Food Truck Profitability Numbers to Know

Some restauranteurs enter the food truck business because it’s less expensive than running a brick-and-motor eatery. There’s more to food truck profitability than just the truck, though. Monthly expenses will vary based on the cuisine you offer. Top food trucks in Canada offer fare that ranges from cupcakes to burgers and grilled cheese. Below are the numbers you’ll need to research to forecast your costs of operation and return on investment accurately.

Buying a Food Truck

Buying a new, customized food truck can save on prep time. You’ll be able to set up the service area precisely as you want. Calculate interest fees if you’re financing the vehicle. If your budget is tight, you can cut costs by researching used food trucks for sale.

Stocking Your Food Truck

Ordering just the right amount of food will take some practice. Order too much, and you’ll end up with waste and lost profits. Prepare less than you need for the day’s crowd, and you’ll lose out on potential sales.

Getting Your Permits and Licenses

You’ll need to follow all city laws and health codes to launch a food truck business. Business licenses, health permits, and food handling certifications are usually on this list. 

Renting Commissary Space

Local laws may require that you rent space in a commercial kitchen called a commissary. You’ll cook and store food, clean dishes, and get rid of your trash in one of these facilities. Some commissaries also offer a place to park and charge your truck.

Paying Rent or Event Fees

 

Image via Flickr by quinn.anna

Most likely, you’ll pay rent for a parking spot, too. Earning income at local events and fairs is an option that can increase sales and profitability. These venues usually charge a participation fee, plus a percentage of your sales. 

Insuring Your Business

You’ll need to insure the truck against accidents, damage, and liability. Protect yourself with liability insurance, too. If you hire staff, add workers compensation costs to your insurance tally. 

Maintaining the Food Truck

Add food truck maintenance costs to your profitability review. Account for normal wear and tear and unexpected major repairs. Expenses like oil changes, brakes, and new tires can add up quickly.

Staffing the Food Truck

 

Image via Flickr by SierraTierra

Friends and family may help out, however budget for hiring additional staff. Be sure to add employee hourly rates to your profitability checklist. 

Marketing Your Business

Marketing needs will depend on the foot traffic around your food truck. Profitable food trucks have loyal fans who will need to know where to find your truck. Experiment with free marketing like social media platforms to save money. 

Projecting Food Truck Income

Feel free to use this image just link to www.rentvine.com

Image via Flickr by Dave Dugdale

Finally, estimate the income you can earn with the truck each month. Calculate whether your revenue will cover costs and if there will be any profit remaining.

These are the critical numbers to review to determine the profitability of your food truck. Run the numbers to make sure you can get a return on your investment before you launch a food truck business.

How to Start a Forex trading business

Forex trading can be very profitable if you know the rules of the game. Many Forex traders lose money in the beginning but it can prove to be highly lucrative once you get familiar with the arena. It can be a challenging task but putting in your efforts will surely pay you off.

In order to be a successful Forex trader, you need to continuously learn about it. Even if you become a pro, revisit the basics as one of the biggest secrets in your Forex success lies in the fundamentals.

In forex trading, some people make millions while some lose millions, but one thing is for sure, you will learn a lot. The key to success in forex trading is that treat it as a business. Do not rely on luck and get rid of impulsive approaches. You will need the proper knowledge of how things are done. Hone your skills continuously by learning new things in the field. Devise your own forex trading techniques and slowly you will beat the market. Nevertheless, here are some tips to get started in forex trading business:

  • Gain experience

 

The Internet is full of ideas to teach you on how to get better in forex trading but the experience is the best teacher. Understand the basic forex terminology. Get knowledge on the type of currency you will spend. Get aware of terms like quote currency, long position, short position, ask price and the spread. Make predictions about the economy and be political in your approach. Go through economic reports to make well-informed decisions.

  • Initiate

 

You can even start your forex trading business venture from your computer but make sure that there is a proper Internet connection set up because you don’t want to lose on great trading opportunities.

Whatever trading ways you begin with, make sure you are partnering with quality ones. You don’t want to be part of scams and lose a great deal of money. Nobody guarantees anything in this field so you are responsible for yourself. Stick to popular online trading platforms that have good proven track records and has a wide-spread company network.

  • Hone your skills

 

Forex trading is a combination of different skills. Make sure you polish them constantly as you progress in your business. Learn how to calculate profits and analyze the market. Analyze the market technically, fundamentally and sentimentally to get different perspectives of how the field operates. Keep a track of your profits and losses.

