The food truck trend represents one of the most exciting developments in the culinary industry. These compact dining establishments bring a variety of enticing flavors to locations in which such cuisine might not otherwise be available. Consumers benefit from convenient access to numerous culinary styles, while restaurant owners are able to expand business flexibility and minimize the costs associated with traditional brick-and-mortar locations.
After graduating from Johnson & Wales University in Providence, Angelo Pitassi ’03 MBA started two businesses—an e-commerce company focused on meeting needs of Rhode Island’s jewelry manufacturing industry and a consumer-focused health technology company that was inspired by his youngest son’s diagnosis with type-one diabetes.
Think of the time and toil it took for you to get your business off the ground, factoring in the investment of time and finances you have made. Running your own business is a risky venture, and it gets even riskier if you don’t have an asset protection plan in place to safeguard your investment and protect you from losing your ability to operate or start over should a serious financial threat arise.
Here are three things you can do to protect your assets:
Do you have a great idea that could turn into a small business? Take a look at some do’s and don’ts to start up and stick to your concept courtesy of some top publications.
Trust Your Gut
Don’t let your great ideas pass you by. If you want to go out and start something, do it!
Do What You know
Although you may have a great idea for an app, make sure that’s your expertise before you jump in head first. If it’s not your industry, find someone who’s an expert to help get your concept off the ground.
Businesses seeking growth often look to add-ons to help increase their average ticket sales. On a drive through of your favorite burger joint, you’ve probably heard, “Would you like fries with that?” In how many other situations have you been asked if you would like to add an item or make an upgrade?
On August 8, 2016, Walmart announced a definitive agreement for the acquisition of Jet.com for approximately $3 billion in cash. According to Doug McMillon, president and CEO of Walmart Stores, Inc., it is an opportunity “to lower prices, broaden our assortment, and offer the simplest, easiest shopping experience because that’s what our customers want.”
Who: Mehdi Moutahir, Associate Professor of Management and College of Management Department Chair with Johnson & Wales University, Providence
Agree or Disagree with Article: Disagree
His Defense: One of my favorite quotes of all times is from entrepreneur Derek Sivers: “If information was the answer, then we’d all be billionaires with perfect abs.”
One of the fundamentals of making a sale is to demonstrate value to your prospective buyer. Outlining the features, functions, and benefits (FFBs) of your products or services provides a wonderful selling tool. It demonstrates your knowledge, which builds trust; it links product and services knowledge directly to benefits, which identifies direct value to your customer; it may allow your product/services to “sell themselves;” and it easily leads you directly and smoothly into “the ask.”
Let’s look closely at each of the FFBs and why they matter: