. Arrange for a vehicle or cart inspection Prepared to schedule for final inspection in time through By-law and Regulatory Services Branch. Contact Officer Jacqueline Mundy at 613 580 2424 EXT 33340 or by e-mail at [emailprotected] to arrange your on-site inspection. Food service inspection across Canada is generally carried out by these organizations: provincial governments, municipalities and regional health authorities Executive Summary The business is the restaurant/service industry. It is important for us to understand that customers are our top priority, and for this reason our business is entirely devoted to serving their needs There was recently an article in globe and mail about food allergies in Canada: Ã¢â¬Å"It is estimated that 5 to 6 per cent of young children and 3 to 4 per cent of adults suffer from food allergies. Nearly 1 per cent of the population is affected by celiac disease; for them, the consumption of foods containing gluten can lead to long-term complications.Ã¢â¬ (Galloway, 2012) The general public should not be worried for their health when they go out to enjoy a meal with loved ones, they should not have to concern themselves with counter-active measures every time they dine away from home. The Food Truck is a limited partnership and has both limited and general partners. The Food Truck will strive to provide the highest quality of food and service to their customers. This business idea had been put together by five people from different parts of the world, making a total contribution of $54543. The Food Truck targets a wide variety of markets, people from all parts of the world. Our number one goal is to make customers happy, no matter the cost, so that they feel happy, confident and motivated to recommend us to their friends, family and colleagues The Food Truck specializes in allergy free food. The menu that Ã¢â¬ËThe Food TruckÃ¢â¬â¢ has is all allergy-free products. However, we target all the potential customers but our biggest target market is people with food allergies or intolerance and these individuals are definitely going to love this food. People on limited diets experience challenges finding food that they can enjoy and The Food Truck will provide a simple and convenient dining experience. According to the analysis, a rough sketch of costs and expenses that are going to occur after selling 200 menu items a day will be: Due to the nature of our product, and the service our business provides to the community, our target market can be both broad and focused at the same time. It is broad in the sense that we will be serving the entirety of the Ottawa region on a region-by-region basis, a population that can be narrowed demographically to only an estimate of those people who have a food allergy or intolerance. For the first six months of business operations, we are simply looking to breakeven in terms of profitability. Any extra earned above and beyond our costs can be used to improve or upgrade our business, so that when our pricing objectives change, we can be one step ahead in terms of our ability to offer a better, more inclusive product. As our price objectives increase, we can further use the projected increase in profitability to both upgrade our primary location, and begin planning forÃ expansion. Based on initial investments by the management team, to create our start-up ownership spread in the businessÃ¢â¬â¢ shares, we have $20,000 to apply to our beginning costs in this business venture (100 shares x $200/share). This will cover around half of the purchase of a food truck to use (Lagorio, 2010), or the total licensing fees and partial inventory needed to get started. This brings us up short around $60,000-$75,000 to cover our start up costs and first year expenses to ensure our business runs smoothly and has the time to begin showing its own profit. This report will analyze the very crucial information for the allergy food truck business. The information will be divided into different categories for better illustration. We will first discuss how our food truck business is unique and different from other types of food truck business. This report will give each individual or grouped investor better understanding of our unique food truck business and demonstrate great potential and opportunity that the allergy food truck has. And since the funding covers 90% of the start-up cost, it shouldnÃ¢â¬â¢t be hard for the owners to easily cover any unexpected expenses that can happen in business. And in case the funding is not granted, we have a backup plan (Plan B). So then we will be looking for other forms of financing, beginning with business loans from banks, and other investors. Manufacturing and Operation Plan The first step in our plan will be getting licensed from the City of Ottawa. Food truck design is also crucial. ItÃ¢â¬â¢s almost like designing a new kitchen for a new restaurant. Because the food truck is smaller than most of restaurant kitchens, every inch of the space has to be utilized. A designated area for cooking, storing, and serving is needed. Dry goods, paper goods and other perishable items will be stored in the cabinets and cupboards which will be secured while driving. Built-in prep counter will be made of stainless steel and all the hazardous materials will always be kept away from food and serving utensils. Since we only serve specific items in our menu, weÃ¢â¬â¢ll use a medium size truck that can give us enough space to prep and serve. The serving window and the kitchen prep area will be made of stainless steel. All the freezers and coolers will be bolted for safety. In summer the ideal places are beaches and the Byward market. This truck will give enough space for employees to do their jobs and will also allow customers to order and get their food with ease. According to my analysis, a rough sketch of costs and expenses that are going to occur after selling 200 menu