Let's talk first about the advantage and disadvantage of owning a food cart business, first let's mention the advantage, if you purchase a franchise that is already tested and known to the market then you will have no problem promoting your product, it will be much more easier to sell them and get more customers because they already know your food products, you can also benefit from seminars on how to improve and handle your business and the franchise owner is always ready to give you tips and advice on how to improve your business. The disadvantage will be the cost, if you have limited resources then you must know that purchasing an established food cart franchise is expensive, you can purchase those cheaper ones but don't expect a huge flow of customers because they do not know the product so you will have a hard time selling it to them. Also be advised about the rent on malls, it will be expensive. There are the advantage and disadvantage of owning a food cart business, if you have a strong entrepreneurial spirit then you can handle the storms of establishing any SME business you want.
First thing you need to do in order to start your very own food cart business is to ponder what you want to sell, is it dimsum? pizza perhaps? Be keen on observing what the people wants and of course analyze your future competitors in the area you want to establish your business, be it in the mall or in LRT/MRT stations. Also ask price for the rent per month in the area you want to place your food cart business, if it is too expensive the consider finding other place where you can afford the rent. There are still other place where food cart can thrive and the rent on those places are not very expensive compare to top malls like SM.
Once you decided on what food products you want to sell you must now find what franchise you want to get, there are many ads on the internet that can help you find the right one for you, but be advised that don't believe too much on their hype because they might push some food cart franchise to you, praising it and guaranteeing that it will be your best money maker, beware that they might be selling it to you because they will earn a good amount of commission from the sales so be alert and research well before purchasing a food cart franchise.
Here is a simple tip in order to maintain your business: Be hands on manager of your food cart business, even though you can hire people to handle your food cart it is much important that you manage it yourself and be there to guide your employees, be nice to customers and make sure that you give them 100% satisfaction. Also learn how to manage your finances so you can conquer the storms, learn how to ride the wave and I'm sure your business will flourish, same is true to almost all small business opportunities in the Philippines. See you next post guys!