Food Truck
When starting out any business one must decide the finance and funding that goes into the business. Patrick and I are starting a food truck business that will offer hot dogs and fries with a soda. The name of our business is P-Wall's Hot dogs. When starting the research process we had to decide if we wanted our food truck to be used or new. There are is a lot things to consider when purchasing a food truck each food truck offers different things and has different amounts of storage and availability. We found a food truck place that allowed us to customize what we wanted to have in our food truck based on what we were going to be serving and what we needed.
Now the good thing about a Food Truck is that it allows you to hit different locations in one day. The next thing that we had to think about was where we wanted to hit in terms of location. We decided that different counties and towns required a licensing fee so that was a little difficult because based on what part of the town we were deciding to target in would determine what kind of licensing we actually needed. We ended up deciding to focus on Dupage County and choose the towns of lisle, Naperville, Glen Ellyn, Elmhurst, and Wheaton. This made the most sense for us because we then also decided to have our central location of storing our Food Truck in Romeoville making each one of our locations within a close proximity of our central location.
Next we decided it was best to invest in a loan from our bank since our Food Truck came out to be a little more pricey then we expected. The bank we selected was Wells Fargo because they had a good interest rate and we were able to receive the loan for 6 years.
Throughout the semester we divided up the work Patrick did do most of the calculations but at the end would take time to show me what he was doing and at times we even worked on the numbers together.
As time went on we noticed our numbers were becoming negative but at the end of it we were able to receive positive numbers that still may not be completely accurate but show a generally understanding of the process.
As of right now we decided to work just Patrick and I then if the business decides to grow would for sure add more staff. The only other outsourcing we would have would be a tax accountant because the taxes got a little bit confusing during the class which is another reason we just focused on Dupage County.
This class was a great learning experience and together Patrick and I worked very well together and were able to bring both our skill sets to accomplish our project. Professor Houlihan allowed us to work on our own and figure out the problems for ourselves which is great because that's how it's going to be when I plan to open my own business so I thank her for that.
Now the good thing about a Food Truck is that it allows you to hit different locations in one day. The next thing that we had to think about was where we wanted to hit in terms of location. We decided that different counties and towns required a licensing fee so that was a little difficult because based on what part of the town we were deciding to target in would determine what kind of licensing we actually needed. We ended up deciding to focus on Dupage County and choose the towns of lisle, Naperville, Glen Ellyn, Elmhurst, and Wheaton. This made the most sense for us because we then also decided to have our central location of storing our Food Truck in Romeoville making each one of our locations within a close proximity of our central location.
Next we decided it was best to invest in a loan from our bank since our Food Truck came out to be a little more pricey then we expected. The bank we selected was Wells Fargo because they had a good interest rate and we were able to receive the loan for 6 years.
Throughout the semester we divided up the work Patrick did do most of the calculations but at the end would take time to show me what he was doing and at times we even worked on the numbers together.
As time went on we noticed our numbers were becoming negative but at the end of it we were able to receive positive numbers that still may not be completely accurate but show a generally understanding of the process.
As of right now we decided to work just Patrick and I then if the business decides to grow would for sure add more staff. The only other outsourcing we would have would be a tax accountant because the taxes got a little bit confusing during the class which is another reason we just focused on Dupage County.
This class was a great learning experience and together Patrick and I worked very well together and were able to bring both our skill sets to accomplish our project. Professor Houlihan allowed us to work on our own and figure out the problems for ourselves which is great because that's how it's going to be when I plan to open my own business so I thank her for that.
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