Skinny Trini
4-2-15
Skinny Trini
Executive Summary
?“Trinidad brought to you”?
Company Background / Contact InformationChris
203-508-4346
Skinny Trini’
Yale New Haven Hospital
New Haven, CT
06513
Year Founded
2014
______
Investment Opportunity
$11,240.00
Annual Operating Costs*
$22,200.00
Annual Sales*
$13,893.75
Annual Profit*
$1.42 per unit
Return on Sales*
128.34%
Return on Investment*
269.59%
Breakeven Units/Month*
24,396 units; after year 6
*Projected
Business Description: Skinny Trini, I am the only owner, I am going to run a service business. One unit is equal to 1 Beef Pie. I will sell to my consumers directly out of my truck to the customer. No funny business.
Business Model: 1 unit=1 Beef Pie. I will make the food, layer them in a container, and then sell them individually
Mission Statement: Providing home cooked food from Trinidad and a warm Caribbean vibe to every customer.
Market Opportunity
Opportunity: No one else has a Trinidadian Food Truck out here. I will be the only one of my kind.
Target Market: Anyone who is looking for a warm, tasty beef patty in their hand, whether it’s during lunch or after work.
Industry Overview: My industry is the Food Truck industry. In my company, I will be selling Trinidadian Beef Pies directly out of my truck to my customers. I see myself being very successful because the food truck industry is a steadily growing industry with an annual growth of 9.3%. It also has a revenue of $857. The food truck industry employs over 14,000 people, which is very good if I had a truck in the Yale New Haven District and I needed the extra hands and decided to hire someone.
Market Research: There is no one else selling tasty Trinidadian beef pies anywhere in New Haven. Price is affordable and my food will be hot, it will also come with your request of cheese, and a dipping sauce.
Leadership
Qualifications: I took a hospitality and tourism class. I am currently in a Marketing class and I will take marketing 2 next year. I can cook, my mother can cook, and I am Trinidadian.
Skinny Trini’
Business Plan
“D’ Island Taste Brought Home”
Instructions:
· Revise the text highlighted in yellow for your own business.
· Answer the questions highlighted in blue for your own business. Then, delete any questions in blue before submitting the final plan.
1. OPPORTUNITY RECOGNITION & BUSINESS STRUCTURE
1.1 Business Opportunity
What is your business opportunity?
I will be the ONLY Trinidadian selling quality, tasty, and savory Trinidadian Beef Pies out a food truck in the Yale New Haven District at an affordable price and for everyone to come enjoy.
Describe the problem/unmet need your business is solving?
At the moment, my business has never had anyone actually taste our food.
How does your business solve the problem/unmet need?
I plan on solving this by making a fresh batch of Beef Pies and giving everyone in my marketing class a sample. Then maybe I would sell them in school and make some extra money to throw back into my business.
1.2 Type of Business
What is your type of business? (Manufacturing, Wholesale, Retail or Service) Describe in detail why you chose this business type.
I have a service business. I chose a service business because I like the idea that I am making something that someone enjoys and they are going to pay me in exchange for my product. I also enjoy cooking so this job would not be something I dislike too much and that would be good because it will make me want to work hard on my business and impress my customers and satisfy them.
1.3 Type of Business Ownership
Which business ownership type did you select for your business? (Sole proprietor, Partnership, LLC, S-Corp, C-Corp) Describe in detail why you chose this business ownership structure.
I will own a Sole Proprietorship. I will own a sole proprietorship because I feel as though I will not need any help running my business. Maybe when It gets really big and popular I will need an extra pair of hands but for right now I do not need anyone to help me just cook and sell some beef pies. Another reason I chose this is because I do not want to have to split any money with anyone. I want to make as much money as possible so that I can pay my mother for all the years that she has raised me and put food in my stomach and clothes on my back. I also want to give back to the community in various ways. Therefore I need to save all of the money I can off of my sales.
Why did you select this type of business ownership? Why does it make the most sense for your business?
I chose this ownership type because I do not want to split any money with anyone and also because I do not need the help of anyone else. Why hire someone to help me do the work of 1 person?
1.4 Mission Statement
A mission statement is a company’s constant reminder to its employees and customers of why the company exists in a concise way.
Describe what your company does best and why in one-two sentences.
Skinny Trini’ promises to provide quality and tasty Trinidadian food to every customer because we love what we do and we know you do too.
1.5 Social Responsibility
Social Responsibility is often described as “doing well by doing good.” In addition to making a profit entrepreneurs need to consider how they support social good.
How is your business socially responsible? Be specific.
Skinny Trini’ will be socially responsible by giving back to the community in various ways. My family has a history with cancer so I really would like to give back to Smilo Cancer Center in the Yale New Haven Hospital. I feel as though the researchers for cancer are coming very close to finding a cure or at least some better treatments. Therefore I really want to help them continue their research and be able to say I helped cure cancer.
How do you plan to give back to a social cause with either your time and/or money?
I will give back to a social cause by donating about 5-7% of my annual income to the Smilo Cancer Hospital.
1.6 Qualifications
What are your personal qualifications to run this particular business? (experience, certification, classes, skills) To complete this section refer to your strengths from your SWOT.
