Thursday, June 6, 2019
Business Plan for Small Business Essay Example for Free
Business Plan for Sm all told Business Essay initiationWhile fodder for thought transports atomic number 18 very popular in the U.S, it seems under the strict by-laws in capital of Canada as well as some other cities in Canada as the g all overnment want to protect its citizens. With a growing demand for victuals trucks, the metropolis of Ottawa has been forced to loosen restrictions on the mobile eateries, a good deal to the approval of locals as well as chefs exhausting to make a mark on the culinary environment. In 2012, City Council approved the New highroad fodder huckster Program to encourage new, convenient and culturally diverse f atomic number 18 on City roads. in that respect argon now a make sense of 61 street feed vendors permitted on Ottawas streets (32 trucks 29 carts). In the spring of 2013, in that respect was an addition of 17 new vendors (10 trucks 7 carts). From eastern cuisine to Mexi underside treats, gentleal creations to sustainable s ea provender, these new vendors allow for complement the existing mix of street foods vendors and run into the diverse appetites of residents and tourists a homogeneous.According to the Ottawas new street food vending computer program, a food truck piece of tail non be greater than 10 meters in length (33 feet), by 2.6 meters in breadth (8.5 feet), by 4.3 meters in height (14 feet).Refreshment trucks mustbe clean and sanitary all the timesbe in compliance with size regulationsbe safe and stable condition and state of good repair countenance recycling and trash receptacles egressside of the unit expect a trade call up written on two sides of vehicle with letters no microscopicaler than 7cm in height be removed from City streets during non operating hours (11pm 530am) not be left unattended for longer than 30 minutes during operating hoursIn addition, all licenses and permit holders mustdispose of gr salve and water in accordance with all laws and regulationsensure trash/rec yclables resulting from the vending activity are collected and removed from the vending area before leaving for the day.Street Vending Insurance InformationAs a condition of being issued a mobile refreshment vehicle or cart license, you are contendd to notice and maintain General Commercial Liability Insurance coverage which meets the interest requirements indemnification for Public Liability and Property Damage for vehicles with a spring of not less than $2,000,000 per occurrence insurance for Public Liability and Property Damage for carts with a limit of not less than $1,000,000 per occurrence the City of Ottawa is named as an additional insuredthe policy must contain an endorsement to provide the City with 30 days prior notice of croupecellation or change that would minify coverage A mobile refreshment vehicle or cart license get out not be issued until sufficient p pileus of insurance has been original and approved. Arrange for a vehicle or cart inspectionPrepared to schedule for final inspection in time by By-law and Regulatory run Branch. Contact Officer Jacqueline Mundy at 613 580 2424 EXT 33340 or by e-mail at emailprotected to arrange your on-site inspection. sustenance emolument inspection across Canada is generally carried out by these organizations provincial governments, municipalities and roleal health authorities Executive SummaryThe line of military control is the restaurant/service industry. It is important for us to understand that customers are our shed light on priority, and for this reason our strain is entirely devoted to overhaul their demand There was recently an article in globe and mail about food allergies in Canada It is estimated that 5 to 6 per cent of childly children and 3 to 4 per cent of adults suffer from food allergies. Nearly 1 per cent of the population is affected by celiac disease for them, the consumption of foods containing gluten gage lead to long-term complications. (Galloway, 2012)The genera l public should not be worried for their health when they go out to adore a meal with loved unrivaleds, they should not brace to concern themselves with counter-active measures every time they dine away from home. The sustenance truck is a limited federation and has both limited and general partners.The Food Truck will strive to provide the highest whole tone of food and service to their customers. This wrinkle idea had been put together by five raft from divers(prenominal) parts of the world, devising a total contri only whenion of $54543. The Food Truck coffin nails a wide variety of mart places, race from all parts of the world. Our number wholeness goal is to make customers happy, no matter the cost, so that they feel happy, confident and motivated to recommend us to their friends, family and colleagues The Food Truck specializes in allergic reaction salve food. The scorecard that The Food Truck has is all allergic reaction-free products.However, we target all the potential customers but our biggest target market is slew with food allergies or intolerance and these individuals are definitely