Executive Summary
Fresh Express food truck Co W.L.L will offers highest quality products and services a menu of all beef hotdogs, hamburgers, cold sandwiches and other items as well as an assortment of chips, candy bars, soda, coffee, and juices. As the business grows and evolves we will continue to add new products for our customers as demand indicates.
We believe in customer focused decision making that involves voice of customer feedback in everything we do, ,from the products we offer to the way we reach the market and the community, Fresh Express food truck Co W.L.L number one goal is to make our customer happy, no matter the cost, so that they feel confident and motivated to recommend us to their network of family, friends, and colleagues.
Fresh Express food truck Co W.L.Lis a locally owned fast food truck that will be positioned as an international franchise through our creative approach to the company's image and detail presentation. Fresh Express food truck Co W.L.L will provide a combination of excellent food at value pricing, with fun packaging and atmosphere. This plan is prepared to obtain a locations for the initial launch of this concept. Additional financing will need to be secured for the two subsequent outlets, anticipated in month 13 and early in year three. The financing, in addition to the capital contributions from shareholders, will allow Fresh Express food truck Co W.L.L to successfully open and expand through year two. The initial capital investment will allow Fresh Express food truck Co W.L.L to provide its customers with a value-driven, entertaining experience through the creativity of its founders.
Fresh Express food truck Co W.L.L will entice youngsters to bring their friends and family with our innovative environment
The anticipated territory for our food truck will be in some historical place where there are lot of tourists as my customers are going to be tourists..
Proposed locations are: Bahrain fort, Seef mall, Al Fahtah area and other locations . We plan to start operations within few month as we need to arrange the funds, truck, advertise about our food truck.
As to the plan. We would prefer to keep our food very traditional, as the tourists would want to taste the cuisine of Bahrain. Also we would want to keep our meals simple, our cost reasonable.
Initially we would keep our profit margin as low as 15% and then gradually when the business picks up we will increase the price and the profit margin.
Our supplies will be coming from the local market.and truck must be visually effective for that it will be carrying a beautiful picture of Bahrain.
Table of Content
1. Company Summary
A)Why Fresh Express food truck Co W.L.L
B)Vision :
C) Mission:
D)Goals
E) Objectives
F) Keys to Success
G) What is Fresh Express food truck Co W.L.L
H).Company Ownership
I). Start-up Summary
J)Company Locations and Facilities
2. Market Analysis
A)Industry description and outlook:
B)Target market information:
C)Characteristics of the primary market:
D)Geographic
E)Market Trends
3. Market Growth
A)Growth and Share
B)Risks
C)Key Resources Requirement
4. Vendors and Suppliers
A) General
B)Approved Suppliers
5. Equipments
6. Strategy
A) Target Market Strategy
7. Org Chart
8. . Financial Plan
A)Break-even Analysis
B)Projected Profit and Loss
C)Projected Cash Flow
D)Projected Balance Sheet
E)Business Ratios
9. Schedule
Appendix
1. Company Summary
A. Why Fresh Express food truck Co W.L.L
Food is one of the basic needs of human and probably the most important of them all. What this means in essence is that regardless of the climatic, economic or political conditions, people must eat.
Starting a food truck business in Bahrain should be done by opening a restaurant with a commercial registration ( CR ) which will need to rent a shop or food truck, and adding the food truck business as a second business to the CR, but the mobility of the food truck business gives us an advantage over fast food food trucks, shops or restaurants as we don’t need to wait for customers to come to us. Rather, we can take the food to them thus saving our customers time and sparing them the inconveniences which is a competitive advantage.
As a mobile food truck owner, we are not tied to a particular location. So if business becomes bad in a particular place, we can take our truck elsewhere.
B. Vision :
We aim to be the 1st choice for consumers as a food truck chain in GCC
C. Mission:
Fresh Express food truck Co W.L.L commit to serve healthy, affordable, local food on- the-go.
We are delivering high level of standards to our customers and employees as well. Our growth in the market will lead us for success in all GCC.
D. Goals :
To start operation before February 2014. to be the pioneers in the food truck in GCC.
To introduce another r 4 trucks by end of 2014.
Enter to the Saudi Market by 2015 1 s t quarter.
To have more than 20 % market share by 2016.
E. Objectives
To establish a presence asa successful local fast food trucks and gain a market share in Bahrain.
G. Keys to Success
To succeed in this business we must:
Create a unique, innovative, entertaining menu that will differentiate us from the rest of the competition.
