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Food Truck Flippin' Waffles

Bussiness Plan : Hospitality
by

Mari Flores

on 27 March 2015

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Transcript of Food Truck Flippin' Waffles

Goals & Objectives


Regain initial capital in one year



Narrow in on the Local Target Market




Increase Following and Develop Loyal Return Customers


Our Idea
Flippin' Waffles
In order to build a local following, we have to ensure that a first time customer will become a return customer, and then a regular customer. In order to do this, we have implemented a“Waffle Card”. Customers are given this simple punch card upon a purchase. After nine punches, nine waffles, the customer receives a free waffle! With reward systems such as this, we aim to retain our customers and earn their loyalty

Company History
MissON sTATEMENT


Flippin' Waffles is dedicated to pleasing its customers with fast service, fresh ingredients, and delicious waffles. Flippin’ Waffles is focused on customer service and strives to provide consumers with a quality product that anyone will enjoy.

Products & Services
Hospitality Business plan presented by: Group 2


Flippin' Waffles was founded in 2014 by a group of Florida Atlantic University students who had a passion in putting a dessert twist to their favorite breakfast meal. The idea all started when the entrepreneurs were cooking waffles in their dorm room.

Being on a college budget forced them to become creative. The young entrepreneurs began adding in delicious ingredients like chocolate chips, fruit, ice cream, frosting, and cookie dough and soon realized their potential.

After a few run-ins with RA's and other FAU administration, the entrepreneurs were forced to temporarily shut down their small waffle business for violating school policies.

Shortly after the company was shut down, the entrepreneurs got the proper paper work filed with the university, and opened up shop twice a week in the center of FAU’s campus. The demand began to grow even greater, and soon Flippin’ Waffles was open 5 days a week.










One year later, and Flippin' Waffles is a fully functioning food truck open 7 days a week with the same ten students it started with in the schools dormitory, located just off of Florida Atlantic University in Boca Raton, FL.
We want waffles!!!!
Flippin' Waffles aims to remain a local food truck service. By doing so, we intend to build our reputation and following in our target area of Palm Beach county. Our truck's route is relatively the same each day. This is to increase customer awareness and assure our local customers that we are here to stay. One of the downfalls to a "meal on wheels" is that customers feel they cannot be sure of when and where they'll see a particular food truck again. We aim to avoid this issue by assuring our customers they regularly see our vehicle and be able to enjoy a Flippin' good waffle as often as they so please.

Flippin' Waffles' ten founders all invested $6,672.60 to cover the total startup cost of the business. Without a bank loan to pay off, we plan to quickly recover this initial capital of $66,726.00 after one year of generating revenue.


Regain Initial Capital in One Year
Narrow in on Local Target markets
Increase following and develop loyal return cusTomers
Business Strategy
Pricing Comparison
Competition
&
Marketing Strategy
Guerrilla Marketing
Location
Social Media
Market Analysis
Target Market
Marketing
Mix
Product
Price
Simple Ingedients = Low Cost

Serving directly out of the truck so labor costs will be low.


place
The Seed, local coffee shop


promotion
The Seed

competition
Unique craft made waffles

Quick service



Flippin' Waffles will fill an "empty gap" in the food industry in the Boca Raton area

Craft waffles


Offers Quick and on-the-go meal.
199 West Palmetto Park Road,
Boca Raton, Fl 33432
Grand opening, Free Flippin' Waffles
for customers that post a picture of our company on an any social media outlet.
#Flippin'Waffles

Festivals and Events


working against competitors
Time Tip Quality
Students in south Florida




Operations
&
Logistics

Ownership
General Partnership
each invested $6,672.60

In the future we wish to expand and attract limited partners to invest in our business.
capital
traveling
cost
event permit fees
supply
Ingredients will be bought from Cheney Brothers Incorporated.
"Just in time" delivery method.

limited storage space inside truck and The Seed, this method will eliminate waste an easily managed with CBI.
Contracts
The Seed will allow use of their kitchen, storage, facilities, and parking access in return for 10% of our profits.
Human
Resources