dismission to love this food. People on limited diets experience challenges finding food that they can make out and The Food Truck will provide a simple and convenient dining experience.According to the analysis, a rough sketch of cost and expenses that are going to occur later selling 200 wit items a day will beDue to the temper of our product, and the service our ancestry provides to the community, our target market can be both broad and pore at the same time. It is broad in the sense that we will be serving the entirety of the Ottawa region on a region-by-region basis, a population that can be narrowed demographically to plainly an estimate of those people who have a food allergy or intolerance. For the for the early time six months of stock operations, we are simply looking at to breakeven in harm of profitability. Any extra earned a bove and beyond our costs can be used to improve or upgrade our business, so that when our pricing objectives change, we can be one step ahead in terms of our ability to render a split, more(prenominal) inclusive product. As our price objectives increase, we can further use the projected increase in profitability to both upgrade our base status, and begin planning forexpansion.Based on initial investments by the management police squad, to create our draw-up ownership spread in the business shares, we have $20,000 to apply to our beginning costs in this business venture (100 shares x $200/share). This will cover close to half of the purchase of a food truck to use (Lagorio, 2010), or the total licensing fees and partial inventory needed to get started. This brings us up short around $60,000-$75,000 to cover our start up costs and first form expenses to ensure our business runs smoothly and has the time to begin showing its own profit.This report will analyze the very of im port information for the allergy food truck business. The information will be shared into different categories for better illustration. We will first controvert how our food truck business is unique and different from other types of food truck business. This report will kick down each individual or grouped investor better arrangement of our unique food truck business and demonstrate great potential and opportunity that the allergy food truck has.And since the bloodlineing covers 90% of the start-up cost, it shouldnt be hard for the owners to easily cover some(prenominal) unexpected expenses that can happen in business. And in case the funding is not granted, we have a rest plan (Plan B). So then we will be looking for other forms of financing, beginning with business loans from banks, and other investors.Manufacturing and Operation PlanThe first step in our plan will be getting licensed from the City of Ottawa. Food truck design is in like manner crucial. Its almost like des igning a new kitchen for a new restaurant. Because the food truck is smaller than most of restaurant kitchens, every inch of the space has to be utilized. A designated area for cooking, storing, and serving is needed. Dry goods, paper goods and other perishable items will be stored in the cabinets and cupboards which will be secured while driving.Built-in homework counter will be made of stainless steel and all the hazardous materials will always be kept away from food and serving utensils.Since we only serve particularised items in our menu, well use a medium size truck that can give us enough space to prep and serve. The serving window and the kitchen prep area will be made of stainless steel. All the freezers and coolers will be bolted for safety.In summer the ideal places are beaches and the Byward market. This truck will give enough space for employees to do their jobs and will also allow customers to order and get their food with ease. According to my analysis, a rough sketch of costs and expenses that are going to occur after selling 200 menu items in a month will beOnce the menu and business hits the market, the partnership will reach out its business by buying a bigger truck which will have larger kitchen and serving area and where people can enjoy their food in the truck. So basically, it will be a mobile restaurant. Customers will have two choices, either enjoying their food on the roof or take out. The units will be equipped with proper ventilation and electrical outlets. The outside counter will hold sausages, napkins and all stuff like that as shown in first image. An awning over the window will also be handy in case of rain or incompetent weather (Mealy).The ownership and shares will cover the expenses for the first year and the licensing cost. The government funding will cover the cost of the truck and other expenses that cannot be cover by owners. And in case government funding is not granted, plan B will cover the cost of truck and other expenses. Once the business is up and running, the target is to sell between 7200-8000 items over the year, which means 15-20 items per day on average, which is easily achievable. After selling 7200 items, projected net profit after paying wages are calculated around $35000 which can be divided