February 15 - this assignment is writting a proposal letter about your business to financial PDF

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this assignment is writting a proposal letter about your business to financial supporter or for loan grant in financial institue. this is very helpful for all small business strudent to get an proper idea about propsal letter....

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FOODIE WALKER 2 Mascot Place, Toronto, Ontario, M4R 1J8 647-303-6969 February 15, 2018 Mr. Philip Eng Professor George Brown College Centre for Business 200 King Street East# 807 Toronto, ON, M5T 2T9 Dear professor Eng, This small business proposal is to plan a food truck business in city of Toronto. It provides street-side food and beverage to mainly young and busy people. The food will include gourmet menu and fast food choice at the same time. Other restaurants, especially fast food provides are potential competitors, however, with the increasing popularity among local area, food truck service still can earn the market share.

Product/Service: Food Truck service, as the name indicates, is vehicles that prepares and sells food and beverages ranging from snacks to full meals. The reasons make the proposal profitable is listed below:  It requires lower overhead than regular restaurants.  It has low risk in inventory.  Compared with other fast food services, food trucks are easier to try “adventurous” and diverse menu, so consumers have the choice of consuming food from different styles like vegetarian, organic, Nepalese, Indian, etc. instead of currently only hamburgers and hot dogs.  If the food service satisfies customer, it has likely the chance to cater for birthdays and office parties as well.  Mobility means the business can be moved if the location is not good. Food truck utilities include food truck itself and all the necessary kitchen equipment. Anything that are expected to be found in a restaurant can be part of food truck equipment’s, for instance, a four-burner oven, stove, griddle, deep fryers, fridge freezer, triple sink and water system. Also, the best time of year to start that type of business in Toronto is spring to fall.

Market Information: When marketing a new food truck business, here are the relevant considerations: 1) Target market  Young people that would like to try new and popular food  Busy people that don’t have time for sit-down restaurants  fast-food taker that currently don’t have many choices for food other than burgers and hotdogs

2) Potential competition  fast food restaurants  real restaurants  other food trucks 3) Trends in that market/industry  Rule makers of Toronto are considering even more looser regulations for food truck industry after the April new bylaws  Food truck services keep gaining popularity in Toronto. Compared with several American cities, there are still big share of market 4) Promotion, price and position in the market  Price level is as high as the current fast food prices.  Urban area, especially downtown area is the best choice. There are street-side and parking lots to choose from. However, the position must keep 50 meters away from the existing restaurant.  Social media and word-of-mouth are two important way of marketing and promoting. Toronto has annual Food truck festival.

Proposed personnel information:    

1-3 employees required, including the owner. Hard skills include driving license/skills, Food Handling Certificate, Refreshment Truck License. Soft skills are great customer service skills, multitasking skills, effective team work, efficiency, strong communication skills, punctuality and reliability, etc. Experience in restaurants should be an asset.

Cost Projections:  

The costs to start a food truck business is roughly $50,000 to $70,000: renting a food truck, business permits, insurance, employee training expenses. Overhead includes: fuel & maintenance, kitchen equipment purchases and rental expenses, food supplies, advertising fees, employee salaries.

Financial Information:  

Source of financing: banks, personal savings and love money. Projected one-year revenue: for the first year, almost make the ends meet.

Thank you for your time I will be looking forward to hear from you.

Your sincerely, Foodie walker

Reference Maley, L. (2017). How to Start a Food Truck Business. Retrieved from: https://www.thebalance.com/how-to-start-a-food-truck-business-2888645 Mintzer, R., & Entrepreneur Press. (2011). Food Trucks 101: How to Start a Mobile Food Business. Retrieved from: http://www.entrepreneur.com/article/220060 Slaughter, G. (2014). Toronto’s food truck rules are actually working. Thestar.com. Retrieved from: https://www.thestar.com/life/food_wine/2014/07/18/torontos_food_truck_rules_are_actually_working.ht ml

FOODIE WALKER

The place were food bring happiness

[email protected] 6473036969 Assignment #1 – Business Idea Proposal BUS 1041, Small Business Management Feb 15, 2018

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