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May 31, 2018, 8:34 am

Why The Food Truck Industry Will Continue to Grow

by: The Financial Blogger    Category: Business

Spring and Summer are great seasons for those who work in the food industry, and especially for food truck owners. As the weather gets warmer, more and more people will be out and about, and nothing makes a stroll more pleasant than eating some food on the go.

In today’s food industry, food trucks are the fastest-growing business with numbers that keep growing year by year. Food trucks have been around for a long time, but now they’re experiencing their true golden age. In 2012, the food truck industry revenue was estimated $650 million, a number that has since skyrocketed reaching a whopping $2.7 billion in 2017. Food trucks outpaced other commercial food services and can be kick-started with a rather small investment. Food trucks are the next generation of food service, so knowing how to make the best out of them is a must for most modern restaurant entrepreneurs.

What makes food trucks so popular?

If you’re a first-time entrepreneur, a food truck can prove to be more profitable than a small cafeteria or eatery. With an initial investment of less than $100,000, anyone can setup a profitable food truck business that can make anywhere between $250,000 to $500,000 per year.

Their flexibility makes them quite unique, as an entrepreneur can quickly and easily test different menu items, recipes and even new concepts with a minimum risk. Strategies and offers can be conveniently tailored to specific customer preferences in a very cost-effective way, and the truck itself can be customized and personalized to increase your audience.

Mobile services are easily paired with mobile communication, which is a must to stay up to date with the latest food trends. Millenials, in particular, like to “post” their food on social social media before eating it, and sharing is a fundamental part of eating nowadays. With a properly planned social strategy, food trucks can generate immediate responses even from the most time-starved audiences.

Food trailers are highly mobile businesses that can cater different tastes in different locations at an amazing speed. Changing locations allows them move out from “dead zones” during low seasons, and move only where the best profit opportunities are. They can also follow the masses, and reach out for the largest audiences by setting up near concerts, events and neighborhood parties by making smart use of geolocation tools.

Many brick-and-mortar restaurants use custom truck builders to to make their business mobile, and hit the road with trucks that serve as moving marketing vehicles with the same branding the customers know from the restaurant. Regardless of your situation, you’ll want to make sure that you spend time branding the vehicle to make your food truck easily recognizable.

The requirements to run a food truck

There are a few things you need to do if you want to run a legit food truck service. Every region has its own codes and regulations on food trucks, so you want to know them beforehand to comply with them. Mobile vending laws and parking permits change in every city, so be sure to check the specific ones rather than just state or county laws. You may need to provide proof of ownership, insurance, identification and vehicular license, so get all your documents ready before rolling into to a different city.

Then, you should confirm the minimum distance you can be from a brick-and-mortar restaurant. Other than just being compliant with local laws, you might want to keep competition fair at all times. Also, find out if you need a commissary to prepare food before serving and meet all health and fire codes to get approved by the local board of health.

Other than just to receive formal approval to market your products, some of these regulations are useful to help you provide your customers with only the best quality food possible. For example, by making sure that food is stored and kept in proper temperature, you can prevent it from spoiling especially in the case of highly perishable foods such as fruit or seafood.

Conclusion

As you can see, the right time to find a food truck for sale is today rather than tomorrow. The market is full of very affordable offers, but their price is destined to increase in the upcoming years. As this industry is growing at a steady pace, making this investment now can help you make a hefty profit with very little efforts.

Are you thinking of hitting the road on your own food truck journey? Leave us a comment with your best food truck concept ideas and let us know what you thought of this article.

 

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May 14, 2018, 8:34 am

New Payment Methods and How They Could Boost Your Business

by: The Financial Blogger    Category: Business

Source: @rshevlin via Twitter

So, you’ve established a website, started to generate leads in your chosen field and – most importantly – begun to make some money. Now, however, you need to start considering how you want your money-making scheme to move forward.

There are many of different places you could start with reviewing your operation, but one issue that should definitely be up for review is how you are accepting payments from your clients. After all, considering it could ultimately prove key as you look to take your business to a whole new level.

Emerging trends

While there is of course still a place in business for traditional payment methods such as credit or debit card and even cheques, there is growing evidence that a number of people are keen to have different options when it comes to buying products or services. According to SmartDebit, research in the UK last year suggested that 90 percent of consumers think businesses should offer a range of payment methods, with 58 percent adding that they would probably prefer to spend money with such organizations.

Bitcoin statistic coin ANTANA” (CC BY-SA 2.0) by antanacoins

Unsurprisingly, many businesses have taken notice of such calls. For example, major organizations like Microsoft and Expedia have taken the plunge and started to accept payments in cryptocurrencies like bitcoin in recent years, while this guide to various casino deposit options shows how that industry has also embraced letting people pay using everything from bank transfers to e-wallet platforms like PayPal. In addition, Amazon even now allows people to buy goods through voice purchasing on their Echo range of devices.