between the owners. Human Resources PlanThe Key members of our business team are Suzanne Crabtree, brant Grinstead, Phuong Anh Phan, Ding Sun and Amrinder Singh. Each member holds a varyingnumber of shares for the company as detailed belowName Shares Held% OwnershipSuzanne Crabtree4040% brent Grinstead 3030%Phuong Anh Phan1010%Amrinder Singh1010%Ding Sun1010%Phuong Anh Phan graduated from Interior Decorating Program iscurrently completing Small and Medium Enterprise Management Program. Phuong Anh has worked 1 year as a designer at UMA, a design company. After that, 2 years of work experience were blameless as an office administrator and designer at Markham Center Realty.Amrinder Singh bedd high school in India before deciding to go overseas for higher studies and chose Algonquin College. He has worked as a destroy in a bank in India. In Canada, he has done roofing, worked in warehouses, macs as well as security positions. From all of this experience he has learnt how to run a business and things that we should and shouldnt do.Ding Sun was originally born in China and at the age of fifteen came to Canada. Elementary and middle school was completed in China. High school was completed in Canada. Ding transferred from the University of Ottawa to Algonquin College for post-secondary studies.After an unhappy experience at the University of Ottawa, Ding decided to take business administration with a major in accounting. Ding Sun has worked in a dollar store as a store worker and cashier for one summer also as an assembler for a small factory. Outside of school Ding enjoys listening to music and playing video games.Brent Grinstead has switched educational goals twice in the last five years. Because of this, he has a diploma in Radio Broadcasting, a semesters worth of pre-design courses, and his current program is Business Administration with a major in Accounting.Through his work in the Radio Broadcasting program, he has learned how to juggle multiple tasks at once. During his time as a radio station manager he was responsible for creating the structure for how the material was played over the air, scheduling students for air time, and both scheduling and approving commercial and music content. Business Administration has helped him learn new ways of looking behind the scenes of the business world, as well as providing many opportunities to gain new skills with those things in mind. He has learned how to do a wide range of new tasks such as writing fund proposals, how to write a variety of business reports, creating and presenting market strategies to help existing companies, and learning how to properly present financial statements at the end of fis cal periods.In his varied work experience with a mix of duties, Brent has learned a variety of skills including time management in an office setting, how to manage tasks accord to importance, how to deal with the post public, and how client records and receivables were maintained.Suzie Crabtree completed her early education in the gifted program in Ottawa which helped teach her valuable learning and communication theory skills. After high school she began her post secondary education with three years at Carleton University. When she discovered that it was not the right fit, she transferred over to Algonquin College to complete Business Administration. In terms of work experience, she has worked for the City of Ottawa, the Federal political sympathies, a toy store and McDonalds. All of these experiences have provided her with exposure to a variety of different tasks. She has an excellent understanding of human resources and how to manage a successful team. She is a great communica tor and is able to provide excellent customer service. These work experiences have also allowed her to have an inside look at the finances and other procedures involved in running a business such as inventory and payroll.in the beginning we begin to hire staff for The Food Truck, each member of the management team will need to undergo some development in food allergies and intolerances so that they are better prepared to run the business and helphire and train new staff. Due to a lack of relevant experience, menu creation and planning will have to be outsourced. As well, outside help will have to be brought in to train staff on new menu items.The Food Truck will require a total of eight (8) employees altogether. There will be one (1) full-time animal trainer, one (1) full-time Assistant Manager, one (1) full-time cook, one (1) full-time cashier, two (2) part-time cooks, and two (2) part-time cashiers. This balance of staff will allow The Food Truck to rear a reasonable range of w orking hours while still working to control labour costs. The Manager and Assistant Manager will be responsible for all of the day-to-day activities of the business and the business team listed above will oversee the overall running of the business.Our job application for The Food Truck is provided below. We are looking for employees with experience as a cook or cashier depending on the position applied for. Our Manager and Assistant