20 Questions from the SBA website to answer before starting a business:
1.) Why am I starting a business?
Besides wanting to make some money, I want to follow my passion and be my own boss.
2.) What kind of business is it?
I would like to start with a foodtruck or a stand and eventually have a full fledged restaurant.
3.) Who is my ideal customer?
Yuppies.
No, but seriously my clientele would be pretty much anyone who's up for a good fulfilling meal made from fresh ingredients. Which most of the time is yuppies but oh well.
4.) What products and services will my business provide?
Good food and a great, lasting experience.
5.) Am I prepared to spend the time and money needed to get my business started?
Let me just say I am 23 years old with 3/4ths of a college degree that I can't seem to finish and work like a dog to make a little money which I spend on rent and bills. I live by myself and don't have all that much of a social life to begin with. I'm sick of the first two things and I could do with or without the latter so I guess what I'm saying is I have nothing to lose and...
I got this.
6.)What differentiates my business idea form others on the market?
Does it have to be different? I'm in the business of feeding people, a business so old there's not really much left to differentiate. The only thing that would really make On The Way stand out is the level of care and dedication put into the food, atmosphere, and customer service.
7.) Where will my business be located?
Anywhere the wind blows! If I had a foodtruck I'd be bombin around town feeding people errwhere. Well, errwhere the local laws and regulations allow. If I had a stand I'd like to have it on a main street or by a park of some kind.
8.) How many employees will I need?
Probably just myself at this point to reduce overhead but eventually will need probably two more people to help bake and cook.
9.) What type of suppliers would I need?
Here's the sticky wicket. I would very much like to use only locally grown produce, meat, and breads or I would make my own. But since that is an expensive option, it will drive my prices up which is something I don't really want to do because I would like to make good food accessible to everyone. That's the challenge I face.
10.) How much money will I need to get started?
That's a doozie! A good food truck costs about $18-20,000 plus the cost of food and permitting fees and insurance. So probably about $30,000, which actually is not as bad as a full fledged restaurant's start up costs.
11.) Will I need to get a loan?
Nah, I'm totally independently wealthy I just like to pretend I'm poor....so, yes.
12.) How soon will it be before my products and services start making a profit?
Probably not after a good bit of trial and error. I'm thinking realistically not for at least, at least a year or so. : /.
13.) Who is my competition?
I've never seen a food truck in Culpeper, but there are several stands which sell bbq and smoothies.
14.) How will I price my product compared to my competition?
I'd like to say I'd keep them a little lower to start off with but I don't know if that's a feasible business model.
15.) How will I set up the legal structure of my business?
Oh dear lord, I'm getting me a law-yer to deal with that nonsense.
16.) What taxes do I need to pay?
Let's see there's VA food tax, sales and use tax, and income tax.
17.) What kind of insurance do I need?
Vendor insurance, plus car insurance for the vehicle.
18.) How will I manage my business?
LIKE A BOSS.
19.) How will I advertise my business?
Social media, newspaper, business cards and the truck itself will be advertisement.
20.) How soon will my products be available?
As soon as they come out of the oven!
So obviously I have a lot to think about. Turns out I can just pitch up a roadside lemonade stand like in the old days. Darn. There's going to be a lot of leg work before this business is even half way off the ground. But I can do it. I have to do it. I will do it.
I just remember a good mantra:
You are as your deep driving desire is.
As your desire is so is your will.
As your will is so is your deed.
As your deed is so is your destiny.
– Brihadaranyaka Upanishad
So in other words...
Wish me luck!
Cheers,
-M
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