Forex trading is all about control. Keep yourself grounded and trust the basics. It is like other businesses. Do not get excited when you get an opportunity before you. Make relevant evaluations and assessments before taking any step further. Losing money is very common in forex but it is part of the game. Hone your self-control and risk management skills to excel the game of forex.

Be patient and persistence if you are interested in forex trading. The most important thing you must do is to learn from your mistakes and progress forwards. Keep in mind that only progressive mindsets reach the pinnacles of success in forex.

3 Mistakes New Business Owners Make Trying to Save Money

Business owners, especially new ones, often try to save money. Bootstrapping is almost enchanting, and the ability to keep more capital in your bank account can become addicting. The issue is that most startups try saving money in the wrong places.

Common mistakes businesses make that actually cost them more money are:

1. Improper Registration / Licensing / Permit Filing

Local business laws can differ. You’ll need to obtain licenses for certain types of businesses, and other businesses may also need permits to operate. Even company registration can go wrong. A lot of businesses fail to:

  • Search for businesses with the same name
  • Search for businesses with similar names

And what happens is that your business might infringe on another business’s name. If the other business is in the same industry and was formed prior to your formation, you can face stiff legal troubles. A lawyer will allow you to avoid these costly registrations, license and permit filings.

If you start your business off improperly to save a few dollars, it might have substantial monetary consequences in the future.

2. Starting Without a Business or Marketing Plan

You should have a business plan. Before you even start your business, a business and marketing plan can help a lot. You can pay someone to come up with your plan, or you can write it yourself. The monetary loss doesn’t come from the creation process.

But if you don’t have a plan, you can lose:

  • Funding money
  • Loan opportunities
  • Sales

A business plan can be used to get loans and funding. If you don’t have a viable business plan, you’ll find that no one will invest in your company. Investors want people who are savvy, but they don’t want to lose their money.

Marketing and business plans are a must-have for all businesses.

3. Overspending and Underpricing

Two money-related mistakes that new businesses make is that they underprice and overspend. These mistakes lead to wasted opportunities and money issues. New business owners don’t understand their business operations perfectly, so they’ll:

  • Lose control of their costs
  • Overspend too often
  • Sign personal loan agreements

And then the business owner, possibly scrambling to get their spending under control, will underprice themselves and lose money to garner more business. You need to do your homework on pricing to ensure that your business is charging enough.

You can’t expect your profits to rise quickly if you’re underpricing yourself too much. Your pricing needs to cover your overhead at a bare minimum.

Initial Coin Offerings – a useful guide for investors

Many people that intend to start a business resort to ICO in order to raise enough capital because it represents a simple and efficient method. The whole process is practically an exchange between crypto-coins and crypto-currencies. However, investors cannot overlook the controversy related to this subject and they should take into consideration several essential aspects before they make a final decision. Apart from gathering enough details regarding the project, investors must be aware of possible frauds and take the adequate precautions that could guarantee their safety. Obviously, we cannot doubt the popularity of ICO investments, especially in the last year but as an investor, you have to advance with care into the field.

What you should know about ICO

Before you decide to invest in ICO, you should pay attention to certain aspects, namely the team composition, the token, the code, the press, the audit and other legal aspects. Regarding the team, you have to check the background of each member in order to assess its knowledge and level of experience. Do a little research about their past and find out the previous projects they worked on and the results. The token is probably one of the most important aspects you have to take into account because it has to ensure the return on your investment. The issuance and distribution of tokens is also important so make sure that you are able to answer the questions when, why and how. First, the code must be public in order to enable a good communication and trustworthy relationship between the community members. Secondly, the quality of the code says a lot about the developer. The press could prove to be a reliable ally because if you can find extensive information available about the project and the atmosphere in the community, it means that it represents their top concern and this is a good sign. The audit represents the last aspect that could help you determine if a great opportunity lies ahead of you. If you are familiar with the third party that performs the audit of the code and the balances, it means that you can proceed with the investment.

Be aware of frauds and ensure your safety

Apart from gathering the necessary details about ICO Investments, you have to be precautious and pay great attention to frauds because every time a successful method of making money appears, fraudsters are just around the corner. The first step is to make sure that the project and the members of the community provide full transparency regarding their names, locations and plans. The usage of an escrow wallet is crucial because it allows more than one person to access the funds, one of those persons being a neutral third party. As we mentioned above, the legal aspect matters so get informed about the existence of terms and conditions between contributors and developers. Speaking about developers, they should be able to address the purpose of the project briefly and clearly. By keeping in mind these steps, you will ensure your safety as a potential investor.