Manager will need to have previous managerial experience in a food- tie in business. They should possess excellent administrative and analytical skills. They should be planning-oriented, cautious and focused on the short term.Our cooks and cashiers should have some previous experience in their related area and should be open to receiving training related to food allergies and intolerances. get down is not mandatory and we are willing to train new individuals. Our cashiers must be friendly and outgoing and must possess excellent customer service skills. Experience handling money would be an asset for the cashiers. All individuals must be willing to work as a part of a team and must understand the close quarters nature of the food truck business. The cooks should also be friendly in nature since they will be working as a part of a team in a cramped space. All individuals must be responsible and committed to overture to work on time and doing a great job.To evaluate employees there will be periodic performance review sittings. The first review session will be a probationary session and will take place 60 days after hire. This session will determine whether or not the employee has a future with the organization. After the initial probationary session,performance reviews will occur every 6 months. These performance reviews will allow employees to discuss ideas, questions, complaints and job expectations. Employee behaviour and attitudes will also be monitored on a daily basis and discussions regarding performance may take place at a ny point between review sessions.Wage increases will occur on a yearly basis with a performance review session at the end of the fiscal year. Employees will start off with a competitive wage varying from minimum wage to higher levels establish on their experience, training and performance. Employees will be leaveed bonuses and incentives for working special events and help to attract and retain customers.Marketing PlanThe ConceptOur product is specifically targeted at people who have an allergy or intolerance to certain foods or food ingredients. We are striving to give them an alternative, healthy, safe option with respect to their needs with regards to these intolerances when they are looking for food options away from home. Because allergies are not a limited condition to a particular age group, the beginnings of our targeting will revolve around the population of Ottawa, from families with young children at home to college students to the elderly, anyone with an allergy or into lerance will fall within the realm of our market. We are looking to target those that are health apprised and looking for an alternative to the regular run-of-the-mill take-out food options in the city.Market BreakdownDue to the nature of our product, and the service our business provides to the community, our target market can be both broad and focused at the same time. It is broad in the sense that we will be serving the entirety of the Ottawa region on a region-by-region basis, a population that can be narrowed demographically to only an estimate of those people who have a food allergy or intolerance. The total population of the city of Ottawa was projected atroughly 920,178 people for 2011, based on three possible scenarios the city officials examined, and an average taken of the results (City of Ottawa, 2001-13).Taking this number, we can further narrow our market by only targeting those that self-report an allergy or food intolerance, which is roughly 7% of Canadians (Health Canada, 2012). Using this percentage, we can limit our target market to around 64,412 people in the Ottawa region. Now, further, according to a study done by Statistics Canada, roughly a quarter of people in Ontario (26.8%) consume food from a fast food outlet on a regular basis (Garriguet, 2004), which further narrows our potential target market to around 17,262 regular users. The rest of the projected market (the remaining 47,150) can still be sought after as occasional users, but cant be relied upon for a regular consumer or in gain base.Advantages and DisadvantagesBecause we will be operating a food-based business, there are a few advantages and disadvantages to consider, which include the nextAdvantagesDisadvantagesWe offer a unique product, and it is the sole product we market, making our niche market fill very focused We have analyzed and are trying to fill a very specific consumer need We can broaden our consumer base by reaching out to people who dont have allergies, st rictly on the premise that our food is a healthier alternative to regular take-out We are able to modify our menu as needed to better represent what our consumers are asking for or looking for in this kind of setting Alternatively, we can modify our menu based on profitability of items, trying new options with more inexpensive ingredients There are a wide range of food providers currently on the market (with some restaurants already offer allergy and intolerance alternatives) Allergy alternatives (making the same diskes with allergy sensible ingredients) can be more