Starting a business- Food Truck Business

Apply the elements of marketing as it applies to entrepreneurship.

• Your elevator pitch: a succinct description of your products or services, market, and competitive advantages.

• Size of opportunity: this is what investors — Venture capitalists (VCs) even more so than “angels” — want to know. To what size can your company potentially grow and what are your plans for future development?

• Your specific target customers: who they are and the customer needs that your product will meet.

• The market size: numbers and dollars, past growth, growth forecasts. Is there a market in my community for this kind of business?Will people buy my product or service?

• The competition: division of market share, how your product compares to theirs, your value proposition in comparison to the competition’s, and barriers to entry.

• The business model: how you will distribute your product, pricing strategies, how you will reach your customers?

Apply the elements of management as it applies to entrepreneurship.

• Your team: who they are, past successes and experience, and why they are qualified to do the job.

The timeline: when you expect to reach key milestones.

• Who are your suppliers?

Apply the elements of finance as it applies to entrepreneurship.

• Financials: a brief summary of key points from your income statement and balance sheet.

  • Funding: how much you are asking for in this round, how many future rounds are expected, how much you will request during those rounds, and how the funds will be used.

  • The investment opportunity: potential exit strategies and financial return for investors.