Key steps that will help you get a business loan

The process of getting a business loan can be time-consuming and difficult or fast and smooth. It all depends on you. If you have a well-established plan and you included all the steps necessary that will lead you to the much-needed loan, your success is guaranteed. On the other hand, if you do not even know how or from where to begin, then you will face a problem because lenders wish to see your determination, reliability, organization and they definitely like to see that you have a life plan that includes your business. Therefore, what are the key steps or what can you do to increase your chances of getting a loan? Fortunately, we have the right answers for you. An essential requirement that you should always keep in mind is the ability to make repayments, which you have to meet and prove. In addition, you have to think ahead and prepare a plan because you cannot wake up one morning and decide that you should apply for a loan.

 

Clear your credit history and create a savings account

The first thought that should pop in your mind is the way you managed your money in the past because this will show the lenders how you will use the money for the future. Considering the fact that small business owners have a hard time getting a business loan because lenders think of it as a risky decision, if you have a poor credit history this will significantly decrease your chances. Thus, clear your credit history, eliminate any existing debt and organize your records. Prove the lender that you took precautious and you created a savings account specifically for staying on top of payments and avoiding the usage of personal property as an alternative.

Gather essential documents and establish a relationship

Proving that you are a determined and organized person represents a plus point. Thus, when you appear in front of your lender, you must have already all your documentation available and easily provide business and financial information. This will ensure a good communication with the lender and a positive relationship that will prove very beneficial for you in the future. After all, lenders do business with people they like and trust. Moreover, you must be familiar with the types of loans in order to select the best option for your business. Educate yourself about the lending procedures because this will ensure your success.

Future plans and business goals

These two factors are extremely important because lenders want to make sure that the money is well managed and that your business will make enough profit for you to be able to repay the loan. Therefore, especially if you have a small business, you have to make a plan and set high goals in order to ensure your evolution and success on the market. In conclusion, your past, present and future have the power to influence greatly the lenders decision and you must be careful and if you make mistakes, turn them into your favor.

Your Silver and Gold Investment Options

As an investor interested in silver and gold, you have questions. Where should you go to buy silver and gold, what form of silver and gold should you buy, how should you store your silver and gold investments, and how can you effectively use it as an investment? Gold is a precious metal that has been used by individuals and governments to store wealth for millennia. While it does have industrial uses, it has chiefly been used for ornamental purposes like jewelry, and stored in bar and coin form. Silver has a number of industrial applications, but is also a popular commodity investment.

If you plan on buying gold and silver as investment options, buy them as bullion coins or bars. Bullion coins are minted but their value is determined by the price of gold on the market, whereas collectible coins will have numismatic value affected by the collectible market, and jewelry is generally not worth as much as the value of the gold it’s made of (hence the rise of cash for gold jewelry businesses, which earn money by turning the gold into bullion).

Storage may become an issue if you’re buying physical silver bars – a substantial investment can take up a lot of space, more than you could store in a home safe. Storing physical precious metals with a gold dealer is a good idea, but there are a few things you want to know about storage before you go that route. First, find insured and audited storage, so that you know your silver and gold investments are safe. Second, get allocated storage, something offered by silver and gold dealer Silver Gold Bull. Allocated storage means that your gold and silver is stored separately, not together with anyone else’s property. Storage with the dealer is a great solution for gold investors who are worried about keeping it at home, but don’t want their silver and gold in the banking system.

Buying gold online rather in-store can save you money on the price over spot (that’s market value of the gold). All dealers charge a small premium, but due to the nature of brick-and-mortar stores, they charge higher premiums to cover their overhead. Few brick-and-mortar metal dealers can handle large purchases, too, and you may have to wait for them to source it if you’re buying bars. The largest inventory of gold and silver in Canada is owned by Silver Gold Bull, an online dealer that mails your purchase right away, or stores it in their own facilities if you prefer. Large purchases are mailed in installments and discreetly, with no indication of the contents. Plus, they are all insured and trackable – if you still have questions about shipping, stop by Silvergoldbull.ca for answers.

Physical silver and gold is a tangible asset that retains its value over time and provides peace of mind. Investing in gold can be an effective way to protect your wealth against inflation or diversify your RRSP or investment portfolio. If you’re a first-time gold buyer, find a gold dealer who will honestly answer your questions about buying, storing, selling, and insuring gold. Buying gold online is easy and safe with the right dealer.