items in a month will be: Once the menu and business hits the market, the company will expand its business by buying a bigger truck which will have larger kitchen and serving area and where people can enjoy their food in the truck. So basically, it will be a mobile restaurant. Customers will have two choices, either enjoying their food on the roof or take out. The units will be equipped with proper ventilation and electrical outlets. The outside counter will hold sausages, napkins and all stuff like that as shown in first image. An awning over the window will also be handy in case of rain or bad weather (Mealy). The ownership and shares will cover the expenses for the first year and the licensing cost. The government funding will cover the cost of the truck and other expenses that cannot be covered by owners. And in case government funding is not granted, plan B will cover the cost of truck and other expenses. Once the business is up and running, the target is to sell between 7200-8000 items over the year, which means 15-20 items per day on average, which is easily achievable. After selling 7200 items, projected net profit after paying wages are calculated around $35000 which can be divided between the owners. Human Resources Plan The Key members of our business team are Suzanne Crabtree, Brent Grinstead, Phuong Anh Phan, Ding Sun and Amrinder Singh. Each member holds a varying number of shares for the company as detailed below: Name# Shares Held% Ownership Suzanne Crabtree40[40%] Brent Grinstead 30[30%] Phuong Anh Phan10[10%] Amrinder Singh10[10%] Ding Sun10[10%] Phuong Anh Phan graduated from Interior Decorating Program iscurrently completing Small and Medium Enterprise Management Program. Phuong Anh has worked 1 year as a designer at UMA, a design company. After that, 2 years of work experience were completed as an office administrator and designer at Markham Center Realty. Amrinder Singh completed high school in India before deciding to go overseas for higher studies and chose Algonquin College. He has worked as a cashier in a bank in India. In Canada, he has done roofing, worked in warehouses, macs as well as security positions. From all of this experience he has learnt how to run a business and things that we should and shouldnt do. Ding Sun was originally born in China and at the age of fifteen came to Canada. Elementary and middle school was completed in China. High school was completed in Canada. Ding transferred from the University of Ottawa to Algonquin College for post-secondary studies. After an unhappy experience at the University of Ottawa, Ding decided to take business administration with a major in accounting. Ding Sun has worked in a dollar store as a store worker and cashier for one summer also as an assembler for a small factory. Outside of school Ding enjoys listening to music and playing video games. Brent Grinstead has switched educational goals twice in the last five years. Because of this, he has a diploma in Radio Broadcasting, a semesterÃ¢â¬â¢s worth of pre-design courses, and his current program is Business Administration with a major in Accounting. Through his work in the Radio Broadcasting program, he has learned how to juggle multiple tasks at once. During his time as a radio station manager he was responsible for creating the structure for how the material was played over the air, scheduling students for air time, and both scheduling and approving commercial and music content. Business Administration has helped him learn new ways of looking behind the scenes of the business world, as well as providing many opportunities to gain new skills with those things in mind. He has learned how to do a wide range of new tasks such as writing fund proposals, how to write a variety of business reports, creating and presenting marketing strategies to help existing companies, and learning how to properly present financial statements at the end of fiscal periods. In his varied work experience with a mix of duties, Brent has learned a variety of skills including time management in an office setting, how to manage tasks according to importance, how to deal with the post public, and how client records and receivables were maintained. Suzie Crabtree completed her early education in the gifted program in Ottawa which helped teach her valuable learning and communications skills. After high school she began her post secondary education with three years at Carleton University. When she discovered that it was not the right fit, she transferred over to Algonquin College to complete Business Administration. In terms of work experience, she has worked for the City of Ottawa, the Federal Government, a toy store and McDonaldÃ¢â¬â¢s. All of these experiences have provided her with exposure to a variety of different tasks. She has an excellent understanding of human resources and how to manage a successful team. She is a great communicator and is able to provide excellent customer service. These work experiences have also allowed her to have an inside look at the finances and other procedures involved in running a business such as inventory and payroll. Before we begin to hire staff for The Food Truck, each member of the management team will need to undergo some training in food allergies and intolerances so that they are better prepared to run the business and helpÃ hire and train new staff. Due to a lack of relevant experience, menu creation and planning will have to be outsourced. As well, outside help will have to be brought in to train staff on new menu items. The Food Truck will require a total of eight (8) employeesÃ¢â¬â¢ altogether. There will be one (1) full-time Manager, one (1) full-time Assistant Manager, one (1) full-time cook, one (1) full-time cashier, two (2) part-time cooks, and two (2) part-time cashiers. This balance of staff will allow The Food Truck to offer a reasonable range of working hours while still