Yesterday, I spent the day chatting to a friend of mine who wants to setup a Hot Dog Stand, in our area. I love a challenge like this, and I enjoy the brainstorming that goes with it.
Being an entrepreneur, he doesn’t have much money to get started. So, at the end of the day, he has to be very careful, as to how he spends his money in the early stages. It’s no use wasting his money on something that wont bring in, a return on his investment.
After talking to this friend of mine, he seems very excited about his new adventure, and I’m very happy for him.
As an entrepreneur, you would need to be extremely passionate, about whatever it is, that you choose to do. If you are not passionate, then you are probably wasting your time, and you will never be successful.
Well anyway, we sat for hours talking about his business idea. I have to say, he knows his stuff, when it comes to how to make hot dogs, hamburgers, shirwamas and etc. But, what I suggested is that he should probably pick one item, and master it. He can offer the other items, but he has to have a crowd-puller.
For example, if he wants to be considered as the Hot-Dog-Guy, then he needs to focus on offering The Best Freaking Hot Dog Ever. No one is going to remember him, if he do the same thing, as everyone else.
He needs to take the idea of selling Hot Dogs, to a whole new level. No one is going to be interested, unless he does an amazing job. And no one will come back, unless they received an amazing customer experience.
It’s all about the presentation, and customer experience, and more and more retailers are realizing this. You are not just selling hot dogs, you are selling the experience of trying the best hot dog in town. And if you cant offer this experience, then once again, you are wasting your time.
Yes, as far as I have heard, he can make an amazing hot dog, but I will have to wait and see for myself. The best advice that I could give him for now, was to put extra effort into the presentation of the hot dog, as this would be extremely important.
It doesn’t have to cost a fortune, and all that you need to do, is be creative, while making sure that you are not over spending. By offering the most amazing hot dot ever, the word will eventually begin to spread. And word of mouth, can be the best from of advertising.
People hate being ripped off. And if you try over-charge for a simple hot dog, you will eventually lose customers. But if people really enjoyed your food, and had an amazing time, while eating it, they will be back for more.
Have you ever noticed that in a fancy restaurant, you would always land up paying more for a meal? This is because you are actually paying for the overall experience, and the presentation of the food.
You could do the same, with a hot dog stand. You need to create the most amazing hot dog, and then you would need to remain consistent in offering this to your customers.
Spend a little bit more on your presentation and packaging. I know that people will just land up throwing it away when they are finished, but by packaging your product correctly, it will definitely increase the perceived value, in the product that you are offering.