expensive to supply Starting up with one view may make it difficult to reach the broadest possible consumer base, until the foundation is reached and the business expands Proximity to other food providers may provide unnecessarily high levels of competition, making it difficult tomake an impact when starting upEnvironmental AnalysisOn top of these advantages and disadvantages, there are also a number of other environ mental factors to be considered when evaluating our ability to make a strong market entry. Factors such as the competing businesses currently in the market, the legal climate and regulations specific to our business type, the political climate in the city (if relevant to our business), technological progress that may impact our business, the economic stability of the region, and any socio-cultural factors that may influence our target consumers either for or against our offerings. Some of the main points for each of these factors are summarized in the table belowFactorDescription/DetailsCompetitionBased on a look at the food trucks around Ottawa that have reportedly been open recently (and can be considered our direct competition, collectable to the nature of business), only one in 22 boasts having gluten-free and vegetarian alternatives (and at least three are strictly dessert/snack style foods) (Street Food App, 2013), which further strengthens our niche, as consumers would need to venture into a restaurant to find other options. As well, 22 food trucks serving all of Ottawa makes it both an obviously salaried venture, and a rather thinly spread one. LegalThere are many regulatory acts in Canada concerning the sale of food, which is understandable, due to the consumable nature of food products, and the ramifications of bad foods. From acts concerning dairy products, to those concerning agriculture, to those that cover the licensing of food sales (Canadian Food Inspection Agency, 2013), all would need to be considered in beginning the start-up plans for our business. PoliticalN/A economicThe average income of an Ottawa family in 2010 was $94,700 (Statistics Canada, 2012), which, when tied into the previous stated market size numbers, we can easily state with confidence that there are around 16,000 targetable families in the Ottawa region with this average income level. In addition, when tying the similar food economy to this, when taking into account that t here are only 22 similar businesses open in Ottawa at any given time (most of which dont offer allergy alternatives), the demand for a product similar to our own is fairly high, with a low supply. TechnologicalThe main technological factors that impact our business are any advances in allergy treatment. Elizabeth Landau of CNN reported that new experiments involving gradual exposure to allergens for people with severe allergies to foods such as peanuts has shown promise in increasing the tolerance of these people to the reaction-inducing foods (2010). With time, advances such as this could make allergy-free foods unnecessary, causing our business nonplus to render obsolete. However, there is still no true cure for allergies. Socio-CulturalWe are aiming to provide a location where the championship can feel as though their allergies are understood as allergies and not as preferences (Hadley, 2006). As well, we are providing the assured cleanliness that people with allergies will co me to expect, being assured that their food hasnt come into adjoin with any attempt factors, ensuring their comfort in dining out at our locations. The PlanWe are looking to fill a very noticeable gap in the food market of the Ottawa region with a business that provides allergy conscious foods, foods that are provided with the guarantee that they have not come into jot with our individual consumers intolerances or allergies. We intend on doing this from a food truck style location, something that can be moved from location to location to better provide for our broadly spaced consumer base. This will also provide us with a higher ease of expanding the business as it begins to gain traction in the community, as we can simply purchase a new truck as the funds become available to better provide for our clientele. PricingIn terms of pricing, upon market entry, we intend on pursuing a penetrative pricing strategy, ensuring our prices fall approximately below the market average in orde r to encourage consumers to approach our business to satisfy their needs. As our client base increases, we can adopt a more aggressive pricing strategy like status quo to begin to increase our profitability as a business. Projections for this switch will fall around the six month after opening mark, in order to give our business the time it needs to properly establish a presence in both the market and the community it serves. Further down the line, we may adopt an even higher pricing strategy, leaning for towards premium pricing, to ensure we can offer the best product possible to our consumers.As we gain consumer base, and as their individual needs become prevalent, it may become clear that we arent