Street food business

In this era, business is the best way to reduce the unemployment rate, and we can also establish ourselves as an entrepreneurs. Our government also inspires us to never work under anyone, to create your own identity to be an entrepreneur.

You all know that the street food business is the most popular or trendy business all over the world.

I’m thankful to @mainuna for arranging a beautiful contest. Through this contest, I get to brainstorm about how the street food business is successful.

Let's explore this point that is mentioned in this contest:

1: What are the factors that make street food businesses fast profitable, and what factors accelerate this success?

Street food business Profits depend on several factors. I share these factors below:

• Don’t need long-term investment: street food sellers daily sell their foods to customers. They purchase food ingredients on a day, and after selling the foods, they should be able to calculate the daily income. So entrepreneurs invest for the short term.

• Location: Depends on the customer's demand that street food sellers carry their food vans to different locations. Sometimes they set up their food van in the nearby schools, colleges, and parks.

• Charge low product price: street food business owners focused on the selling amount. They followed a unique method: large amounts of daily sales give the best earnings. So they just used the cost-per-income method.

• Increase the customer demand: If they gain the customer's trust and loyalty, then they must achieve high market demand. Day by day, the number of street food businesses increases, so keep in mind that if you run a street food business, then serve unique foods to your customers.

2: What strategies should street food vendors adopt to attract customers, especially in terms of serving quality food at a low cost?

• Serve unique foods: I already told you that when you serve unique and signature foods, you'll definitely attract more customers.

• Ensure the food quality at a lower price: Sometimes it's difficult to serve high-quality foods at a lower price. But if business owners purchase ingredients in bulk, then the cost should decrease.

• Word-of-mouth marketing: The business owner requests the existing customers to inform their friends, families, and other relatives to taste his food. This is the best way; without any cost, they‘ll target more customers.

• Invite food bloggers: In Bangladesh, Rafsan, the Choto Bhai, and Salman Muqtadir are the most famous food bloggers. If any food blogger reviews the street food quality, then the sales should double in just a moment.

3: What types of food items are generally more popular in the street food business, and what are the main reasons for this popularity?

In Bangladesh, many street foods are popular. These are:

• Mixing food items: It’s a combo of different food packages, suppose, fried rice, noodles, chicken fry, or dumplings.

• Snacks/Junk Foods:
  This type of food included Fuska, Halim, Chotpoti, and Piaju, the most popular snack food item in Bangladesh.

• Desert Food:
  Sweets, cake, and some Bengali pita included these items.

• Traditional food:
  Some street food sellers focus on their culture and tradition when they sell food. In Dhaka city, many food owners sell rice, fish, and vegetables at cheap prices.

• Healthy food:
  Also, some food owners offer healthy foods. These are different kinds of juice, vegetable steamed momos, and soup.

The popularity of street food businesses, the main reasons: These foods represent different cultures; we are following other cultures, so many customers try these foods because they want to taste them; also, the quality and price are the main reasons for the gain in popularity of street food businesses.

1. What are the budget considerations for setting up a street food business, and how can it be profitable?

The street food business budget depends on the equipment, ingredients, and other factors.
I think 2800-10,000 Steem (50000 to 200000 BD currency) is enough to run a street food business.

Now I share the key expenses for setting the budget.

• The food van price with decoration cost is 1000-4000 Steem (20000-80000 TAKA)
• Necessary equipment costs almost 150-150 Steem (3000-30000 Taka).
• Ingredients cost 1000-2000 Steem (20000-40000 Taka).
• In Bangladesh, depending on location and business size, the trade license cost is varied from 150 to 450 Steem (3000 to 9000 taka).
• Other unexpected cost: 500-2000 Steem(10000-40000 taka).

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This business is profitable for:

• Small scale of business but grow fast:
  This business started with low investment but the growth of this business is too fast. Growth is the picking point for gaining more profit.

• Purchase raw- materials from a nearby shop:
  The ingredient costs less, and the business owner saves the transport cost. They purchase ingredients on a bulk basis.

• Provide discount/offer:
  Most of the food cart business owners provide combo offers and also provide the buy one, get one offer. It helps to earn more.

5: How do food quality and customer service play a role in determining the success of a street food business?

Customer is the king, and customer service helps the business grow and earn more profits. And by providing better customer service and delivering high-quality food, it builds a long-term relationship with the seller with customers. Then customers also do word-of-mouth marketing and referral marketing.

So the food cart owner is providing the best quality foods and also providing better customer service to satisfy the existing customers. Also, they know that these are key tools that play a crucial role in the success of a street food business.

Conclusion:

Street food business is the easiest way to earn more profit rather than cost. And analyzing other businesses, street food businesses have low risk. So if you want, you also start your own business.

I invite @shadow04 @mariamadri @muthu14 to participate in this contest .

Thanks all for reading my post.

Regards
@samia-jannate