working to control labour costs. The Manager and Assistant Manager will be responsible for all of the day-to-day activities of the business and the business team listed above will oversee the overall running of the business. Our job application for The Food Truck is provided below. We are looking for employees with experience as a cook or cashier depending on the position applied for. Our Manager and Assistant Manager will need to have previous managerial experience in a food-related business. They should possess excellent administrative and analytical skills. They should be planning-oriented, cautious and focused on the short term. Our cooks and cashiers should have some previous experience in their related area and should be open to receiving training related to food allergies and intolerances. Experience is not mandatory and we are willing to train new individuals. Our cashiers must be friendly and outgoing and must possess excellent customer service skills. Experience handling money would be an asset for the cashiers. All individuals must be willing to work as a part of a team and must understand the close quarterÃ¢â¬â¢s nature of the food truck business. The cooks should also be friendly in nature since they will be working as a part of a team in a cramped space. All individuals must be responsible and committed to coming to work on time and doing a great job. To evaluate employees there will be periodic performance review sessions. The first review session will be a probationary session and will take place 60 days after hire. This session will determine whether or not the employee has a future with the organization. After the initial probationary session,Ã performance reviews will occur every 6 months. These performance reviews will allow employeesÃ¢â¬â¢ to discuss ideas, questions, complaints and job expectations. Employee behaviour and attitudes will also be monitored on a daily basis and discussions regarding performance may take place at any point between review sessions. Wage increases will occur on a yearly basis with a performance review session at the end of the fiscal year. Employees will start off with a competitive wage varying from minimum wage to higher levels based on their experience, training and performance. Employees will be offered bonuses and incentives for working special events and help to attract and retain customers. Marketing Plan The Concept Our product is specifically targeted at people who have an allergy or intolerance to certain foods or food ingredients. We are striving to give them an alternative, healthy, safe option with respect to their needs with regards to these intolerances when they are looking for food options away from home. Because allergies are not a limited condition to a particular age group, the beginnings of our targeting will revolve around the population of Ottawa, from families with young children at home to college students to the elderly, anyone with an allergy or intolerance will fall within the realm of our market. We are looking to target those that are health conscious and looking for an alternative to the regular run-of-the-mill take-out food options in the city. Market Breakdown Due to the nature of our product, and the service our business provides to the community, our target market can be both broad and focused at the same time. It is broad in the sense that we will be serving the entirety of the Ottawa region on a region-by-region basis, a population that can be narrowed demographically to only an estimate of those people who have a food allergy or intolerance. The total population of the city of Ottawa was projected atÃ roughly 920,178 people for 2011, based on three possible scenarios the city officials examined, and an average taken of the results (City of Ottawa, 2001-13). Taking this number, we can further narrow our market by only targeting those that self-report an allergy or food intolerance, which is roughly 7% of Canadians (Health Canada, 2012). Using this percentage, we can limit our target market to around 64,412 people in the Ottawa region. Now, further, according to a study done by Statistics Canada, roughly a quarter of people in Ontario (26.8%) consume food from a fast food outlet on a regular basis (Garriguet, 2004), which further narrows our potential target market to around 17,262 regular users. The rest of the projected market (the remaining 47,150) can still be sought after as occasional users, but canÃ¢â¬â¢t be relied upon for a regular consumer or income base. Advantages and Disadvantages Because we will be operating a food-based business, there are a few advantages and disadvantages to consider, which include the following: Advantages Disadvantages We offer a unique product, and it is the sole product we market, making our niche market fill very focused We have analyzed and are trying to fill a very specific consumer need We can broaden our consumer base by reaching out to people who donÃ¢â¬â¢t have allergies, strictly on the premise that our food is a healthier alternative to regular take-out We are able to modify our menu as needed to better represent what our consumers are asking for or looking for in this kind of setting Alternatively, we can modify our menu based on profitability of items, trying new options with more inexpensive ingredients There are a wide range of food providers currently on the market (with some restaurants already offering allergy and intolerance alternatives) Allergy alternatives (making the same dishes with allergy conscious ingredients) can be more expensive to supply Starting up with one location may make it difficult to reach the broadest possible consumer base, until the foundation is reached and the business expands Proximity to other food providers may provide unnecessarily high levels of competition, making it difficult toÃ make an impact when starting up Environmental Analysis On top of these advantages and