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Ready to Rumble Going Online Going into Food Truck Business Business Plan Templates 18 20 23 27 STARTING YOUR BUSINESS

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Use GOOGLE FORM to create a simple online survey in less than 5 MINUTES with

no cost and in 8 EASY STEPS

01 Log into your Google gmail account.

Click on a red button “Create” in the upper left hand corner and then select Form. 02

Click on “Choose response destination” to set whether your survey responses to go to a new spreadsheet

(which will be created in your Google Drive), or you can choose an existing spreadsheet from your Google

Drive to add the responses to.

04

Add your first question by typing it in the “question title” space; next, add any help text you want to appear under the

question (example: Respond in 50 words or less); and then, select the Question Type. For multiple choice questions you will

have the option to “Add ‘Other’” as an option, and for all questions you can make the answer “required” by checking the

box to the right of the “Done” button.

06

Choose a title and theme for your survey. You can choose from several standard survey templates, or select a designed template.03

Uncheck the box for “required sign in” at “Form settings” to allow access to the survey.05

Once you’ve finished creating your survey and setting your permissions, click “Send form” in the upper right hand corner of the page. This will bring up the following screen where you can choose to share a link, embed the form, or email the form directly to people by adding their email addresses in the space provided.

08

Add multiple questions to the form by clicking “Add item” and selecting the type of question you want to add.

07

Ready to Rumble

Going Online

Going into Food Truck Business

Business Plan Templates

18

20

23

27

STARTINGYOUR BUSINESS

STARTMEUPBusiness Toolkit for Startups18

STARTINGYOURBUSINESSYou have designed and thought through your business model. Now, you have the perfect basis for writing a good business plan. A business plan is essentially a more detailed version of your business model. It covers the team, the operational model, financial analysis, external environment, implementation roadmap and risk analysis. Business plans are critical to the success of any new venture. Take some time to work with business counsellors or partners as well as colleagues on your plan.

Part of creating a successful business is thinking through your business plan and writing it down yourself. Your plan needs to be functional and not just look pretty. Keep your plan as living breathing thing that you revisit and adapt regularly

Creating a successful business

READY TO RUMBLE

Think basic. Look into the fundamentals that are widely available. The simple 4Ws and 1H theory (Who, What, Why, Whom & How) and the humble 7Ps (Product, Price, Place, Promotion, People, Process & Physical) are well documented set of tools that might sound archaic but it will get you started on the right foot.

1. Mission statement and/or vision statement so you articulate what you’re trying to create. Here are questions that will help you clarify your vision:• Whoisthecustomer?• Whatbusinessareyouin?• Whatdoyousell(product/service)?• Whatisyourplanforgrowth?• Whatisyourprimarycompetitiveadvantage?

2. Description of your company and product or service

3. Description of how your product or service is different

4. Market analysis that discusses the market you’re trying to enter, competitors, where you fit, and what type of market share you believe you can secure

Components of a Business Plan: Step-By-Step Guidance

STARTMEUPBusiness Toolkit for Startups 19

5. Description of your management team, including the experience of key team members and previous successes

6. How you plan to market the product or service?

7. Analysis of your company’s strengths, weaknesses, opportunities, and threat, which will show that you’re realistic and have considered opportunities and challenges

PROMOTION

Promotion is very good activity to ensure your brand is well known by your target market. You can start by having online marketing for example facebook (FB) fan page and post about your company, product or services. This is because, most of online marketing is free-of-charge and you can respond to your customer inquiries fast. Advertising can give a huge impact to your business and make your brand more establish.

8. Develop a cash flow statement so you understand what your needs are now and will be in the future (a cash flow statement also can help you consider how cash flow could impact growth)

9. Financial projection: Funding requirements, balance sheet, sales forecasts, business ratios and break-even analysis.

10. Summary/conclusion that wraps everything together (this part can also be the executive summary at the beginning of the plan).

SETTING THE SELLING PRICE:

Calculate your total cost before deciding how much you want to sell the product. If you’re manufacturing a pen at RM1.50, and decide to get 80% profit out of the total cost, you can sell it for RM2.70 (RM1.50+80% - excluding GST). If your total cost production is very low, you can choose price skimming which sets a relatively high price for a product or service at first, then lowers the price over time.

