Starting a Mobile Fast Food Business: A Lucrative Mobile fast food business Opportunity
Question
Task: What are the key factors to consider when starting a mobile fast food business, and how can you ensure its success in a competitive environment?
Answer
Introduction
Food is a basic necessity for every person and people are always ready to indulge in great food and treats making it a lucrative Mobile fast food business idea. This makes it the perfect Mobile fast food business to consider starting up and highly likely to succeed if the idea is well planned. Some of the major factors leading to Mobile fast food business failure are a high rental, labour and utility costs but the following Mobile fast food business proposal helps eliminate these added expenses and helps convert the Mobile fast food business success rate from 25% to over 70%. The proposal involved starting up a mobile fast food business which would eliminate rental and utility costs allowing the venture to rapidly expand with low capital (Sant, 2012).
Provide comprehensive descriptions of your proposed Mobile fast food business idea by highlighting
As opposed to traditional food businesss and restaurants, starting a mobile fast food business helps eliminate monthly over heads costs like rental, labour and utility bills. In addition to cutting costs, the food van delivers incredible flexibility by allowing the Mobile fast food business owner to set up shop at prime locations without needing to pay high rents.
The Mobile fast food business would target central Mobile fast food business and shopping districts consisting of high population densities and would be mobile thus allowing the fast food business to move to different locations, allowing the Mobile fast food business to tap into a maximum number of clients (Gagliardi, 2006). There are already multiple mobile food businesss in most major cities but the demand for good, tasty and hygienic food is still high leaving lots of opportunities for new Mobile fast food businesses to be established and expand.
Positive and Negative Macro environment factors
Some external Macro environmental factors likely to influence the Mobile fast food business include:
Flexible Competitiveness
The fast food business would be capable to visit prime locations and events which maximize sales.
Government Policies
The fast food vans require specialized and additional licensing such as a mobile food staff hygiene clearance certificate.
Social and cultural forces
Would need to target a universal social and cultural clientele thus not be capable of specialization
Demographic factors
Would not have fixed locations, therefore, needing to inform loyal clients on their daily route plan and location
Technological Advancement
Heavily dependent on mobile technology, applications and networking for communication to inform clients of daily menus and location.
Explain the different sources available for generating new Mobile fast food business ideas and highlight the one you adopted
Opportunities to start up a successful Mobile fast food business are all around us but the entrepreneur needs to maintain an open mind towards identifying the opportunities (Publications, 2014). Today the internet has helped open up huge opportunities for every individual leaving it upon the individual to search for available opportunities to start a Mobile fast food business and generate high income. Mobile fast food business opportunities should not be limited to availability of capital but rather should focus on the availability of resources and how they can be exploited to generate income. The internet and digital technologies can here for be termed as being the most important resources which can be used by entrepreneurs the identification information and ideas for highly demanded Mobile fast food businesses
Describe any three forms of finance and their sources that you may consider using for your chosen Mobile fast food business idea
Capital is a basic requirement any entrepreneur requires to start a Mobile fast food business’s venture, three forms of finance and entrepreneurs should have access to be listed below (Macchiavello, 2017).
Personal Saving
The first option for financial funding to start Mobile fast food businesses should be the savings. Every person has the potential of generating income through employment which allows them to gradually save money to invest in the Mobile fast food business.
Capital from Assets Sales
Invest extra income and savings into non-cash assets such as property, Gold, and diamonds. These can be cashed later to deliver financial capital.
Credit Card/ Personal Finance
Maintain a good credit rating which will help deliver quick access to personal loans and finance
Identify any 5 elements of the promotional mix and discuss how your Mobile fast food business can utilize them
Advertising
The Mobile fast food business would be advertised on the local news channels and print media which would create awareness among local clients regarding the new Mobile fast food business (Lamb et al., 2011).
Public relations
The Mobile fast food business owners and staff must build a close relationship with each of their customers. This allows the Mobile fast food business and clients to build a connection and helps promote customer loyalty.
Social media marketing
The social media can be used to update loyal customers on the day's menu and available locations thus helping increase customer turnout.
Direct marketing
Their Mobile fast food business would also have a staff member distributing fliers to pedestrians and office staffs in the regions which will help create additional awareness.
Customer recommendations
Happy customers are an important promotions element as they help to recommend a Mobile fast food business if satisfied with products and services. Keeping the customer happy is there for important promotional tools which the Mobile fast food business would rely on to promote it clientele.
Five factors which will influence your Mobile fast food businesses pricing
Overhead costs
Pricing is greatly influenced by a Mobile fast food business’s overhead costs. The need to pay rent, Staff wages and utility bills all contribute towards determining the finish products or services costs.
Staffing and labour
Staffing and labour are also contributed towards determining a Mobile fast food business product or service costs making it important to establish a Mobile fast food business which has access to an abundance of skilled professionals rather than dependant on a handful of individuals.
Raw materials
Raw materials availability, quality, and purchase also contribute towards finished products and services pricing.
Capital investment recovery
The rate at which capital investment is recovered also determines a finished products pricing. Short recovery periods resulting hiking the finished products prices to secure higher profits.
Target profit margins
The targeting profit margin also determines the finished products final costing. Low profits mean more affordable products while high-profit returns hike the finished products pricing.
Conclusion
Identifying and starting up a successful Mobile fast food business is influenced by many factors making it important each is carefully evaluated before the Mobile fast food businesses plans are finalized and implemented.
Bibliography
Gagliardi, G., 2006. 9 Formulas for Competitive Mobile fast food business Success: The Science of Strategy. 1st ed. Seatlle: Science of Strategy.
Lamb, C.W., Hair, J.F. & McDaniel, C., 2011. Essentials of Marketing. 7th ed. Mason: Cengage Learning.
Macchiavello, E., 2017. Microfinance and Financial Inclusion: The challenge of regulating alternative forms of finance. Oxon: Routledge.
Publications, P., 2014. Entrepreneurship and Starting a Mobile fast food business. Toronto: Productive Publications.
Sant, T., 2012. Persuasive Mobile fast food business Proposals: Writing to Win More Customers, Clients, and Contracts. 3rd ed. AMACOM Div American Mgmt Assn.