equipped to satisfy all of their needs at the current cost point. Increasing our pricing in such a way shouldnt discourage loyal consumers, but will enable us to better approach a broader, more inclusive menu of products that has the potential to vastly increase and improve our client r elations.For the first six months of business operations, we are simply looking to breakeven in terms of profitability. Any extra earned above and beyond our costs can be used to improve or upgrade our business, so that when our pricing objectives change, we can be one step ahead in terms of our ability to offer a better, more inclusive product. As our price objectives increase, we can further use the projected increase in profitability to both upgrade our primary location, and begin planning for expansion. DistributionOur distribution plan is purely a point-of-sale endeavour. Consumers would come to our location, and we would serve them allergy free dishes there. As our business grows, however, we may begin to consider catering opportunities to help businesses with staff lunches and similar events. As well, we could delve into simply catering family events for families looking to be able to meet the needs of relatives, children, and so on who have food allergies or intolerances whe n planning larger family functions. These ideas would be prosecuted after a proper evaluation of the business model two or three yearsinto operations, based on how profitable the business is, where the demand for our product stands, how far our business has been able to expand, and whether we have the resources to pursue a venture such as this in addition to our standard operations. publicise/PromotionAdvertising efforts should be focused in the month prior to opening, for a huge push towards the grand opening of the business. The following outlines some of the standard rates available for advertising in Ottawa and the areaAdvertising MethodCosts AssociatedNewspaperStandard advertising with a newspaper such as the Ottawa Citizen ranges up to $60 an ad for their online site (Ottawa Citizen, 2013), something that would be worth considering as the online movement for news and newspapers has been fairly large, as traditional print media has started to decline in popularity. This would make it fairly easy to run an effective newspaper campaign for around or under $500 in the weeks leading up to the opening of our business.RadioBased on a contact at KISS FM in Ottawa, a standard rate for a 30 second radio commercial is $115, and they often offer one free for every one purchased (Tompkins, 2013). Because this is more expensive than newspaper advertising, within the last week before opening, we could run an effective campaign for $1150 (4 commercials per day x 5 days) Word of MouthWord of mouth advertising is often the most important form that can be used, as people are far more willing to believe and trust what their friends have done or experienced than what an advertisement tells them. Following opening the business, it would be profitable to offer small incentives to the initial wave of consumers in order to encourage them to bring their friends out to the food truck (for example, offering 20% off their next dish if they bring a friend with them).The results of this marketing push can easily be determined through an assessment of weekly revenues when weighed against costs. If weeks go by consecutively where there is minimal or no profits showing, then it would be crucial to reassess the plan and make changes where necessary or able to. Though, when there are significant profits showing in the books, it may be wise at that point to continue as planned, to ensure the plan continues to be an effective means of profit generation.Financial PlanBased on initial investments by the management team, to create our start-up ownership spread in the business shares, we have $20,000 to apply to our beginning costs in this business venture (100 shares x $200/share). This will cover around half of the purchase of a food truck to use (Lagorio, 2010), or the total licensing fees and partial inventory needed to get started. This brings us up short around $60,000-$75,000 to cover our start up costs and first year expenses to ensure our business runs smoothly and has the time to begin showing its own profit.Funding we are expecting to receive include small business grants from the Government of Canada. This grant and loan system offers to cover up to 90% of the financing required to get a new small business started (Industry Canada, 2013). However, this funding isnt guaranteed, so we will be looking for other forms of financing, beginning with business loans from banks, and other investors.According to our operating budgets, our two weeks first year costs will run at around $3,940, which will be more than covered with our projected sales numbers, which allow for peak season in the spring and summer months, and a slow season in the late fall and winter months (when people arent out on the street as much and running a food truck becomes costly and slightly impractical). In order to break