Control costs at all times, in all areas and implement a conservative approach to growth policy. Although, we provide more than enough fund to open more than one outlet, we want to be on the safe side of the business.
Sell the products that are of the highest quality, as well as keeping the customers happy with all of our product categories from food to food truck merchandising.
Provide 100% satisfaction to our customers and maintaining the level of excellent services among other competitors.
Encourage the two most important values in fast food business: brand and image, as these two ingredients are a couple of main drivers in marketing communications.
Get access to high-traffic locations near the target market.
Promote good values of company culture and business philosophy.
H. What is Fresh Express food truck Co W.L.L? Fresh Express food truck Co W.L.L sells fresh food ,Our truck also provides excellent and friendly customer service to support the ambience of fun, energetic and youthful lifestyle.
Youthful and fresh surroundings We will imitate successful establishments.
Quality food our truck will offer nothing but freshly fried fries, sandwiches and variety of unique drinks with old-fashioned home-style care.
Open everyday Our food truck is open everyday from 10 am to 9 pm.
J. Start-up Summary
Startup requirements will be financed through owner investments.
K .Company Locations and Facilities
The truck will be located in different areas around Manama; it will be in:
Bahrain Marina Parking's where it will be in around the Bahrain Marina. The nearest restaurant is around 150 m – 2 Km away from the Marina guests. It can reach any guest wherever he/she is and even with lower cost.
Al Fateh Cornish area which is crowded with people and different entertainment facilities. Truck will be located in the parking also and it is more than 200 m away fro m Restaurants. Cost also is a key element.
Al sukhair area: it is a desert area attracting lots of people especially in between the months of October to May. There is NO restaurants at all and the any food delivery needs around 1 hr to be delivered and with minimum cost !
Bahrain Fort: the same of Bahrain Marina situation, NO restaurants or food services around!
Truck will work as the following:
2:00 p.m. to 1:00 a.m. in locations other than City parks
11:00 a.m. to 10:00 p.m. in City parks.
Prepare a project plan after analyzing and getting all the related documents and approvals from municipality estimated to be at 3rd week of December,2013.
Get the governmental loan for small businesses ; 3rd week of December, 2013.
Order the truck from ABC company which has to meet the standards of Bahrain FDA. 2nd week of January.
Receive and test the truck and its reliability and start operating one day after. It will be received in 3rd week of January.
As a result of all of that we will start by 4th week of January 2014.
2. Market Analysis
A. Industry description and outlook:
Food trucks are not yet joined Bahrain in a professional format. It operates in Bahrain in the format of " ice cream truck" with some extra foods or in a format of French fries maker only!
When a Food truck wants to open a new market, there is a temporary need for very high-powered expertise. They need to select the provided products, evaluate current competitor's merits and problems and select and open in new locations and with different products. While this is also true of all other food trucks, we specialize in high wide range menu with the variety on that because we have true expertise in understanding the needs.
B. Target market information:
Campers in the Sokhair area.
Guests with limited budget in both Marina & Fateh.
Tourism visitors of the Fort.
Students in the For
C. Characteristics of the primary market:
All provided foods are not available in the targeted markets. While other trucks are only providing ice cream, pop corn and some other biscuits and French fries.
Besides that, there is a hygiene issue with the current trucks and can't provide food unless they apply huge modifications on their trucks.
Many campers in Alsukhair area are ordering their foods from city in order to get lunch / dinner and it arrives to them after 1 hr and not hot, where it is a very good opportunity to provide their needs FRESH and on time!
In Fateh & Marina, the nearest restaurant is more than 150 m away from the closest point. We will reach them soon !
D. Geographic:
There is no limited geographical area for Fresh Express food truck Co which can cover any area in Bahrain by the available resources and experts.
The total targeted locations are 4 as first step.
E. Market Trends
We stand to benefit from some specific market trends:
There is a major trend towards international food safety standards especially in the food products. The high competition leads consumers to look for this in order to get more value versus what they pay..
The explosion in the tourism sector in Bahrain with having the new festivals and the different annual exhibitions.
The new products provided is a trend. Nowadays the consumers are looking for the new products that satisfy their needs and expectations.
3.Market Growth
As per market analysis done early in 2013, mobile food trucks ( mainly ice cream and pop corns)reports a 20% growth in average revenues in according to a market research conducted in Bahrain. We are a subset of this market, possibly due for even higher growth than the mainstream.
