Atlanta entrepreneurs know that starting a business is not easy. There are many things to consider as one navigates the business organization process. To help, one source has provided a reality television road map of sorts. The series, called the Great American Food Truck Race, offers insight on how Atlanta entrepreneurs can learn all they need to about starting their business.
Like most businesses, the food trucks in the competition must have a vision, a talent, a brand, and a good sense of marketing their product. Although most businesses that are just getting off the ground aren’t looking forward to a $50,000 payday for the winner, the fundamental concepts are still the same. The fundamentals that can be translated from the food truck race to the Atlanta entrepreneur include market research, budgeting, marketing, execution, and profitability.
Market research is vital to starting a business. Just like a food truck must know what area of the country will be hungry for their fare, Atlanta businesses must know which area of town to market their specialty. Budgeting is exactly as it sounds for any business; you have a certain amount of money, so make the most of it and be economical. Marketing is everywhere, and every business owner is tasked with finding the best way to reach their target market. This may not include hawking products on a busy thoroughfare like the food truck hopefuls, though such an idea might not be bad on Atlanta’s busy Peachtree Street in midtown.
Execution is where the promise is delivered. Every business offers something that a customer wants or needs, and it is up to that business to deliver on it. The food truck hopefuls learned the hard way that customers will walk away if a promise cannot be delivered. Profitability is the key to business success, meaning businesses have to maintain a close eye on the bottom line. The food truck hopefuls learned that slashing prices in order to drive customers in does not mean that overall profitability is higher.
Atlanta entrepreneurs may be able to relate to many of these key ingredients for a business organization plan. Like the food truck hopefuls, Atlanta businesses can be successful with the right tools and understanding of the process. When the road gets bumpy, such businesses may require the help of an experienced guide to stay on course and get them to the finish line.
Source: Entrepreneur.com, “5 Things Startups Can Learn From ‘Great American Food Truck Race’,” Carol Tice, Sept. 7, 2012