even, we would have to sell 7200-8000 4,124 meal items over the course of the year, at a cost of $5 per item, or an average of 15-2011 items per day, whi ch is a completely feasible goal to meet. With summer months bringing in more customers than the winter, the overflow would easily balance out those slow months, ensuring our goal was met and likely garnering some profits to put towards expansion and annual costs for our second year of business. And if the target is met, we can easily be able to pay a huge part of our debt or use the money in taking the business to the next level. The total projected yearly net income after paying wages are calculated to be around $35000 which can be divided by owners in their respective shares.Exit StrategyOur food truck concept is offering food alternatives without the reactionincluding ingredients. Our service is serving the Ottawa communities from all range of different customers and different cultures as well. We hope to raise alive(predicate)ness of food allergies in the city, and demonstrate our own working solution to combat the deficit of allergy-friendly alternatives in the Ottawa area. As the business grows, we plan to turn our food truck shop into a franchise.According to Ottawa Public Health regulations related to food handling and storage, there are currently no restrictions on the types of food that may be sold on the street. On-street food vendors require a mobile refreshment vehicle business license and designated space permit issued by the City of Ottawa. The total annual fee for truck ranges from $4,703 to $6,748. The division of these fees is as follows Annual Business License Fee for Trucks $2,9816 Month Business License Fee for Trucks $1,945Annual Designated Space Permit FeeTruck (Downtown Core) $3,767Truck (Outside Core) $1,722Permits and business licenses are issued annually and expire on whitethorn 15th. After the initial issuance of the permit and license, it is required to renew the permit and business license within the renewal period of April 25th to May 15th each year.Furthermore, we are aware of policies relating to food truck business as foll owing Public health oversight of food truck operationsThe operation of food trucks in public right-of-waysPolicy statements pertaining to mobile food vendingEconomic development programs applicable to food trucks such as financial incentives, amicable media/technology tools or training Program for encouraging/promoting innovation in food trucksThe Food Truck is a Corporation owned by five members. A Corporation Agreement is included to allocate the profits or losses in any ratio learnd to between the partners. Each partner will consult a separate attorney at the outset, and all members should agree on the set terms and conditions of the corporation. We believe that a food truck is a unique business niche therefore we come up with a mini business review based on our business strategy, competitive landscape analysis, menu fit to consumer demographics, financial performance, management roles and responsibilities, employee qualifications, and community connection. We hope to expand o ur business to franchise in the next 3 years. However, we also look in consideration if there is an exit scenario for our business during the period or afterward. Because of this, we are focusing our energy on creating a business that buyers will want.We are working on our profitability, competitive edge, sustainability, scalability and corporate culture. In term of selling or passing on our business, we plan to hire the financial, legal tax and business advisor to help shepherd the sale through. This will prevent usfrom stressful, long process fraught with moving parts and paperwork. Along with the financial, legal tax and business advisor, we will also find a business broker banker in the area. This will help us to set a realistic asking price and assembling the necessary marketing materials for our business. The broker will discreetly contact potential buyers on our behalf. When it comes to risks, we are looking into the matters with close focus to identify the current and futur e problems for further analysis and desired actions required to close the gap. There are vehicle risks, operation risks, and liability risks. For vehicle risks, the risks include auto accidents, fire, theft, flood, wind damage, hail damage and electrical breakdowns.These risks can be lessened through education and training. A commercial auto insurance coverage will help to mitigate the cost of damage and loss of operational readiness due to the physical structure of our business. For operator risks, we are faced with slips, falls, cuts, burns, smoke inhalation and back injury from all the heavy lifting that is required during the workload of the day. We are aware that our employees are our biggest asset and can also be our biggest liabilities. It is important to have them well trained for their jobs and duties. Workers compensation insurance will be added in their working contracts.For liability risks, food trucks pose liabilities to employees in many ways. Not only