But while businesses are offering this diverse range of payment methods, are there actually signs that consumers are embracing them? Well, according to new research from payment solutions provider TSYS, the answer is very much yes.

Growing appetite

The organization’s 2017 US Consumer Payment Study found that younger generations, in particular, are increasingly interested in using new and emerging payment methods, with 60 percent of people who own an AI device such as the Amazon Echo using it to make purchases. In addition, more than half of respondents said they were interested in using a mobile wallet rather than a card to pay for shopping, while 45 percent of people aged between 25 and 34 have also used a service such as PayPal or Zelle.

While the study did also confirm that traditional payment methods like debit and credit cards and cash remain hugely popular, the findings undoubtedly highlight that interest in different platforms is clearly on the rise.

Worth considering

When all of this is considered, it genuinely does seem like there is a real appetite among consumers for them to be able to make purchases in a manner which suits them. With younger generations, in particular, embracing new payment methods, it seems that going forward, businesses are going to have to ensure they are meeting their needs.

Whether you are making money online for a living or simply to generate a little bit of extra cash, considering the issue of payment methods could ultimately be key to your operation’s long-term success.

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January 19, 2018, 4:27 pm

How To Secure Working Capital In A Tough 2018

by: The Financial Blogger    Category: Business

There’s more uncertainty in the US economy than some would have you believe, and for the freight and trucking industry, any decline in economic growth could be disastrous. With uncertainty over NAFTA, freight and trucking could suffer a great deal in the years ahead. The US trades $577 billion with Canada and $532 billion with Mexico in imports and exports – the lifeblood of freight and trucking.

The US economy may not be as strong as some analysts predict. Despite modest job growth, consumer spending remains anemic. Some have called 2017 the “retail apocalypse.” In the month of August, consumer spending was only up 0.1%. With the US dollar down 8 percent in 2017, consumers are about to feel the pinch and that could jeopardize future growth. New US tax changes have also failed to inspire much growth and the future of NAFTA is up in the air. As NAFTA renegotiations hit the rocks, fleet owners need a growth plan that can handle an unpredictable future.

Any company that finds itself a link in any part of a supply chain can find itself tight on money when they’re waiting to collect invoices worth thousands of dollars. Sometimes trucking companies wait up to 90 days to collect, but even waiting a month can put the brakes on your cash flow.

Freight bill factoring is a growing alternative to banks for fleets struggling with cash flow. If you want to learn about the benefits of invoice factoring for truckers consider first and foremost that freight bill factoring is not a loan — trucking companies sell their invoices at a discount and factoring companies pay up front. Selling invoices is a quick and easy way to guarantee an influx of working capital. Instead of waiting two or three months to collect, factoring offers carriers immediate funding often on the same day they submit invoices.

By contrast, bank loans are difficult to secure. Banks have tough expectations for credit and sustainability for companies that take on bank debt, and trucking is usually considered a high-risk industry. Trucking companies can easily find themselves frozen out of bank loans, especially if they don’t have an impeccable credit history or major collateral. Trucking companies of all sizes struggle to meet banks’ requirements for a business loan.

Freight bill factoring rates, on the other hand, are very affordable and designed to meet industry needs. This is what the freight bill factoring process looks like:

  • Once the trucking company completes a delivery, it sends an invoice to the client and a copy to the factoring company, plus proof of delivery
  • Factors such as Accutrac Capital send the trucking company a cash advance that’s as high as 97% of the invoice within 24 hours (minus a nominal factoring fee)
  • When the customer pays its invoice, Accutrac Capital reimburses the balance of the cash advance (i.e., 3%)

Any trucking company struggling with cash flow can take advantage of a third-party factor. Factoring means you don’t have to wait 90 days for payment so that you have the liquidity you need to meet your expenses and grow your company. Stabilize your cash flow with a third-party factoring partner.

 

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December 11, 2017, 11:08 am

How to Start a 7 Figure Online Retail Business Without any Cash

by: The Financial Blogger    Category: Business

You’ve always wanted to be a successful businessperson. The only problem is, you simply can’t find the money you need for that first initial investment. If this sounds like you, then the good news is that you can now take advantage of the digital age to start your 7 figure retail business online without any investment cash what-so-ever.

Now that we’re fully in the online world, customers love shopping online. After all, it’s quick, it’s convenient, and it’s an easy way to save cash too! Here are just four steps you can follow to start your 7 figure online retail business without any money.