B. Risks
The Improper manpower selection and the ease of manpower moving in between organization due to the extensive driving which will lead them to look for more relaxing jobs.
Truck major breakdowns due to improper maintenance which could lead to stop business for long time.
C. Key Resources Requirement food truck cannot exceed 2.6 meters in width, 13.4 meters in length and 4500 kg. in weight to be driven easily in Bahrain and located in different places.
Small refrigerator to save the food inside.
Four (4 ) workers to operate the truck with 8 hrs working duty / each and 6 working days. It is a chef & two (2) for serving customers and the fourth will help, clean and drive the truck.
4. Vendors and Suppliers
A.General
There is a selection procedure for all suppliers based on three criteria:
To be food safety certified from reputable body.
To pass the audit with 80 % and above.
Approve the samples.
Any supplier has to pass the above in order to be part of our business and at the same time we will assess the suppliers periodically.
The other's criteria are part of the evaluation such as price, commitment to delivery and payment terms, after sales services, and many other factors.
B.Approved Suppliers
Food Trucks south http://foodtruckssouth.com Truck
Armstrong Atlantic http://foodtruckssouth.com/portfolio-items/armstrong-atlantic/ 5.Equipments
Rational CPC Oven running form propane gas
Alto Sham Cook and hold unit
Four Well Fryer
Single Bowl Single Drainer
4 x 2 Door Bench Fridges
2 x Table Top Heated Bain Maries
4 x Under Counter Fridges
2 x Tills
2 x Coffee Machines
2 x Table Top Saladettes
Bespoke Sink
Prep Equipment
Extraction System
Full Wash Facility
Stainless Steel Extraction Equipment
Hygene and Stainless Steel Wall Cladding
Chest Freezer
Tables and Chairs
11 meter Awning
Extension Leads
Pots and Pans
Sleeping Facility
6.Strategy
Strategy is focus. Our strategy involves focusing on a specific area in which we are strong as any other company anywhere in the world. We will be the 1st mover in Al sukhair and will be the 1st comprehensive food truck in Fateh & Marina. We are looking forward to cover these three main areas as starting point. The target customer is usually the visitors who stay for long time.
A.Target Market Strategy
As indicated by the previous Target Market Forecast table, we must focus on a well-chosen potential customers in Sukhair , Marina, and Fateh. These few selected areas will lead to have good reputation on these high crowded areas and new consumers that time welcome our experts and long term benefits gaining. Which will be successful tool against new competition as a first mover.
7.Org Chart
8.Financial Plan
Fix Monthly Expenses
Expense
Costs
Salaries
BD1,750
Food cost
BD1,100
Beverage cost
BD300
Fuel
BD150
Repair and maintenance
BD150
Other control label expenses
BD200
lease expenses
BD300
Total Monthly Expenses
BD3,950
Capital
Income Type
Amount
Starting Capital
BD91,019
Running Capital
BD44,700
Available Cash
BD135,719
Setup Expenses
Expenditure
Month
Amount
Truck
December
BD77,500
Equipment
December
BD11,749
Commercial Registration ( CR )
December
BD250
Government Fees
December
BD320
Insurance
December
BD1,200
Total Planned Expenses
BD91,019
Salaries
January
February
March
April
May
June
July
August
September
October
November
December
Working Chef and Line cook
600
600
600
600
600
600
600
600
600
600
600
600
Cold preparation and Waiter
400
400
400
400
400
400
400
400
400
400
400
400
Hot preparation
400
400
400
400
400
400
400
400
400
400
400
400
Cashier
350
350
350
350
350
350
350
350
350
350
350
350
Total Planned Expenses
1750
1750
1750
1750
1750
1750
1750
1750
1750
1750
1750
1750
Equipment
Details
No of Unit
Cost P.U.
