Set goals to help your business
Here’s how to doit:
1. First, track your hot dog cart’s sales performance. As much as possible, keep and update records of your daily sales and use this figure to estimate your gross income.
Then keep track ofyour daily hot dog sales and use this figure to compute for your gross revenue. Multiply the number of hot dogs sold by the cost you paid for each to obtain the operating costs. Then subtract youroperating costs from your gross revenue to compute for the daily profits. Monitor your business for a couple of weeks in this manner so you can compute for your average daily profit.
1. Set daily andweekly goals for increasing in your profit margin and experiment with different ways of improving your business. For instance, try moving your cart to an area with more pedestrian traffic to expandyour customer base. Find local neighborhood events, like outdoor concerts or softball games, and set up close by to take advantage of the large number of people gathering for the event.
1.Diversify the food you offer at your hot dog cart. Chips and beverages alongside your hot dogs may make them more appealing to customers looking for a one-stop full meal. It also gives you greater profitpotential as customers will be more likely to purchase more than one item. Remember to factor in these costs when you evaluate your gross revenue and operating costs.
You can also use “upselling” toboost your hot dog cart sales. Upselling is a sales technique designed to increase your sales. It’s an important business concept as it requires people involved in sales not be order takers, but instead...