Hours of Operations:



mONDAY-Sunday
7:00am-6:00pm


Management Team
Job
Qualifications
Cashiers
Cooks
Job
Description
quick math

training/ familiar
with register

know menu/ingredients

friendly/ good customer
service
At least one year cooking experience

Pass food/menu test

Knowledgeable on health codes/ cooking standards
Greet customers in a friendly and positive manner.

serve and encourage customers to ask if anything else is needed

make sure space is clean/neat

Counting the register before and after each work day


Prepare quality food using ingredients given

Make food in timely manner

clean workspace
Our team = 10 entrepreneurs with a background in Business and Entrepreneurial education.
The way we run our business
proper training process is enforced

Diverse workspace

Every employee is treated with respect

Happy employees = happy customers.
Remuneration Scale
Our payroll scale will be based both on hourly pay and commission.

Each employee will receive minimum wage $8.05 and hour and 5% commission for each sale.

During business hours there will be 2 cooks, 2 cashiers.

Each cook and cashier will do an avg. of 34 hours a week.
Investment
Breakdown

Capital
Flippin' Waffles has a start up cost of $66,726.00.

We have estimated our cost to cover everything in he business and leave a $10,000 cushion for emergency cost
Capacity
Because of our unique situation of being parked outside of The Seed, We expect our truck to be extremely profitable very quickly.

Existing customer base being provided to us, plus the customers we'll attract for fitting a unique niche.


Character
Our Ten owners/employees are all active in the community

Diverse talent complements a unique experience to customers

All students of FAU, believe our product will meet the expectations of the people of Boca Raton.
Conditions
We will be compensated by our investment and will be provided with a salary for the time we work to evenly distribute the profits
Financial Projections
Major benefits to A waffle Food Truck
Mobile

Unique waffles at a flat rate price

Quick and easy
Pricing comparison
Flippin' Waffles
Original waffle......................$5
IHOP
Belgium Waffle.....................$5.85

Water bottle ....................... $1.29

Strawberries.........................$1.00

tip (15%)..............................$1.22
Denny's
Waffle..........................$6.00

Strawberries................$1.00

Water bottle.................$1.99

tip (15%)......................$1.35


Waffle house
Waffle........................... $2.95

Water bottle...................$1.65

Strawberry syrup..........$ free
(not fresh fruit)

Tip (15%).......................$.69


Free Topping ...................... $0
(strawberries)

Water Bottle.........................$1.50


Total ............................................... $6.50
Total ..................................
$9.36
Total..............................$10.34
Total............................$ 5.64
Menu
Original Flippin' waffle ..................$5.00
(All waffles Include one free topping)


Toppings.................................................$1.00
( strawberries, blueberries, chocolate, banana, whip cream, powdered sugar, oreo's, blueberries, original syrup)
Ice cream................................................$2.00
Drinks
Waffles
Soda............................................$2.00
water..........................................$1.50
Root beer-float
coke-float
........................$4.00
Chocolate flippin' Waffle...............$5.00
Red Velvet Flippin' Waffle............. $5.00
Banana nUT fLIPPIN' wAFFLE............$5.OO
Flippin' Waffles will be a craft waffle, made from scratch.


We will be open for breakfast,lunch and dinner

Located right next to The Seed coffee shop, tables and chair will be provided by us and available for outside seating.

Whenever possible Flippin' Waffles will part take in any food event in the local area. Including Schools such as FAU or other areas around town.

Products & Services
To provide Boca Raton with a Gourmet food truck company that will satisfy a unique niche in the local area. Flippin' Waffles will provide a quick, quality bakery service with fresh, delicious on the go waffles that can either satisfy a morning hungry or treat an afternoon pick-me-up.
Our vision
Boca Raton population
2013
89,407
FAU student Population
30,000
9% on campus
91% commute
Start up cost
Daily Operation cost
Inventory
Sales &Revenue
Cash flow
Full transcript