Creating My Start-up Company: The Hot Dish Trailer

Assignment 2
Name:
Institution:
Introduction
The name of the start-up company is “Hot Dish Trailer” and its logo constitutes a plate of variety of foods with the slogan “No sits, just eats” below it. The establishment of this start-up is motivated by the rapid growth of food truck businesses in densely populated cities such as New York, Las Vegas, and Los Angeles. In such cities, food trucks present benefits of a restaurant without incurring huge investment outlay. In fact, only 10% to 20% of new food truck businesses fail, whereas the failure rate of new restaurants is as high as 90%. “Hot Dish Trailer” will be based in New York because the city’s diversity and 24 hour economy provides the best platform to sell various types of food and beverages. Although the start-up will specialize in hot dogs and sandwiches, other products such as iced beverages, French fries, and sausages will also be present.
Hot Dish Trailer’s food is designed for everybody in the streets of New York. However, the ideal clients are young adults (below 35 years) because they are likely to purchase fast foods at any time of the day. The start-up will also target individuals in areas where there are no restaurants; campgrounds, construction sites, and the beach. To sustain the food truck business in the long run, the ideal work environment must balance the needs of the business and those of employees. As a result I will only work with employees who display the right work ethic and commitment. Further training and information sharing about the needs of the business will be undertaken because the business will only grow if employees understand it. Since the start-up will have few management positions, I will strive to give the employees the experience they need to succeed once they move on to other food businesses.
The desire to establish a food truck business is motivated by my entrepreneurial interests. As a result, handling various risks while establishing my own business is something I am prepared to undertake. This is critical in promoting Hot Dish Trailer because the food truck business in New York is very competitive. On an operational level, creativity and progressive thinking are essential skills. Creativity will be significant in improving current food and adding new items on the menu. According to Mobile Cuisine (2018), new ideas are critical in retaining and attracting new customers. Progressive thinking will help the business to stay relevant by modifying the food and aligning it to prevailing trends.
Feasibility study & Industry Analysis
Porter’s Five Forces
This is an effective tool to evaluate and analyze the industry to determine its attractiveness and profitability. The insights and ideas received through this tool will help Hot Dish Trailer to not only focus on the competitors but also other factors that may have an impact on the business environment.
Competitive Rivalry
Ordinarily, a profitable industry is likely to attract other players who end up competing for the same customers. When this happens, it is crucial to ensure that the business differentiates itself from its competitors (Bruijl, 2018). For Hot Dish Trailer, the main objective of differentiation...