disadvantages, there are also a number of other environmental factors to be considered when evaluating our ability to make a strong market entry. Factors such as the competing businesses currently in the market, the legal climate and regulations specific to our business type, the political climate in the city (if relevant to our business), technological progress that may impact our business, the economic stability of the region, and any socio-cultural factors that may influence our target consumers either for or against our offerings. Some of the main points for each of these factors are summarized in the table below: Factor Description/Details Competition Based on a look at the food trucks around Ottawa that have reportedly been open recently (and can be considered our direct competition, due to the nature of business), only one in 22 boasts having gluten-free and vegetarian alternatives (and at least three are strictly dessert/snack style foods) (Street Food App, 2013), which further strengthens our niche, as consumers would need to venture into a restaurant to find other options. As well, 22 food trucks serving all of Ottawa makes it both an obviously lucrative venture, and a rather thinly spread one. Legal There are many regulatory acts in Canada concerning the sale of food, which is understandable, due to the consumable nature of food products, and the ramifications of bad foods. From acts concerning dairy products, to those concerning agriculture, to those that cover the licensing of food sales (Canadian Food Inspection Agency, 2013), all would need to be considered in beginning the start-up plans for our business. Political N/A Economic The average income of an Ottawa family in 2010 was $94,700 (Statistics Canada, 2012), which, when tied into the previous stated market size numbers, we can easily state with confidence that there are around 16,000 targetable families in the Ottawa region with this average income level. In addition, when tying the similar food economy to this, when taking into account that there are only 22 similar businesses open in Ottawa at any given time (most of which donÃ¢â¬â¢t offer allergy alternatives), the demand for a product similar to our own is fairly high, with a low supply. Technological The main technological factors that impact our business are any advances in allergy treatment. Elizabeth Landau of CNN reported that new experiments involving gradual exposure to allergens for people with severe allergies to foods such as peanuts has shown promise in increasing the tolerance of these people to the reaction-inducing foods (2010). With time, advances such as this could make allergy-free foods unnecessary, causing our business model to become obsolete. However, there is still no true cure for allergies. Socio-Cultural We are aiming to provide a location where the clientele can feel as though their allergies are understood as allergies and not as preferences (Hadley, 2006). As well, we are providing the assured cleanliness that people with allergies will come to expect, being assured that their food hasnÃ¢â¬â¢t come into contact with any risk factors, ensuring their comfort in dining out at our locations. The Plan We are looking to fill a very noticeable gap in the food market of the Ottawa region with a business that provides allergy conscious foods, foods that are provided with the guarantee that they have not come into contact with our individual consumersÃ¢â¬â¢ intolerances or allergies. We intend on doing this from a food truck style location, something that can be moved from location to location to better provide for our broadly spaced consumer base. This will also provide us with a higher ease of expanding the business as it begins to gain traction in the community, as we can simply purchase a new truck as the funds become available to better provide for our clientele. Pricing In terms of pricing, upon market entry, we intend on pursuing a penetrative pricing strategy, ensuring our prices fall slightly below the market average in order to encourage consumers to approach our business to satisfy their needs. As our client base increases, we can adopt a more aggressive pricing strategy like status quo to begin to increase our profitability as a business. Projections for this switch will fall around the six month after opening mark, in order to give our business the time it needs to properly establish a presence in both the market and the community it serves. Further down the line, we may adopt an even higher pricing strategy, leaning for towards premium pricing, to ensure we can offer the best product possible to our consumers. As we gain consumer base, and as their individual needs become prevalent, it may become clear that we arenÃ¢â¬â¢t equipped to satisfy all of their needs at the current cost point. Increasing our pricing in such a way shouldnÃ¢â¬â¢t discourage loyal consumers, but will enable us to better approach a broader, more inclusive menu of products that has the potential to vastly increase and improve our client relations. For the first six months of business operations, we are simply looking to breakeven in terms of profitability. Any extra earned above and beyond our costs can be used to improve or upgrade our business, so that when our pricing objectives change, we can be one step ahead in terms of our ability to offer a better, more inclusive product. As our price objectives increase, we can further use the projected increase in profitability to both upgrade our primary location, and begin planning for expansion. Distribution Our distribution plan is purely a point-of-sale endeavour. Consumers would come to our location, and we would serve them allergy free dishes there. As our business grows, however, we may begin to consider catering opportunities to help businesses with staff lunches and similar events. As well, we could delve into simply catering family events for families