What value does this business bring to the communities it serves?
The food truck brings a mobile food delicacy to communities thereby providing great food options for people dwelling and working in areas where brick and mortar restaurants have not opened. Secondly, the Food Trucks conveniently provide food to local workers and tenants where breakfast and lunch options are limited. It also offers breakfast and lunches with the convenience of quick service. As a result, it keeps employees and tenants happy and motivated and attracts other business to locate there. Besides, Food Trucks do observe public health and safety measures; as such they strive to leave the areas they stop better than they found it. As such, they encourage members of the community to be responsible. Lastly, food trucks encourage prospect entrepreneurs in the community to believe that anyone can be successful.
What are the advantages of the food truck business?
One of the advantages of foot truck is that they attract many customers. They provide better quality food and relatively lower prices. They are pocket-friendly and maintain high levels of hygiene. Thus, customers who cannot afford big restaurants yet desire a delicious, quality meal. Secondly, food trucks are mobile and can experiment with locations. They take advantage of their nobility and strategically select their locations and attract customers depending on the rise and footfall in the area. Thirdly, food trucks involve relatively low operation cost. Food trucks only require a small team, incur minimum operations and maintenance cost like low taxes since it does not have to pay for property taxes. Besides, food truck business requires a low initial cost to start as one only need to buy or rent a truck and start the business.
What are the risks involved in this business?
The food truck business faces some risks. Firstly, the physical damages as a result of wear and tear, accidents and weather changes pose much threat to the business. Costly and lengthy repair leads to a loss of revenues for an extended period. Secondly, they face operator risks. For instance, burns fall, accidents or smoke inhalation and some of the risks that employees face on a daily basis.
Food trucks mainly use profane fire as a heat source, constant traveling and motion may weaken the connection, create leaks hence is a fire hazard. According to New York Daily news, food truck explosions occurred in New York and Washington resulting to deaths and destruction of properties when a truck got an accident. Food truck owners need a good insurance policy to offer coverage in case of incidences like these. Moreover, food truck business depends on gas for the millage. As such, they have to face the risk of increasing gas prices or else they make losses. Besides, food trucks only accept cash as their payment method. This exposes them to robbery.
What characteristics of the owners help to make this business a success?
The owner posses the following characteristics that help make this business a success. He is passionate and committed about their job. He has made food truck his business and priority and is determined to ensure that everything goes right. They must also be good in short-term and long-term planning to ensure growth and profitability. In the video, Dan cooks, and Steve serves. They enjoy being their boss and exercising control.
The owner must also be a quick learner and be a problem solver to address customer issues, promote the business through social media. Social media is the cheapest and precise platform for reaching out to customers and promoting business products primarily in the current age of technology. Besides, they have excellent customer service. They business depend on quality customer service to increase customers a positive experience, attract more new customers and expand their profits. Positive customer service enables than to retain their customers and gain their loyalty.
What type of entrepreneurship is displayed in the video? Explain.
The type of entrepreneurship displayed in the video is pure entrepreneurship. Dan and Steve are pure entrepreneurs; this is because they ideated, created and implemented food truck business. For eight years, they dreamt of opening a food truck business, and they finally managed. They are the owners and founder of the food truck they are using. Besides, they are determined and are continuously planning for their business such that if one plan fails, they have a backup. This show their passion and determination in the food truck business.
Why is additional support critical for the success of the food truck business?
Everyone has a limitation; hence additional support is essential for the success of food truck business to enable one to learn new concepts of doing business. This will help improve efficiency, reduce operations costs, and reduce overworking. In the video, Dan and Steve can get additional support in marketing from any interested organization or individual to improve their brands and increase networking.
What suggestions would you recommend for this business?
I will recommend that they charge reasonable prices because most of their customers are low and middle-class individuals are attracted by affordable prices. Secondly, I will recommend that they embrace technology to help them expand their business by attracting more new customers. High charges will scare most customers aware or attract new competition which may not be healthy for their business. Additionally, food trucks risk explosions. Hence, Dan and Steve need to conduct routine safety inspection to ensure there is no leakage or damage to any equipment. Equipment should be stable enough to withstand bumps or hard breakings to secure food for the next stop.
ABC News. (2013). Building a food truck business from the ground up https://www.youtube.com/watch?v=Ny9fh4aLBbE
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