I feel I am very much qualified to run this business. I passed a hospitality and tourism class with flying colors. I am currently in a marketing 1 class and I am doing very well and I am Trinidadian. So this food is nothing new to me and I know when it comes out good and when it doesn’t. I am also a people person and I was raised with manners as a child, so greeting everyone and asking them how they are doing is not something foreign to me.
What qualifications would your team need to have?
I am a one man team so I would have to have the qualifications listed above, which I already have.
2. MARKET RESEARCH
2.1 Market Research
What industry does your business belong to? Describe why your business fits within this industry.
My industry belongs to the Food Truck industry. My business best fits with this because I will be selling food, out of a truck. Also, Trinidadian beef pies are something you can eat anytime of the day, for breakfast, lunch, dinner, any time any where.
What is the size of that industry? (For example: revenue, services providers, and industry trends)
The food truck business is a steadily growing industry. I understand that out here, the in the north east it would be difficult to run a food truck business in light of the fact how weird these seasons can be and how people may not want to take the troop out in the cold or I the snow just to get some food during their lunch break. But I feel that based on the position my truck will be parked and the smell of my food, give me some times and I will have a line in front of my truck at Yale New Haven Hospital in the middle of winter. Who knows I may even sell coffee with the beef pies.
What is the size of your potential target market?
At the moment, the size of my target market is yet to be determined but I feel that in the future, my company could be very famous.
What data did you find that supports your business opportunity?
The data I found came from all different resources on the internet. I used Yellow Pages, and Google Maps a lot. Based off of the companies I found on there, I would click the link to the company’s website and then look at their menu. From what I have learned, there is no one out here selling Trinidadian beef pies. The only ones I know selling anything close to what I’m selling is the corner store and honestly, no one likes their knock off beef patties fresh out of the microwave and whatever.
2.2 Target Market
Based on your research, describe your market segment within your target market. Be as detailed as you can, using the following guiding questions.
Demographics : What objective social and economic facts did you find?
Geographics: Where do your customers live, or where are businesses located?
My customers live primarily in the New Haven area. I feel as though a majority of my customers will be doctors in the Yale New Haven Hospital. Then the rest of my customers will be residents in the New Haven Area, either travelling to work, walking their dog, so on.
Psychographics: What are some psychological characteristics (attitudes, beliefs, interests, etc…) of your customers?
I feel like my customers will like my product but I have to recognize, not only as an entrepreneur, but also as an adult that there are going to be people who are not going to like what I am offering and will not be customers. For example, vegetarians will not eat meat but I feel as though I can find some alternative for that. I already have a plan but it is confidential at the moment.
What are the buying patterns for your target market?
The buying patterns of my customers will hopefully be like a daily basis thing if you know what I mean. My target market is the doctors at Yale New Haven Hospital because the cultures there are so diverse among the staff and I feel like they would be interested in what I have to offer and my food is affordable so I feel like they will come buy my food every day during their lunch period or when they are free because it is so cheap and quick but filling at the same time.
2.3 Competitors
Which direct competitors run similar businesses? Describe these competitors in detail.
I have no Direct Competitors.
Which indirect competitors fulfill the same want or need with a different business? Describe these competitors in detail.
Eddies corner store sells microwaved beef patties. They smell nasty, taste bad, and they’re always burned around the edges. Therefore they can’t compete with Skinny Trini on any level. And no one wants to pay $2.50 for a pile of trash.
2.4 Competitive Advantage
Describe your competitive advantage, or what makes your business better than your competitors? Use the following guided questions to help identify potential differentiators for your business:
· I can provide quality, homecooked food for an ffordable and reasonable price.
· I can offer a vegetarian friendly alternative.
· I will be right in the middle of downtown so everyone can meet up and grab a tasty Beef Pie
· My product will provide a filling, tasty, and affordable experience. No one else selling anything close to what I have can say they are doing that.
Your Business / Competitor A / Competitor BFactor 1:
Quality / I sell quality beef pies / They Suck / They suck
Factor 2:
Price / Mine are affordable / Not worth the money / Not worth the money
Factor 3:
[text] / [text] / [text] / [text]
List your three competitive advantages that put you ahead of the competition. Go beyond price.
Quality, Price
2.5 Business Growth
What trends in your industry could provide additional opportunities for growth?
The trend that young people like go to food trucks is potentially beneficial for me. I feel this way because young people enjoy spending money because they have it in their pocket. Young people also like try different things and be adventurous and my food is different.
What next steps would you take to grow your business and/or making it operational?
I will hire someone else and add more equipment to my truck in a few years and after that, I’ll move into a number.
2.6 Challenges
What trends in your industry could provide potential challenges to your business?
When the weather gets cold, business tends to slow down.
What barriers to starting this business exist? What additional education or training could you pursue to overcome these obstacles?
I want to go to business school so that I can further my education as an entrepreneur and gain knowledge others may lack to benefit myself and the company. But I feel as though you cannot beat experience at the end of the day.
3. FINANCIAL INFORMATION & OPERATIONS
3.1 Definition of One Unit
What is one unit of sale? Remember that a unit of sale is what the customer actually buys from you, so it should be clear and easy to describe.