Benjamin Franklin, one of the Founding Fathers of the United States:

“If you fail to plan, you are planning to fail!”“If you fail to plan, you are planning to fail!”

STARTMEUPBusiness Toolkit for Startups20

THE IMPORTANCE OF PREPARING A BUSINESS PLAN

Evaluate ideas or business projects carefully and in detail

Estimate the needs of business resources systematically and clearly

Provide feedback about problems that may arise during the execution of business projects and how to manage or mitigate the problems

Provide an overview of whether the projects planned and proposed are viable or not

Ensure the viability and suitability of the project to be carried out for investment or financing

GOING ONLINEIn many ways, starting an online business is similar to starting a brick-and-mortar store. The planning and legal aspects remain similar. While you may not need to find a retail location, you’ll still want to make sure you’ve got a solid plan for your business and a great website before you start selling.

STARTMEUPBusiness Toolkit for Startups 21

How to Start An Online Business in Malaysia

STEP

STEP

STEP

STEP

STEP

STEP

STEP

STEP

STEP

Prepare a Simple Business Plan

Like any business, you’ll need a plan. Prepare your Plan based on the “Components of a Business Plan: Step-By-Step Guidance” as discussed in the earlier part of this Chapter.

Register your Business

To start a “legal and valid” online business in Malaysia, you will first need to register your business with SSM (Suruhanjaya Syarikat Malaysia).

All online traders who carry out businesses via marketplace or e-commerce companies must register with SSM by end December 2017. SSM will give a 30-day period for the traders to register after their businesses on the e-commerce platform become profitable. Traders who fail to register their businesses would be dropped from the online platform. Actions will be also taken under the Registration of Businesses Act 1956 on traders who did not register and if convicted, may face a two-year jail term or fine of RM50,000, or both.

YBhg. Datuk Zahrah Abd Wahab FennerCEO of SSM29 May 2017

There are 3 options:

(A) Sell on online marketplaces like Lazada, 11Street and Shopee• Onlinemarketplaces

are places where sellers can put their products or services up for sell.

Decide on the ways to start selling online

• Youdonotneedtocreateyourowne-commercewebsite or undertake marketing.

• Thisisthebestoptionsforthosewithlimitedbudget.

STARTMEUPBusiness Toolkit for Startups22

(B) Create your own e-commerce website to sell your products• Youcancreateyourowne-commercewebsitebutitcanbeanexpensive

option if you do not have internal capacity.• Youwillalsoneedtoinvestmoneyinmarketingyourbrand.

(C) Create a social media account on Instagram or Facebook to sell your products• Ifyouarelowonbudgetandcan’tbuildane-commercewebsiteornot

interested in selling on marketplaces, you can look into the option of selling on social media.

• Thegoodnewsisthat33%ofMalaysiansbuyonsocialmedia.Thismeansthat even if you do not have an e-commerce website, you can still make money by selling on Facebook or Instagram.

• Thisprocessofsellingthroughsocialmediaisknownassocialcommerce.

Top 10 biggest mistakes madewhen starting an online business:

1Waiting too longto launch a product/service

10 Not starting at all

2Solving an unimportant problem

3Not really listening to customers

4Not being different enough

5Choosing a topic you don’t care about

9Confusing

“blog” with “business”

8 Going italone

7Spending too much

time thinking and not enough doing

6 Starting with wrong expectations

Source: https://fizzle.co/sparkline/top-10-mistakes-in-starting-an-online-business

STARTMEUPBusiness Toolkit for Startups 23

FOOD TRUCK

Fast FoodDelicious

Going intoFood Truck Business

Going intoFood Truck Business

How to Start a Foodtruck Business in MalaysiaDo you know that foodtruck is not a new concept in Malaysia? Traditionally, satay for example, has been sold from one place to another by a carrier and was prepared on the spot upon request from customers. Fast forward today, the concept of mobile food providers are now in an improved environment with hip and custom-made vehicles, equipment with diversed food menus and themes. To enter this market, entrepreneurs need to consider the business and legal requirements as well as the cost implications.

