“You're the wind in our sails. You’re such an eager and responsive team! I can ask any question and you always have an answer. I used to think business plans were scary and nearly impossible for me to do on my own - but with your help and with Live Plan, you made sense of it all and helped unscramble all the pieces in my head! And when it came to the loan process, we couldn’t have done it nearly as well without your help and support. We are so thankful for all you do for us and our community! Knowing you and the SBDC Team are behind us means so much!”
From Food Truck to Restaurant and Book Store - A Business Expansion
Background
Amanda and Chris, a husband-wife team, owned and operated a food truck/horse trailer from a rented lot in downtown Prescott. The husband-wife team self-funded with their personal savings and converted a horse trailer into a food truck. They soon began selling coffee then graduated to sandwiches, Paninis, and salads. Amanda worked in this horse trailer 6 days a week during hot weather and snow storms. They were advised to reinvest profits into additional professional equipment. All the while Chris continued to work his regular job to support the family, as advised, while Amanda worked in the trailer. They won awards from their customers being voted the Best Sandwich in Prescott. With a high demand for their products, the team felt the need to expand.
Challenges and Opportunities
With a high demand for their products, the team felt the need to expand. Owners participated in the 2023 Quad Cities Moonshot Pitch event, developing a more complete business plan for expansion and placing second overall in the local competition. The team went on to apply for and obtain a small business loan to move from the food truck to a brick-and-mortar location with a full menu, bar, and bookstore. Amanda and Chris were VERY coachable and did everything they were told to do. They continued to work the food trailer until they were able to find a property with a commercial kitchen that was within their budget, then began the loan process.
SBDC Support
SBDC advisors supported the clients with their business plan preparation, financial forecasting, and eventual loan application package. They also advised on financial positioning, marketing, and strategic planning.
Results and Future Plans
The equipment they had purchased with profits was used as collateral for the loan. They took out insurance policies naming the lender as beneficiary and now they are up and running with rave reviews from the public for their food, atmosphere, and craft cocktails.