ACC 557 – Financial Accounting
Author: Arisay I. Arana Escobar
Professor: Howard Katz
May 21, 2014
The Taste of Europe Business Plan According to DeThomas and Derammelaere (2008), one of the first things that a business plan most contain is the business description; this one must describe the natureof the business as well as what it is, which products is going to sell, what target market, operation of the business, financial proposal, etc.
Taste of Europe will be a Washington D.C. company that works in the fast-food service industry, oriented to bring a new food experience and new mood to people, who work, live and travel in DC. Regardless on the season there are always thousands pedestrians in downtown DC. Many of them are people with European roots, or those, who have been to Europe before, lived there or travelled. Taste of Europe is a pastry and coffee food truck, designed like a carriage that reminds about long promenade down the old Europeans streets with a piece of delicious baked goods and smell of coffee. Despite on the European accent, our menu will contain also American blends, such as cupcakes.
Products and Services The main food production inside the truck will be European pastry products, Vienna flaky pastry, puff croissants with different stuffing, sweet and salted. There will be also sandwiches with French baguettes, fresh mozzarella cheese, basil and tomatoes. All will be served with stylish wrap paper bags. A separate line of production will be cupcakes and European delicious coffee, made with a true espresso machine. Tea and fresh drinks will be available as well. There will be a possibility to create your own cupcake, by choosing any basic cupcake filling, and topping. Children will have fun by choosing sparkles. All provisions will be made in the office commercial kitchen.
Market Analysis There are about 200 food trucks licensed in the District, and about 100 to 120 of them vend daily on the Washington DC streets. Food trucks provide a variety of quick and inexpensive dining options. Over the past few years there's been an amazing explosion of new food trucks in the Washington DC area. Food vending has caught up with the 21st century in other ways too. Most of these trucks frequent the downtown area, around the squares, where people can sit on the bench or on the grass. Usually in each square there are about 18 food trucks. Up 10 to 15 of them offer main meals and 3 to 5 offer desserts, ice-cream, muffins etc.
Speaking about the tourist centers, such as Smithsonian, there are just few options for pedestrians - hot-dog, ice-cream, peanuts and souvenirs.
Facilities and Location The name of the project reflects the idea of old-fashioned European food carriage with street food. In fact, it will be a food truck, or maybe a food cart, outside designed like an old fancy carriage, with wooden wheels (painted or removable), styled curtains on a big display window. All pastry products except cupcakes will be unfreeze and baked in the oven inside the carriage. The pastry products safe their taste and properties while frizzing. That’s why it will be always hot, fresh baked and fragrant offer. The cupcakes will be baked at the “office kitchen” where all semi-finished product and bakery will be prepared. We are going to start with two carriages, to put one in the business center, and one in Smithsonian area, where there are many hungry tourists, looking for something other than hot-dog. After few months we’ll see what area is more profitable for this kind of food-track, and will develop our business in that direction.
Strategy and Implementation Taste of Europe will build brand recognition through its original and unique carriage Vending Units being placed strategically throughout the business and touristic area of Washington DC. After brand recognition has been