1. Fundamental needs to start the businessAs in any other business, working capital is the most fundamental aspect as it determines the size and capacity of the business. However, foodtruck business is unlike your normal brick-and-mortar restaurants or café set-up. The cost is cheaper and it’s quicker to establish. You only need to own a vehicle and identify the perfect location to mobilise your business. It is estimated an average of RM15,000-RM20,000 is required to start a small-scale foodtruck business. No more hassle in property, renovation or rental costs as compared to setting a restaurant on the shoplots for example. Since the cost is not too high, one can start the business from own savings and/or borrowings from family members or friends. Alternatively, entrepreneurs can also access funding through banking loans or financing schemes offered by the Government. The average cost breakdown to start a foodtruck business is as follows:

Item

Register with SSM (Compulsory)

Register with Bank (Compulsory)

Good Driving License (GDL) (Compulsory)

Local Business Permit from Local Authorities

Working Capital

Foodtruck Deposit (minimum 10% from total price for e.g. RM55,000)

Cost

RM100

RM200

RM500

RM500/year

RM3,000 (minimum)

RM5,500

Table 1: Breakdown of costs to start a foodtruck business

STARTMEUPBusiness Toolkit for Startups24

2. The foodtruckThere are many types of vehicles that can be converted into a foodtruck such as lorry, bus, van and some even transformed their wagons, cars, pick-up truck and motorbikes to become a foodtruck.

a. The Truck Identify the size, type and

capacity of the vehicle to suit your budget and type of business. Different kinds of vehicles bring different qualities and prices.

b. Designing the Foodtruck Plan your truck design to

accommodate your business requirement i.e. if there is a need for a freezer to be installed or the size of your gas burner. Ample space must be allocated for food preparation, cooking, servings and order/payment counter.

You also can choose the type of the truck body, either steel or fibre. It is highly recommend to use fibre body of truck because it is more durable and easy to clean. The owner of the foodtruck must keep a close monitor during the refurbishment process of their truck to ensure it follows exactly the design proposed.

Item

Foodtruck Installment

Signboards and Bunting

Foodtruck Sticker (basic)

Equipment (kitchen, gas, freezer etc)

Typhoid Immunisation Injection (Compulsory)

Food Serving Course (Compulsory)

Preparation of Raw Material

Maintenance

Cost

RM600/month

RM300

RM500

RM4,000

RM40 – RM80

RM100 – RM200

RM4,000 - RM8,000/month

RM300

STARTMEUPBusiness Toolkit for Startups 25

c. Interior and Exterior Design The interior design depends on your budget. Always remember that safety and

practicality take precedence over design. The graphic painted on the body of your foodtruck must contain elements to promote your products. You can also use wrap, sticker and even marker pen as long as it suits with your budget and business, looks more creative, funny and beautiful.

d. Power Supply (generator) It is advisable to use cooking gas while cooking instead of using a generator if you

plan to utilise the generator for a longer time. A generator will normally be used to supply electricity for lamps, machines, freezer, coffee maker, deep frier and oven.

e. Approval from relevant authorities Getting approval from Jabatan Pengangkutan Jalan (JPJ) and Pusat Pemeriksaan

Kenderaan Berkomputer (PUSPAKOM) is also important element for the foodtruckers to run their business. It may need 3-4 months to get approval from the authorities. You must also obtain a license / permits from local authorities in the area that you want to conduct your business.

3. MenuThe type of food you offer is not just an attraction to the customer but it will also influence the interior design of your foodtruck and the equipment that you need to have to run your business. It is also advisable to not sell the same and exact products as the other foodtruckers nearby.

a. Customer’s perception and preferences Customers normally will determine either the

menus you offer are good or not based on several factors which are:i. Taste of the foodii. Priceiii. Quantityiv. Time taken to serve the foodv. Publicityvi. Uniqueness

4. Raw MaterialThere are two categories of raw material which are dry and fresh products. When it comes to business purposes, you need to be mindful of the cost of raw material as well as the validity period of the products especially the fresh ones. You need to ensure that your products are not only fresh, but also in good condition by monitoring the expiry dates of the products.

