Opportunity
Every successful entrepreneur has to be endowed with the talent of opportunity recognition (Bygrave and Zacharakis 38). A business opportunity significantly differs from a simple idea because it is associated with a limited period during which it can be used. An opportunity should be attractive, timely, durable and, most importantly, it has to be anchored in a product or a service that would either create new or enhance already existing value for a buyer or a customer (Barringer and Ireland 43; Bygrave and Zacharakis 38).
The main goal of the business is to serve lunches in the close vicinity to the Montana State University Billings (MSUB). Even though there are several places such as Caramel Cookie Waffles Restaurant & Bakery, McCormick Café, and Perkins Restaurant & Bakery that offer a variety of waffles, they are located at a considerable distance from the University. Some food trucks operate in the location where they could reach the potential MSUB’s customers: Fat Taco, Khanthaly’s Eggrolls Trailer, and Billings Food/Commodities Bank among others.
However, none of them provides vegan and contaminant-free waffles. Therefore, it could be argued that this opportunity is attractive and timely. Considering that mobile food trucks can quickly adapt to the ever-changing market demands, it also opens a durable business opportunity. According to a recent study, more than 35 percent of the United States population reported to consume less meat or prefer its alternatives during the last couple of months (Crawford par. 4).
The data from another research indicates that nearly 40 percent of the country’s citizens have recently opted for milk and meat substitutes (Crawford par. 6). In light of this information, it is only safe to assume that an opportunity to sell healthy food near the University with a great number of vegans would be anchored in a unique service.
Identifying Opportunity
The rapidly growing trend of consumers avoiding animal foods for ethical and dietary reasons allows assuming that the opportunity to open a healthy food truck meets the criteria for a successful business idea. Moreover, the University is a territory that is filled with people with a “heightened sense of social responsibility” who are willing to consume more plant-based foods (Crawford par. 7). Therefore, this social trend could be exploited for starting a profitable business.
Recognizing a way to solve a problem is another approach that was used to identify this opportunity (Barringer and Ireland 50). Several food trucks are operating in the location where they could reach potential students, faculty, and staff members of the Montana State University Billings: Fat Taco, Khanthaly’s Eggrolls Trailer, and Billings Food/Commodities Bank among others. Nonetheless, they are either not selling vegan and contaminant-free waffles or do not offer waffles whatsoever.
The gap in the market was identified by studying the menus of local food trucks. One of the businesses used for reference is Cortona Café that is located in Seattle. They offer a great variety of vegan foods including waffles.
New Business Concept
Health 2 Go
Product
Health 2 Go will sell vegan, gluten-free, and contaminant-free waffles that will make even the staunchest veganism opponents to entirely reconsider their culinary choices and enjoy vegan food. The menu will include whole-wheat vegan waffles made with oats, soy milk, and agave nectar, waffles with mixed berries, and gluten-free waffles. Health 2 Go will also offer a wide variety of spices and fruits that will satisfy any individual requirements of our customers.
Target Market
In the first year of operation, Health 2 Go plans to open one mobile food truck that will use an appealing graphic design to attract students, faculty, and staff of the Montana State University Billings.
Why Health 2 Go?
Taking into consideration an ever-growing trend of veganism among youth, Health 2 Go truck could establish itself as a great place to have a healthy snack. We will offer prices that would range from $ 1.50 to $7 for all entrée items. All fruits and berries will be purchased daily from local suppliers and stored in a contaminant-free unit of the Health 2 Go truck. The vehicle will be covered in a graphic wrap reminding natural vegetation thereby creating a strong association with naturalness and restorativeness (Giuseppe 228).
Special Feature
Customers with unique dietary needs will have the option of creating their mixes of flavors with the help of a handheld device.
Management Team
Health 2 Go will become a Member Managed Limited Liability Company-owned and operated by the team of its co-founders that have previous restaurant management experience as well as extensive knowledge of inventory purchasing, safety compliance requirements, and accounting.
Works Cited
Barringer, Bruce and Duane Ireland. Entrepreneurship: Successfully Launching New Ventures. Upper Saddle River, New Jersey: Prentice Hall, 2016. Print.
Bygrave, William and Andrew Zacharakis. The Portable MBA in Entrepreneurship. Hoboken, New Jersey: Wiley, 2015. Print.
Crawford, Elisabeth. Vegan is Going Mainstream, Trend Data Suggests. 2015. Web.
Giuseppe, Carrus. “Relations Between Naturalness and Perceived Restorativeness of Different Urban Green Spaces.” Journal of Psychology 4.3 (2013): 227-244. Web.