looking to be able to meet the needs of relatives, children, and so on who have food allergies or intolerances when planning larger family functions. These ideas would be pursued after a proper evaluation of the business model two or three yearsÃ into operations, based on how profitable the business is, where the demand for our product stands, how far our business has been able to expand, and whether we have the resources to pursue a venture such as this in addition to our standard operations. Advertising/Promotion Advertising efforts should be focused in the month prior to opening, for a huge push towards the grand opening of the business. The following outlines some of the standard rates available for advertising in Ottawa and the area: Advertising Method Costs Associated Newspaper Standard advertising with a newspaper such as the Ottawa Citizen ranges up to $60 an ad for their online site (Ottawa Citizen, 2013), something that would be worth considering as the online movement for news and newspapers has been fairly large, as traditional print media has started to decline in popularity. This would make it fairly easy to run an effective newspaper campaign for around or under $500 in the weeks leading up to the opening of our business. Radio Based on a contact at KISS FM in Ottawa, a standard rate for a 30 second radio commercial is $115, and they often offer one free for every one purchased (Tompkins, 2013). Because this is more expensive than newspaper advertising, within the last week before opening, we could run an effective campaign for $1150 (4 commercials per day x 5 days) Word of Mouth Word of mouth advertising is often the most important form that can be used, as people are far more willing to believe and trust what their friends have done or experienced than what an advertisement tells them. Following opening the business, it would be profitable to offer small incentives to the initial wave of consumers in order to encourage them to bring their friends out to the food truck (for example, offering 20% off their next dish if they bring a friend with them). The results of this marketing push can easily be determined through an assessment of weekly revenues when weighed against costs. If weeks go by consecutively where there is minimal or no profits showing, then it would be crucial to reassess the plan and make changes where necessary or able to. Though, when there are significant profits showing in the books, it may be wise at that point to continue as planned, to ensure the plan continues to be an effective means of profit generation. Financial Plan Based on initial investments by the management team, to create our start-up ownership spread in the businessÃ¢â¬â¢ shares, we have $20,000 to apply to our beginning costs in this business venture (100 shares x $200/share). This will cover around half of the purchase of a food truck to use (Lagorio, 2010), or the total licensing fees and partial inventory needed to get started. This brings us up short around $60,000-$75,000 to cover our start up costs and first year expenses to ensure our business runs smoothly and has the time to begin showing its own profit. Funding we are expecting to receive include small business grants from the Government of Canada. This grant and loan system offers to cover up to 90% of the financing required to get a new small business started (Industry Canada, 2013). However, this funding isnÃ¢â¬â¢t guaranteed, so we will be looking for other forms of financing, beginning with business loans from banks, and other investors. According to our operating budgets, our two weeks first year costs will run at around $3,940, which will be more than covered with our projected sales numbers, which allow for peak season in the spring and summer months, and a slow season in the late fall and winter months (when people arenÃ¢â¬â¢t out on the street as much and running a food truck becomes costly and slightly impractical). In order to break even, we would have to sell 7200-8000 4,124 meal items over the course of the year, at a cost of $5 per item, or an average of 15-2011 items per day, which is a completely feasible goal to meet. With summer months bringing in more customers than the winter, the overflow would easily balance out those slow months, ensuring our goal was met and likely garnering some profits to put towards expansion and annual costs for our second year of business. And if the target is met, we can easily be able to pay a huge part of our debt or use the money in taking the business to the next level . The total projected yearly net income after paying wages are calculated to be around $35000 which can be divided by owners in their respective shares. Exit Strategy Our food truck concept is offering food alternatives without the reactionÃ¢â¬âincluding ingredients. Our service is serving the Ottawa communities from all range of different customers and different cultures as well. We hope to raise awareness of food allergies in the city, and demonstrate our own working solution to combat the shortage of allergy-friendly alternatives in the Ottawa area. As the business grows, we plan to turn our food truck shop into a franchise. According to Ottawa Public Health regulations related to food handling and storage, there are currently no restrictions on the types of food that may be sold on the street. On-street food vendors require a mobile refreshment vehicle business license and designated space permit issued by the City of Ottawa. The total annual fee for truck ranges from $4,703 to $6,748. The breakdown of these fees is as follows: Annual Business License Fee for Trucks: $2,981 6 Month Business License Fee for Trucks: $1,945 Annual Designated Space Permit Fee: Truck (Downtown Core): $3,767 Truck (Outside Core): $1,722 Permits and business licenses are issued annually and expire on May 15th. After the initial issuance of the permit and license, it is