STARTMEUPBusiness Toolkit for Startups26

Besides the raw material, other important element are the utensils for your business such as fork and spoon, food container, straw, tissue and plastic bag. Keep all the products in a place with good ventilation to avoid exposure to pests.

5. Labour ForceAn ideal foodtruck normally has 3 operators – for receiving orders and payments; preparing food and for packaging. As you are involved in the food industry, please make sure that you and your staff are knowledgeable in food safety preparation by attending trainings and get proper vaccination (hepatitis and thyphoid).

6. TrademarkThe importance of trademarks are for the exclusive rights and legal evidence. Entrepreneurs may have exclusive rights to use the marks for trading and take legal action for infringement under the Trademark Law against other entrepreneurs who use their marks without consent.

Live in the future and build what seems interesting. Strange as it sounds, that’s the real recipe. Paul Graham,one of the founders of Y Combinator, the popular startup incubator that has funded more than 450 startups including Dropbox, Airbnb, and Reddit

STARTMEUPBusiness Toolkit for Startups 27

BUSINESS PLAN TEMPLATES

Template 1: Source: http://cyberuse.com/one-page-business-plan-template.html

One Page Business PlanName: Owner:

Customer Problem

Target Market

Position or Concentration

Competitive Advantage

Solution Offered

Income Streams Price Strategy

Top Three Competitors1.2.3.

Notes:

Why?

*Why you do what you do?

How?

*How you do what you do?

What?

*What you do?

Marketing Consultant & EntrepreneurCopyright 2014 by Joey Gedgaud

JoeyGedgaud.com

STARTMEUPBusiness Toolkit for Startups28

Template 2: Source: https://zapier.com/blog/how-to-start-your-own-business/

One-Page Business Plan

Your Big Idea

Your Business

What will you sell?

Why will people buy it? (What’s the need or problem that your business will solve? Unique benefits your product/service will offer?)

Who will be important resources for your company’s success? (Business partners, local business networks, suppliers, etc.)

Will you need a company name or product names? (If so, what will they be?)

Will legal documents will you need to file?(E.g., Doing Business As with the state, LLC if you want to form a limited liability company)

Money Matters

The Key to Your Business:Your Customers

Success

How much will you charge?

How much money will you need to get your business started? (Include expenses to produce the product or service)

Who will buy what you sell?

How will you find and market to them?

How will you cover those startup and ongoing expenses until your business is profitable?

When will you consider the company a success? Number of customers reached? Annual net income? Other?

Brought to you by Zapier: https://zapier.com. Learn how to start your own business athttps://zapier.com/blog/how-to-start-ypur-own-business/

STARTMEUPBusiness Toolkit for Startups 29

Do You Have a Startup Idea Do You Have a Startup Idea These are 29 important questions you have to answer to determine if your idea is worth pursuing.

1. Will you personally use your product?2. Can you find 10+ people who are willing to pay for it now?3. What do you love to do? How different is it from your idea?4. How painful is the problem you intend to solve?5. Is your target market big enough to create a real business out of it?6. What is your revenue model and how realistic is it?7. How well can the founders execute?8. Can the founders identify what they need to do, beyond the obvious?9. How does the customer addresses the problem today?10. What is the recent trends that make your solution possible?11. What is the simplest version of this idea?12. How fast can you take the idea to market?13. How soon can you build your prototype?14. What makes your product different?15. How much money is needed to build your first prototype?16. Customers will only buy a simple product. Can you explain your product in

one sentence?17. Do you have any advantage over the competitors?18. Are you passionate enough about the idea to dedicate all your time for the

next 1-2 years to your business?19. How easily can your get access to 2-3 high profile people who can advise

you on how to succeed in that target market?20. Can you convince 1-2 great people to work with you right now?21. How soon can you scale it?22. How will it make the world a better place?22. In what way is it creative, innovative and unique?23. What opportunities and risks do you face?24. What is the image on patents?25. What long-term goals have you set?26. How is the industry developing (market growth)?27. What are the key success factors?28. Why should someone give you money?29. How will your business survive and grow in the next 5 years?

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