Step 1: Have a Good Plan

Whenever you consider starting a new business, it’s always a good idea to make sure that you have a solid strategy in place. All entrepreneurs begin with a business model to help them figure out whether or not they have what it takes to be successful in the marketplace. Your business plan should include everything from what you plan to sell, to who your target customer is going to be, and how you’re going to make a profit. Remember to consider your position in the market carefully too, by looking at the competition you’ll face when you enter your chosen niche. You can find  more detailed insights on how to build a solid business plan here:  http://www.7figurecycles.net/

Step 2: Choose the Right Products

While there are a lot of different things that can make or break the success of your online business model, it’s worth noting that few things are more important than your decision of which products you should be selling online. Ideally, you should not only know which product you’re going to sell, but how you’re going to keep production costs low, and profits high. Think about whether you’re going to simply stick to one product line, or expand into multiple different areas as your company starts to grow too!

Step 3: Build Your Ecommerce Website

Building your website might be the simplest part of running an online business. There are plenty of tools available to make this task easier for you, including Shopify, WordPress, and more. You’ll find that there are a range of solutions out there to choose from, so you should read reviews and testimonials to get a good idea of which options offer the most attractive features to your company. Remember, the ecommerce site you build should be mobile-friendly, easy to use, and fast to load if you want your customers to enjoy their experience with you.

Step 4: Start Selling

Once you’ve officially set up your online store, you’ll be able to start uploading product pictures and descriptions, so that you can sell online. Remember, you can’t just list your products and wait for people to turn up, you’re also going to need to have a promotion strategy in mind for how to get your products in front of the right customers. Ideally, you’ll need to use a combination of social media, SEO, paid advertising, and content marketing over the course of your business’s life. To get you started, stick to the free options like social media and blogging!

Bonus Tips

The truth is, building a successful 7 figure eCommerce business doesn’t have to be as challenging as it seems. Once you’ve got a handle on all the resources and information that’s already available and at your disposal, you’ll be able to continue building and enhancing your eCommerce strategy over the years, spending as little money as possible in the meantime. Remember to keep the following things in mind before you get started for the best chances of success:

  • Who is your target customer going to be, and what will the scale of your operations look like? You might choose to ship products locally, internationally, or nationally depending on your opportunities for handling and postage.
  • Get the right stock: If you’re going to be shipping physical goods to your customers, then you need to have the right supply of products on hand. You could always consider dropshipping as an alternative, where you work with a third party who sends products to your customers for you.
  • Know your unique selling points: Make sure that you know how you’re going to stand out from the competition. You might choose to focus on quality, product shipping times, or prices to begin with.

If you prepare yourself for success with the right information and resources, you should be able to easily keep up with the ever-changing nature of the eCommerce world. If not you can still find reliable information about how to build a 7 figure business here: the7figurecycle.net

 

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December 4, 2017, 8:32 am

Essential Factors To Consider When Choosing Workflow Automation Software

by: The Financial Blogger    Category: Business

The adoption of technology in organizations is considered to have diverse positive impact. One of the significant benefits of technology in business is its ability to reduce costs while at the same time increasing efficiency.

One of these adopted technologies is in the area of automated payment where the purchasing card (p-card) is considered among the favorite options. Use of these electronic payments options has resulted in increased efficiency.

What you should consider

Careful thought needs to go into the decision to adopt software use in the organization. This is not a decision that should be rushed. Here are some of the important factors to consider so you can be sure the software you choose is beneficial to your organization.

Simplicity

How simple the software is, ought to be your number one factor before making any purchase. The reason why businesses adopt software in their operations is to reduce the complexity of work and ensure it is executed easily and effectively. As such, a software that is hard to use does not really serve its intended purpose. For example, what is the use of adopting electronic invoicing software that even the accounting officer finds difficult to use? Choose a workflow automation software that is simple enough such that all your team members can use it with ease.

Features

Different organizations have diverse needs in regards to workflow automation. For example, the AP automation software that your competitors have might differ with what would work best for your company. Always, it is important to consider what your organization needs and compare that with the available options. The best way to choose software is by being keen during its demonstration to capture its capabilities and establish whether it can execute all your needs.

Cross-compatibility

One mistake that most people make is to choose software that does not align with the already available hardware and other tools. It is important, first, to examine your available tools, hardware, as well as any existing systems so you can determine what your ideal workflow automation software should look like. If the new software is compatible with your other systems, the implication is that you will have an easy time switching platforms and this can be cheap and fast.

Pricing

After you have considered all the above factors, it is time to think about cost of the software. Weigh the software pricing with respect to your budget. Also examine whether the price of the software is one off, or you will be required to make monthly or yearly subscriptions. In most cases, workflow automation software are paid on a subscription basis.

Security

When looking out for any workflow software, security should be your number one factor.  For example, an electronic invoicing software ought to guarantee you the highest security since you will be performing sensitive transactions. Software that does not have security features can have adverse impacts on your organization such as being vulnerable to cyber-attacks.

Fact is workflow automation software is an important aspect of any organization. The choice of your automation software can break or make your business. However, by considering the above factors, you can select the software that will serve you effectively.

 

 

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