required to renew the permit and business license within the renewal period of April 25th to May 15th each year. Furthermore, we are aware of policies relating to food truck business as following: Public health oversight of food truck operations The operation of food trucks in public right-of-ways Policy statements pertaining to mobile food vending Economic development programs applicable to food trucks such as financial incentives, social media/technology tools or training Program for encouraging/promoting innovation in food trucks The Food Truck is a Corporation owned by five members. A Corporation Agreement is included to allocate the profits or losses in any ratio agreed to between the partners. Each partner will consult a separate attorney at the outset, and all members should agree on the set terms and conditions of the corporation. We believe that a food truck is a unique business niche; therefore we come up with a mini business review based on our business strategy, competitive landscape analysis, menu fit to consumer demographics, financial performance, management roles and responsibilities, employee qualifications, and community connection. We hope to expand our business to franchise in the next 3 years. However, we also look in consideration if there is an exit scenario for our business during the period or afterward. Because of this, we are focusing our energy on creating a business that buyers will want. We are working on our profitability, competitive edge, sustainability, scalability and corporate culture. In term of selling or passing on our business, we plan to hire the financial, legal tax and business advisor to help shepherd the sale through. This will prevent usÃ from stressful, time-consuming process fraught with moving parts and paperwork. Along with the financial, legal tax and business advisor, we will also find a business broker banker in the area. This will help us to set a realistic asking price and assembling the necessary marketing materials for our business. The broker will discreetly contact potential buyers on our behalf. When it comes to risks, we are looking into the matters with close focus to identify the current and future problems for further analysis and desired actions required to close the gap. There are vehicle risks, operation risks, and liability risks. For vehicle risks, the risks include auto accidents, fire, theft, flood, wind damage, hail damage and electrical breakdowns. These risks can be lessened through education and training. A commercial auto insurance coverage will help to mitigate the cost of damage and loss of operational readiness due to the physical structure of our business. For operator risks, we are faced with slips, falls, cuts, burns, smoke inhalation and back injury from all the heavy lifting that is required during the workload of the day. We are aware that our employees are our biggest asset and can also be our biggest liabilities. It is important to have them well trained for their jobs and duties. WorkerÃ¢â¬â¢s compensation insurance will be added in their working contracts. For liability risks, food trucks pose liabilities to employees in many ways. Not only that they may hurt themselves during work, they are also at risk of food-related illnesses and auto accidents that are somewhat unique to food trucks. We are carefully considering investing in business insurance for liability, spoilage insurance, business automobile insurance and workerÃ¢â¬â¢s compensation in order to adequately cover their bases. We have also analyzed our competitive landscape that includes competitive food trucks, restaurants, and food carts in the regions of Ottawa. This will keep us up to date of the marketplace and our competitors. Beside the risks, we are building up our business strategy: Business physical location is the priority pick. We are in the process of choosing our business location. There are some options such as near office complexes, downtown urban areas, along busy roads, recreation destinations. We also cater private and public events if we can get the contract. Business physical design is an eye-catch for the first sight customers. Keeping theÃ menu simple that customers can read easily Keeping the menu at a degree of flavor familiarity which contain locally grown and allergy free ingredients Charging competitive prices. Budget discounts for bad weather (sales can falls up to 50%) Establishing a regular customer base by providing the same quality food and products Keeping a clean and welcoming business environment Having competent leaders and managers who guide the effort and monitor results Being flexible, with a willingness to re-evaluate based on performance feedback and to make necessary changes throughout the process in order to get the desired results As important as business strategy, marketing techniques are a must in this society of social and network. Using word of mouth Using social media (todayÃ¢â¬â¢s special, chef tips, social only discounts, online to offline social gatherings), network to advertise our business (email marketing) Investing in business cards Hosting a grand opening event to establish our food truck as a member in the local community Having loyalty program for returning customers (Buy 10 get 1 free) Creating awareness by joining in charity funds Serving for holiday parties We are aware that customer service is the most signification investment that we should pay attention to in our business. We will show people that we love what we do. We will try to maintain a great product for a great price. Bibliography Canadian Food Inspection Agency. (2013, April 26). Acts and Regulations. Retrieved July 10, 2013, from Canadian Food Inspection Agency: http://www.inspection.gc.ca/about-the-cfia/acts-and-regulations/eng/1299846777345/1299847442232 City of Ottawa. (2001-2013). 1.4 Projection Results. 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