Total
Rational CPC
1
500
500
Alto Sham Cook
2
400
800
Well Fryer
4
90
360
Tables and chairs
11
35
385
Single Bowl
6
25
150
Table
2
50
100
4 x 2 Fridges
1
550
550
Under Fridges
4
200
800
Tills
2
77
154
Coffee Machines
2
325
650
Table Top Saladeattes
4
50
200
Bespoke Sink
1
200
200
Extraction System
1
500
500
Full Wash Facility
5
200
1000
Extraction Equipment
1
600
600
Hygene a Wall Cladding
10
50
500
Chest Freezer
1
200
200
Tables and Chairs
70
40
2800
Study Table
2
200
400
Extension Leads
1
200
200
Pots and Pans
10
10
100
Sleeping Facility
2
200
400
Branded Materials
4
50
200
Total Planned Expenses
11749
Annual Budget by Month
Income and Expenses
January
February
March
April
May
June
July
August
September
October
November
December
Available Cash
A.The Legal Part
No
Procedure
Time to Complete
Associated Costs BHD
1
Obtain lease agreement
The lease agreement is required to obtain preliminary approval from the Municipality. If the you decides to use the services of an attorney, it is common practice to use the address of the law firm until a lease is obtained within 3 months. Corporate offices can only be established in buildings with a commercial license (not residential). If you decided to use a temporary address or if you have an existing address ( Future Bank bluing )
1 day
150 – 400 per month
2
Draft standard Memorandum of Association and obtain preliminary approval from the Bahrain Investment Center one-stop shop at the Ministry of Commerce
You can obtains preliminary approval from the Ministry of Commerce by presenting the required documents to the Bahrain Investment Center (BIC) one-stop-shop the required documents are:
(1) Company registration application form.
(2) Draft Memorandum of Association.
(3) Board of directors resolution resolving to establish the company in Bahrain (for corporate partners).
(4) National ID card ( Passport copy )
(5) CVs of individual partners.
(6) Lease agreement as proof of the company's commercial address.
1 day no charge
3
Obtain approval from the Municipality
The location of the company must be approved by the Municipality. A municipality representative is available at the BIC one-stop shop.
3 days no charge
4
Notarize Memorandum of Association
Once the registration approval has been obtained from the Ministry of Commerce and the Municipality, the Memorandum of Association must be notarized by a notary public. A notary is available at the Ministry of Justice booth at the BIC one-stop shop.
1 day
BHD 27
5
Open an account at the bank and obtain proof of deposit of capital
The capital has to be deposited in an account at a commercial bank and proof of deposit must be obtained. Commercial bank branches are available at the BIC one-stop-shop.
1 day no charge
6
Obtain Certificate of Registration from Ministry of Commerce
Once the municipality has given its approval, a capital deposit certificate has been issued by the bank, and the memorandum of association has been notarized, the Ministry of Commerce will give the Certificate of Registration (CR) from the Bahrain Investment Center one-stop-shop.
1 day
BHD 50
7
Register the company and employees with the General Organization for Social Insurance (GOSI)
The documents required for registration are:
(1) Copy of employer’s Central Population Registry (CPR)
(2) Copy of the Certificate of Registration (CR)
(3) Copy of company contract
1 day no charge
8
Register the company, owners, owners family members and employees with the labour market regularly authority (LMRA)
The documents required for registration are:
(1) Copy of the Certificate of Registration (CR)
(2) Copy of the owners ( innovators ) passports
(3) Copy of the owners family members passports
(4) Copy of company contract for the employees
(5)(Copy of the employees passports
(6) If employees are out of Bahrain, a medical certificate
5 days
150 – 400 per application and for 2 years period
Why a W.L.L ?
Corporate Entity Shares
Public Joint Stock
Closed Joint Stock
W.L.L
Single person
Partnership
Limited Partnership by Shares
Simple Limited Partnership
Branch
Representative Office
100% Foreign Ownership Allowed
The capital for a public joint stock company can be 100% local, or 100 foreign
Yes
Yes
Yes
Yes
No
No (100% foreign ownership not allowed for local retail) 49% foreign ownership of capital allowed (only applied for retail sales)
Yes
Yes
Banking/Insurance Activity Allowed
Yes
Yes
No
No
No
No
No
Yes
Yes
Local Operations Allowed
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Minimum Share Capital in Bahraini Dinars
1,000,000
250,000
20,000
50,000
N/A
20.000
N/A
N/A
N/A
Minimum # of Partners Required
7
2
2
1
2
4
2
N/A
N/A
Sponsor Required
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Sponsor is required for some activities such as trading (retail sales)
N/A
Limited Liability
Yes
Yes
Yes
Yes
No
Not limited liability for shareholders while it is limited liability for limited partners
Not limited liability for shareholders while it is limited liability for limited partners
Depends on the legal status of the parent company
No
Financial Statement Required
Yes
Yes
Yes
Yes
No
Yes
No
No
No
Ordinary General Assembly Required
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Operating as a Holding
Yes
Yes
Yes
Yes
No
No
No
No
No
