Writing Your Food Truck Business Plan: The Basics
Danielle LeComte January 12, 2016
Your food truck business plan will be your guiding light, where your vision becomes concrete, and where you plan for your future success. You’ll need it to secure funding from a bank, investors, or other financial institutions, as well as for permits and licenses. It is a huge step toward making your dream a reality.
The U.S. Small Business Association has a fantastic guide to get you started, and if you can write with clarity and cohesion, you might be able to pen it yourself. If you’re not confident in your writing abilities though – if you can’t make it ring clear as a bell and hold up to the scrutiny of your most picky high school English teacher – get some help and hire someone with experience writing and editing business plans.
Check out local entrepreneur centers in your area. Many of them offer free or low cost membership for small business start-ups. Every city is different, but many can connect you with a mentor, invite you to business plan workshops, and walk you through the big picture stuff and the nitty gritty details of launching your business. And it all starts with your business plan, so let’s take a look at the basics.
Business Plan Checklist
Your food truck business plan will be a multi-page, detailed document that outlines your first 3-5 years, plans for milestones and how you’ll meet them, and makes revenue projections. The Small Business Association has a step-by-step tool to guide you through the details. Keep in mind that it will seem like you’re repeating yourself a lot. Don’t stress about it. The repetition is necessary to completing the plan in full.
- The Executive Summary grabs your reader’s attention with a snapshot of your business. It contains a mission statement and overview of your growth plan.
- Your Company Description elaborates on this, stating what will make your business stand out and identifying what markets you’ll serve.
- The Market Analysis asks you to research the industry and competitors, focusing on market trends. This will take some research.
- The Organization and Management section will describe how your business is structured.
- Your Service and Product Line gets into detail about what you’re selling and how it will benefit your customers.
- Marketing and Sales asks you to get detailed about your strategies in this area.
- Funding Requests and Financial Projections are a critical part of your plan and you’ll want to consult with a CPA on this to make sure it’s realistic and answers all of the questions potential lenders and investors will have.
It’s certainly a lot to consider, but use your resources, take your time, and do it right. If acquiring funding for your venture is a necessary goal, putting together a winning food truck business plan is key to impressing your lenders and securing that all important investment.