Financial Habits That The Highly Successful People Have

If you want to be successful you need to develop suitable financial habits because financial education is basically a necessity for true success. There are so many things that you can consider but at the end of the day what counts the most is finding something that works for you. Every single entrepreneur presented online on sites like Xpert Money will have different habits. Here are some that are quite common and that you can consider but be sure you find what is suitable for your personality.

Constantly Generating And Sharing Ideas

Being a successful entrepreneur is directly connected with ideas but it is not just about having them. Also, in many cases idea blocks appear and ideas stop coming up. This is why you want to constantly generate ideas as often as possible. Then, you do want to share them since such an approach would bring in other ideas, money, contacts, future opportunities and connections. There are countless examples of people that just shared their ideas about how a business should move forward on the internet and that business contacted them for further discussions.

Saving More Than 10% Per Month

Most financial education articles you will find online will tell you that you have to save 10% of your income in order to have a backup when things go wrong. This is definitely a great start but the highly successful businessmen actually save a lot more. Going as high as 20% of every single paycheck is much more common than what you may think. That is in addition to setting up emergency saving accounts that the business can use to deal with difficulties. Basically, safeguards are in place so the individual and the business are never broke.

Never Forgetting What Is Set

Most people know that it is important to set up a payment and savings system so that every financial action is as automated as possible. This includes money transfers and bill payments. However, it is not a good idea to simple let the system run and not check it. You want to always be aware of where money is going. Bank accounts are normally checked every single week by the successful people in order to be sure that they know exactly how things stand. This also helps to identify potential problems as soon as possible.

Focusing On Giving Instead Of Getting

When you look at what the really successful people do you surely figure out the fact that they give much more than they get. The idea is that the entrepreneur is consistently looking for opportunities to give back and enhance what people receive for them as opposed to being focused on what others are offering him or the business.

Conclusions

It is very important to find the financial habits that are working great for you and that set you up for business success. The ideas shared above are a great starting point so do see if this is what helps you to go to the next level in your business adventure.

Recover From Debt With A Licensed Insolvency Trustee

Debt is an ordinary part of life in Canada and it isn’t always a bad thing. It’s a normal part of buying a car, a house, starting a business, or getting an education. Without it, many Canadians would never be able to afford their own homes or realize their personal goals and dreams. But too much debt can put your financial future in jeopardy, taking over your life and preventing you from moving on. When debt collectors start harassing you or when legal action from creditors garnish your wages, you may not be able to see a way out. Living to pay off your debt is no way to live at all, especially when your creditors still won’t leave you alone.

Toxic debt is what happens when your debt repayments cost too much money. For example, if the annual percentage rate you pay is above 36%, it’s considered toxic. A double-digit APR, such as you might have on your credit card, is also a bad sign if you’ve accumulated too much of it. If you feel like you’re drowning in debt, it’s time to call a Licensed Insolvency Trustee to get help. They can help you find a way to restructure and start rebuilding. Typically, you have two options: bankruptcy and a consumer proposal.

Two Paths: Bankruptcy versus Consumer Proposal

When you file for bankruptcy, you surrender your assets to the Trustee. This is not an ideal solution, as it can put you under extreme hardship and wipe out assets you’ve built over a lifetime. A better alternative, and one that a Licensed Insolvency Trustee will recommend first, is a consumer proposal.

Consumer Proposals Toronto

A consumer proposal must be filed by a Licensed Insolvency Trustee, after which your creditors must vote on the proposal. While they are not obligated to accept it, they often do, and if the majority of creditors accept a consumer proposal in Ontario, all of them are bound to the contract. You can find more information at www.davidsklar.com about what a consumer proposal in Ontario means. In short, it’s a way of restructuring your debt so that you owe less and have more time to pay it. Creditors typically agree to these proposals because they have a better chance recouping some of their loans than if you declare bankruptcy, while you avoid surrendering your assets.

One of the biggest consumer proposal Toronto firms is David Sklar & Associates, a firm that handles consumer proposals, personal bankruptcy, corporate bankruptcy, and credit counselling. Besides filing a consumer proposal on your behalf, a Licensed Insolvency Trustee can also offer credit counselling courses that teach you how to better manage your credit in the future and rebuild your financial situation now. Once you’ve lived through debt restructuring or bankruptcy once, you won’t want to relive the experience. Credit counselling from a firm like David Sklar & Associates can give you the financial literacy skills to use credit, rebuild your credit rating, meet your financial objectives, and start over. Get help when you’re in over your head with debt. You can stop the collector calls, end the garnish on your wages, and keep your assets.

How can larger-sized recliners contribute to a healthier business for you?

Running a business or doing a job requires an individual to be optimally healthy on the physical and mental fronts. While some might consider this as a herculean task, there are some minute changes that you can introduce to further improve your lifestyle and those changes can actually contribute visible results for your business.

It goes without saying that the furniture you end up purchasing can have deleterious effects on your body if you aren’t careful. So what exactly should be the remedy? Since most of the time you’ve isolated yourself to a desk and a chair, changing up your sitting arrangement can improve things to a new degree.

Purchasing sitting furniture that’s proportionally larger is actually a benefit

Believe it or not, sitting continuously for hours on uncomfortable seats is associated with major health issues. According to Scientific American, an investigation was carried out testing the patterns of around 8,800 adults for a period of seven years. Those who were engaged in sitting for more than four hours a day without partaking in mild exercising had a 46 percent increased chance of death than those that participated in the same activity for a period of 2 hours.

What this means is that you can reduce the health issues by just a hairline below 50 percent if you just halved the time you sat on your desk. Unfortunately, sometimes the nature of work often dictates that you have to sit for long hours and with furniture that becomes unbearable to the body, you’re slowly killing yourself. The next step can be to change up the furniture you use.

When switching your sitting furniture, it is important to note that if your work requires you to spend more hours on your desk than you’d like, then investing in something that is proportionately larger and provides some mild exercise in the process will work in your favor. For example, a recliner suited for a tall man becoming a part of your desk could significantly minimize the negative health impact on your body due to prolonged sitting.

A larger recliner will make matters more comfortable as it enables you to move your hands and feet more freely as opposed to smaller seats and the recliner functionality will mean that you can employ the use of its retractable feet when you’re in dire need to take a break from those exhausting work sessions.

According to Business Insider, Alan Hedge who is a design and ergonomics professor at Cornell recommends that you change your position every 8 minutes to promote healthy circulation of blood throughout the body. A larger seat should surely seal the deal though it will also require the user to be attentive about those positions from time to time.

Around 86 percent of Americans sit on desks for a large portion of the day, claims U.S. News, so a combination of an ergonomically designed and spacious furniture paired with regular body movement will be paramount if you want to reduce the chances of the statistics that were mentioned earlier.

4 Ways to Protect Your Business from Product Liability Claims

Your product is designed to solve a problem, but what if your product becomes the problem? Product liability is a very real concern for any company that designs and manufactures products.

It’s no longer enough to slap a warning label onto your product; courts are favoring plaintiffs who clearly ignored these labels. Product liability law is changing all the time. But there are other steps you can take to protect your business from liability claims.

1. Engage in Thorough Product Testing

Product testing gives you the opportunity to pinpoint potential problems with your product. Every manufacturer goes through the product testing phase, but it’s important to continue with this process long after your product has hit the shelves.

Continuous testing gives you a chance to identify defects in the design or manufacturing process. It also serves as proof that your company took steps to prevent defects. Take careful notes while testing to be as thorough as possible and to add an extra layer of protection for your company.

2. Maintain Detailed Notes of the Design and Production Process

Keep a detailed log of the design and production process, paying close attention to any conversations you have about product safety.

A product engineer may take a look at your notes and know exactly where the proposed safety feature is inadequate or even dangerous.

Those records will also help you in court if someone pursues a liability claim. Your notes will serve as proof of any safety features that were proposed, added or removed when developing the product.

3. Ask Liability Questions at Every Design Stage

Most defects and hazards can be avoided during the design phase of the product. Ask questions about safety and liability during every stage of the design process.

Consider how your products will be used and if they present any danger or hazards. If so, what preventative safety measures can you implement to ensure that your product meets or exceeds federal standards?

Warning labels may not shield you completely from liability, but they must still be added. Perform a thorough review to make sure that your product has the appropriate warning labels and instructions. Warnings and instructions should be crystal clear, so customers understand them without question.

4. Sign Agreements with Suppliers

Suppliers sometimes make changes to their products before they are released to the public. This can be both beneficial and risky for your company.

Have agreements in place with your suppliers that holds them financially responsible for product defects that may occur because of their shipping practices. This agreement can safeguard your company against liability claims that were really the fault of the supplier.