PROJECT
Walter was a business plan prepared as part of my course work for my Masters in Branding. The project was to create a brand and write a plan on how it would come to life. I combined two of my loves, food and dogs and voila! the idea for Walter was born.
Walter is a year-round food truck for dogs operating in New York City. Today pet owners are indulging their pets in different ways than ever before. Most pet owners that live in urban areas like New York City tend to have increased pet spending habits on extra-comforts including bedding, clothing and high-end pet food. Even when spending decreases during times of recession in the economy spending on pets remains the same.
ANALYSIS
Through an analysis of the pet industry four key trends were identified regarding pet food sales. Customers are looking for innovative products, healthy meals for their pets, fresh ingredients and convenience. In addition to pet industry research, current market research and trend forecasting was done regarding the food truck business. Today food trucks make up one of the fastest-growing sectors in the restaurant industry with 2013 sales nearly $700 million or about 1 percent of total US restaurant sales. It is projected that food truck revenue will quadruple to $2.7 annually by 2017.
BUSINESS PLAN
Walter is founded on three brand principles: Friendly, Simple, and Healthy. The target market for the business are working professionals between the ages of 25-40 with an average household income of $65,000. The sales business model used would be a Limited Liability Company with a one-cost model, with all items sold on the truck marked at the same price.
OPERATIONS
Walter will operate in four key areas that have the highest dog ownership in NYC. The truck will be parked next to green spaces in the Upper West Side, Upper East Side, Astoria, and Williamsburg. Walter will operate five days a week from Wednesday through Sunday in the mornings from 7-11 am and in the evenings from 4-8pm. All products would be made at a local food commissary in Brooklyn. Walter would have an advisory board made up of local business owners that cater to the pet industry, butcher shop owners and food truck operators not catering to pets.
