Street food restaurant on a budget
You don’t need to splash the cash to start a thriving street-food pop up. Miranda Roberts and Stefan Buschbeck are a living success story starting mobile stall Shrimpy back in 2013, with a mere 1000Pounds in the bank. In fact, the partners advocate to never splash the cash and to stick within your businesses means.
We all have big dreams, and are vulnerable to becoming a tad over-excited as soon as the money starts rolling in... hold fire, plan and take it day by day. Careful budgeting was at the core to the success of Shrimpy, by which ‘purchase only necessities’ became their bible. This came with extensive research and communicating with other trade-stand holders who had plenty of years’ experience within the industry.
There are a whole array of questions to ask yourself with every purchase decision. For example, the cost, the location, additional purchases. Once you’ve made a bad investment, you’ll learn pretty quickly! The couple noted the countless times that they know of trade stand holders purchasing equipment and never using half of it. Basically, washing their profits down the drain.
There is sense in the methodology. Since day one the couple planned and questioned every investment, and three years down the line their lean start up approach is paying off. They say there are three things to always ask yourself when running a business...
After all your business outgoings, do you have anything to spare?
Do you actually need it? Whether it be a new location, new equipment or new staff.
How much longer can you affectively run without buying new equipment?
Live within reason of your business. No hero lives by taking on more debt or higher rents than they can afford. Stop and think before you take the plunge. Research is everything. At the start the couple noted they were vulnerable to taking on more than they could chew. They highlight the need to Look up the benefits of the trade show, the target audience and align it with your business budget to gage the profitability. Remember the show may be beneficial for networking purposes.
That cliché saying that everyone has got to start somewhere- but it’s true! Take it slow, get used to the industry, and most importantly learn from your experiences.