Are you on pins and needles everyday you go to work, thinking your job might be in jeopardy? Have you already been laid off and are wondering what's in store for your income? If you answered "yes" to either of those questions above, I know exactly how you feel...
I used to be a middle manager for a Fortune 500 company, one that I dedicated my entire career to - at least until the economy came crashing down at the end of 2008.
The thought of being my own boss was always appealing to me anyway so I decided to see what my options were to start a business that could make money quickly and didn't cost much to get going.
And I have a secret to share with you.
A hot dog concession stand is by far the easiest business to build fast with a shoestring budget.
In 40 short days I was able to pay off all my initial investment and begin raking in the dough and you can too! Here are some of the methods I used to build a profitable hot dog concession stand in the middle of the recession: 1) Use psychology: one of the absolutely most crucial pieces to success in any form of selling is a complete understanding of using words.
Having the properly constructed phrases to say to every customer that comes to your stand will allow you to maximize each transaction and get loads of tips.
I've gotten to the point now where my tips alone cover my expenses every day.
I recommend reading "Influence: The Psychology Of Persuasion" by Dr.
Robert Cialdini.
2) Never pay retail for equipment: in the hot dog cart business, the cart can definitely make the man! If you want to attract clients, you must have an up to date cart.
However, it's easy to get ripped off paying retail for equipment.
That's why you need to cut out the middle man and go straight to the source.
There's an old saying that someone goes out of business every 30 minutes around the world and it holds true for hot dog vendors.
eBay is definitely a great place to pick up a hot dog cart on the cheap from someone who wasn't armed with the information you now possess! 3) Upsell: if you study up on business, you'll learn that the highest profit margins are on offering additional purchases to every customer at the initial point of sale.
The classic example of a food upsell is McDonalds offering to "super size" your value meal.
Why do you think that every clerk was trained to ask that question with every purchase? That's right it works! Get creative with some combinations of drinks, snacks, and other items that you can bundle with your hot dogs.
If you can come up with a catchy name for the combo, it will sell even better.