that they may hu rt themselves during work, they are also at risk of food-related illnesses and auto accidents that are somewhat unique to food trucks. We are carefully considering investing in business insurance for liability, spoilage insurance, business automobile insurance and workers compensation in order to adequately cover their bases. We have also analyzed our competitive landscape that includes competitive food trucks, restaurants, and food carts in the regions of Ottawa. This will keep us up to date of the marketplace and our competitors. Beside the risks, we are building up our business strategyBusiness physical location is the priority pick. We are in the process of choosing our business location. There are some options such as near office complexes, downtown urban areas, on busy roads, recreation destinations. We also cater private and public events if we can get the contract. Business physical design is an eye-catch for the first sight customers. Keeping themenu simple that customers can read easilyKeeping the menu at a degree of flavor familiarity which contain locally grown and allergy free ingredients Charging competitive prices. Budget discounts for bad weather (sales can falls up to 50%) Establishing a regular customer base by providing the same quality food and products Keeping a clean and welcoming business environmentHaving competent leaders and managers who guide the effort and monitor results Being flexible, with a willingness to re-evaluate based on performance feedback and to make necessary changes throughout the process in order to get the desired results As important as business strategy, marketing techniques are a must in this society of social and network. Using word of mouthUsing social media (todays special, chef tips, social only discounts, online to offline social gatherings), network to advertise our business (email marketing) Investing in business cardsHosting a grand opening event to establish our food truck as a member in the local commun ity Having loyalty program for returning customers (Buy 10 get 1 free) Creating awareness by joining in charity fundsServing for holiday partiesWe are aware that customer service is the most signification investment that we should pay attention to in our business. We will show people that we love what we do. We will try to maintain a great product for a great price.BibliographyCanadian Food Inspection Agency. (2013, April 26). Acts and Regulations. Retrieved July 10, 2013, from Canadian Food Inspection Agency http//www.inspection.gc.ca/about-the-cfia/acts-and-regulations/eng/1299846777345/1299847442232City of Ottawa. (2001-2013). 1.4 Projection Results. Retrieved July 10, 2013,from Ottawa http//ottawa.ca/en/city-hall/get-know-your-city/statistics/14-projection-resultsCity Of Ottawa. (n.d.). New street food vending program. Retrieved from http//ottawa.ca/en/business/business-licenses-applications-and-permits/business-licensing/new-street-food-vending City of Ottawa. (n.d.). Ottawas n ew street food vending program . Retrieved from http//ottawa.ca/sites/ottawa.ca/files/attachments/ottpage/nsf_vend_info_en_0.pdfGarriguet, D. (2004). Overview of Canadians Eating Habits. Retrieved July 10, 2013, from Statistics Canada http//publications.gc.ca/Collection/Statcan/82-620-M/82-620-MIE2006002.pdfEMBO Reports http//www.ncbi.nlm.nih.gov/pmc/articles/PMC1679775/Hadley, C. (2006, November 11). Food allergies on the rise? Determining the prevalence of food allergies, and how quickly it is increasing, is the first step in tackling the problem. Retrieved July 10, 2013, fromHealth Canada. (2012, August 22). Food Allergies and Intolerances. Retrieved July 10, 2013, from Health Canada http//www.hc-sc.gc.ca/fn-an/securit/allerg/index-eng.phpIndustry Canada. (2013, April 2). Canada Small Business Financing Program. Retrieved July 17, 2013, from Industry Canada http//www.ic.gc.ca/eic/site/csbfp-pfpec.nsf/eng/h_la00007.htmlLagorio, C. (2010, May 12). How to Open a (Successful) Food Tr uck. Retrieved July 17, 2013, from Inc. http//www.inc.com/guides/2010/05/opening-a-successful-food-truck.htmlLandau, E. (2010, February 19). Exciting advance reported in peanut allergy therapy. Retrieved July 10, 2013, from CNNhttp//www.cnn.com/2010/HEALTH/02/19/aaas.food.allergies/index.html Mealy, L. (n.d.). Food truck design . Retrieved from http//restaurants.about.com/od/restaurantconcepts/a/food_truck_design.htmOttawa Citizen. (2010-2013). Specs Guides Rate Card. Retrieved July 10, 2013, from Ottawa Citizen http//www.ottawacitizen.com/about-ottawa-citizen/advertising/specs/rate-card.htmlStatistics Canada. (2012, June 27). Median total income, by family type, by census metropolitan area . Retrieved July 10, 2013, from Government of Canada http//www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil107a-eng.htmStreet Food App. (2011-2013). Ottawa Food Trucks. Retrieved July 10, 2013, from Street Food App http//streetfoodapp.com/ottawaStreet food ottawa. (n.d.). Retrieved from http//streetfoodott.com/trucks-2/Tompkins, J. (2013, May 21). quote (Email communication). Ottawa, ON, Canada.