How Do I Breakdown Costs Of Hot Dog Cart Supplies and Accessories
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- Опубліковано 21 бер 2017
- How Do I Breakdown Costs Of Propane, Napkins, Condiments, etc
Ben, father of 10, bankrupt, homeless and on food stamps made over $8000 his first month in a little po-dunk town in East TN. with a broke down hot dog cart. He’s gone on to help over 16,000 vendors gain freedom with catering, hot dog carts and street food: vendorsunited.org/vending-sec...
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This definitely simplified it . I was worrying massively about the real costs . Now that I know I can average it out every month, that makes it a whole lot easier. Thank you Ben!
Thank you :)
Thank you Ben. Can't believe 4740 views and only 77 likes Haters gonna hate and takers gonna take. Oh well' what goes around comes around. Keep up the GREAT INFO!
LOVE
LOVE
This video 👍👍❤👍
Helps out tremendously
Thank you!!
Thanks,,, you make a lot of sense...
Thanks Ben, this will surely help us out.
You bet!
Great Job, Thank you for all your advice
:) Thank you!
Great video👍👍
Thank you!
I have been everything in a commercial kitchen from a busboy and dishwasher to an executive chef (and sometimes both simultaneously). Also, I have owned many businesses from catering to food trucks to competition BBQ teams and I will tell you that this is exactly what people need to understand. The exact math is variable. But, be cognizant of the things you forget are cost factors.
Sure, when you are a new entrepreneur-just quit that suffocating 9-5 job that all your efforts made the boss man money while stifling your creativity, so you said "to hell with it" and launched a catering operation or a food truck or-hell, the options are endless with COVID-19 because half the people do not want to sit with the other half of the unvaccinated, so...potential portable business cash cow.
What my man is saying here is absolutely right. I used to bottle condiments for retail. You may initially think about the ingredients you ordered or the glass or plastic containers or the shrink wrap or the labels and maybe even factor in the lab work and nutritional information. There is bureaucracy in the form of local and state licensing. There is health department regulations-as well there should be. Cart maintenance: flat tires, broken steam tables, parking tickets. There is-as my friend so aptly points out here-YOUR TIME, and the time of every sad sap you roped into your delusions of grandeur. There are small things like renting your commissary kitchen. Marketing. Web presence. Social Media management.
Ben knows WTF he is talking about. LISTEN!
Great video, i appreciate the information you put out.. so awesome. Quick question,, How do you keep track of sales to pay taxes ? Thanks again..
Great question Vince. I used a yellow pad and just took down my daily totals, nowadays many vendors use the apps available, like Square.
I always figure labor cost at twice material cost. It's simple and easy to do. I figure if my material cost is low, I probably wasn't doing much labor anyway.
There's an opportunity cost to working. Every hour I'm working is an hour I could be doing something as simple as playing video games with my daughter.
That time lost is valuable to me.
hey Ben i bought cart from you should be here soon. I have got my business license. my city told my to get a location i have to get the property manager to agree to it then i have to talk to turn it into them at the city then they have to ok it with me with a group of people including a fire fighter and engineer and other city workers to conform its safe not including that it will cost $200 per 6 months for the one location
This is something some cities require. As far as location costs, only if they charge all businesses the same can they charge you. Unless of course your vending from public property.
❤️
Great info and video!....however you did not factor in the sales tax....if your dog is tax included, then it has to be added....my state of Vermont is 10% meals tax....so I have to add ten percent to my total.....then I have an accurate total profit number
Keep up the great work!.....thanks
Darryl D food usually isn't taxed. Only thing that should be taxed is soda.
But I guess that depends on what state you live in.
Darryl: check out his tax vids. Your total sales times 1.010 equals your sales tax, plus some easy magic and you have your REAL sales tax. Watch the vids. Good luck.
Hello Ben, I am starting out in the hotdog cart game and was wondering how can I get into events and find the best spot to setup around my little town and get more than 50 people a day?
Howdy Isaac, check out learnhotdogs.com - there is a search box... type in the word: events and then do: location
You'll find tons of stuff to help you.
Let me know how it goes.
Where do you factor in your monthly expenses..insurance, cart, locations fees,etc?
I have tons on that, even breakdowns at learnhotdogs.com You can find more here: learnhotdogs.com/easy-recordkeeping-for-small-business/
Hot Dog Cart Store thanks but I can’t get that video to work for some reason.
When first starting out how do you factor the cost of the hot dog cart as part of the peripheral costs until it is paid off and the business is totally in the black.
Great question. But folks do it differently. I would pick a future date that you want the cart to have paid for itself. Then divide the amount paid by the months till paid for itself. So if I paid $3600, I'd want it paid off in 12 months let's say. That's $200/mo cost. However, some go further. Others don't consider the cart as it's a 100% write off on taxes. A good tax professional could guide you there.
Thank you. This helped a lot when putting together my business plan for projecting break even point for infrastructure items.
My husband and I disagree on a subject. I have done ebay sale, yard sale, firework stands, my mother and father when i was young did concession type stands at fairs, carnivals , wwe, indy 500 and my dad use to do hot dog carts and I would always tag a long. I was always told if you want something we have to pay for it, even if we bought it we need to pay in to support the business, we should be our number 1 customer. my husband feels like he is paying for it twice. I think of it more supporting our cause and keeping our log books in the positive. Not that I wouldn't give my losses away and use that advantage to maybe draw in more business . or just be reward in the end with positive feeling knowing some homeless guy had a meal that night.. totally agree with giving away your losses. but don't feel we should be in that cat. if we are eating and drinking up our profits that to me is not good budgeting. not every place offers free lunch etc to their employees and i feel we should hold that to us as well. told him to take it out the grocery money for the house and bring his own lol
WHAT IS YOUR THOUGHTS?
?
The rule is don't get high off your own supply.
Nice
I’m trying to get your book.
learnhotdogs.com/book
Ok Ben, just to be a smart ass here, the 1400 is pre tax. If my states taxes are 10%, then my income is only 1260... according to Uncle Sam. Is this correct? Just asking.
No. You only can pay taxes on what you sold. If you sold $1260 plus tax it would be $1386 you collected or $126.00 in taxes due. Most vendors do taxes wrong. In your example you'd end up giving the state a bonus of $14 that should stay in your pocket.
If you collect a total of $1400, then your taxes would have to be figured this way:
learnhotdogs.com/collecting-sales-tax-most-vendors-are-overpaying-are-you/
THX Ben!!! Big fan! Misunderstanding on my part. Will have re-watch your tax video. I've been educated beyond my natural intelligents. Thank you brother! Now I know why we have accountants. LOLO
Culinary School??? Or Home EC/ High School Culinary AP???
What was your biggest mistake just starting out?
derpppp haha! just saw ur last vid :)
How much of my profit should I reinvest into the business?
Totally up to you... but a great rule of thumb is 10%. If you want faster results.... set aside more.