September 16, 2013 Category: Business & Corporate Law
While it’s common sense that everyone needs food to survive, food can also be a integral way for business people to express their entrepreneurship. There are many businesses related to food which are available to entrepreneurs. Although most people will first think of starting a restaurant, there are many non-traditional business avenues one may choose in the food industry when starting a new business . One of these alternative options are food trucks, which have been on the rise recently throughout Michigan.
Food trucks have been around since the 1800s, when they provided food to cowboys as they worked and traveled on lengthy cattle drives. These businesses then evolved into mobile canteens which provided pre-wrapped sandwiches and other food to factory workers during their lunch breaks. Now, food trucks have taken on a new trendy flare while serving gourmet food at various fairs and corporate events.
Recently the Michigan Economic Development Corp. provided grants to startup or expand eight different food truck companies. The grants totaled $77,775 for entrepreneurs to finance their food truck operations. The business owners will then cover the rest of the necessary financing with $144,246 of their own money.
Although it can be exciting to start a new business, a food truck operator will have to make sure he or she has a good business plan in place in order to have the best chances of success in Michigan. The business plan should provide an effective marketing campaign as well as an efficient business operations process. However, one should not forget to include a plan to ensure compliance with any required rules and regulations. This can help avoid future legal problems which can become quite costly for a new business.
Source: M Live, Rick Haglund: Food trucks are new frontier for Michigan entrepreneurs , Rick Haglund, Sept. 15, 2013