Everglades Food Truck will be a locally owned food truck whose operations will be in the Fort Lauderdale, FL area, and more specifically, in Port Everglades. The food truck positioning will be through a creative approach as a renowned franchise that focuses on its branding and detailed presentation. The business will offer a mix of value pricing and excellent taste of American and Latin American dishes, combined with fun packaging and a great service. The food truck will provide the customer the best opportunity to enjoy their food while viewing the fantastic scenery at Port Everglades in Fort Lauderdale, FL.
The delicacies and service offered will strive to ensure that the demand from the customers increases. The port is one of the largest and active seaports for cruise ships and cargo ships in the US. As a result, the port has large number of employees, contractors, visitors, and tourists who work or transit through the port.
Mission and Vision
The company’s primary goal is to be among the best food truck in the Port Everglades and surrounding areas. The plan is to start with one food truck and see how the market will react, before investing in additional food trucks. The company will ensure the customers have the best experience. For every sale, the company will incorporate its brand name to ensure the marketing of the product. The company’s vision is to be a renowned food truck company in the region where we operate, both within and outside the Port Everglades.
The food truck’s primary market target will be the employees working in the port. According to Port Everglades Administration, at least 13,127 people work for companies that provide direct services to the port (www.porteverglades.net). Therefore, the company will take advantage of these numbers and ensure that it offers the best meals to increase its demand and achieve the set goals. The company’s secondary customer base will be the visitors and the tourists at the port. The company will also target external job seekers that may be seeking employment opportunities at the port. The location and target market would be beneficial for the food truck since potentially means more customers to the business and more revenue generated.
The first competitor is Joe’s food truck. The company is a food truck business that sells drinks and mainly sea food. It has 59 reviews, and its opening hours are from 9am to 5pm. The company’s competitive advantage is that the meals are accompanied by variety of sides and soft drinks to choose from. The next competitor is the ice cream truck. Unlike the former, it has no reviews and its opening hours are from 12am-11.59pm, suggesting it is a 24-hr business. Its competitive advantage is it offers some dairy-free options, to attract customers with diverse dietary needs. The third competitor in the Mermaid food truck whose menu includes American, seafood, and street food cuisines. The company has no specified opening hours. Its competitive advantage is that it offers various foods, thereby targeting diverse customers at the port.
Since the food truck will provide exceptional service and delicacy, the company’s intended market will be the working-class group in the port. In this case, the port is like a global business center converged with many companies and employees. The food truck will mainly serve customers inside the port but will also occasionally operate within a 10-mile radius of the port. According to Port Everglades Administration, at least 13,127 people work for companies that provide direct services to the port (www.porteverglades.net). Therefore, the company will take advantage of these numbers and ensure that it offers the best meals to increase its demand and achieve the set goals.
The food provision business has been very successful in Port Everglades. Let’s take a case where a customer usually spends $400 a month on food products, and they spend an estimate of $120 on food trucks every month. Since the company will be targeting to serve a total of 600 units every year, the company’s market value will be $72,000 (600*12). But using the EMV, the value will be $50,200.
The expected market value
|Assumption||Probability||Units||Avg unit price||MV||Emv= p*mv|
Total addressable market
According to the Port Everglades economic impact report for fiscal year 2019, the port generated more than $32B worth of business activity and 219,072 jobs (www.porteverglades.net). Since the company will be targeting around 28,000 workers, the business’s market share will therefore be 12.7% (28,000 / 220,000). In this case, the total addressable (TAM) market using the EMV will be $6,375.40 (0.127* 50,200).
From the above data, we should implement the Everglades Food Truck business. This is because for a starting business, the TAM is appropriate. The TAM will increase as the business expands since the operational forecast and success of the company are promising.