In the Philippines, the popularity of street foods and selling P1 food on the street is not a good business if you look at it in a customer perspective. How would you even earn profit from a P1 food? But not many people know is that in business, it is always a numbers game. Those people that have a food cart business in the Philippines know that this business is not about how lucrative is the price of your product. But how many can you sell all at the same time.
Reasons Why Food Cart Business is Successful
Food cart business is are the ones that deliver street foods that Filipinos love. They want to eat on the streets especially if it is cheap. It is also a “mirienda” food for all that they can also socialize to other neighbors.
Food Carts Are Cheap
For the businessmen, food carts are cheap! Ones you got a good profit from your first cart, its easy to buy another cart and hire somebody to sell. Split the profits with them and everybody happy. This is where the numbers game comes into play. Buy more and more carts that you can sell to anyone. Haven’t you wondered why there are lots of people selling street foods in their food cart even though they only sell them for the cheap price of 1 peso?
The answer to that is numbers game. There has been a lot of Filipinos turned into millionaires because of having a huge army of food carts. They started as one cart and reinvest it in buying more carts. Like compound interest that results in exponential growth against time.
It’s Easy To Manage
Food carts only has 1 person selling the foods. And the fact that its easy to cook this food because its only fried foods, its easy to just hire people and give them jobs. Give them a chance to earn an income based on how many they can sell. This will give them the motivation to sell more and work hard in earning money for you because, it will also give them more money. Motivating people to work hard and rewarding them with money is one great way to give them hope in this time of financial crisis. This way, not only did you provide jobs for the Philippines, you also earned a lot of money. It’s a win-win situation.
Gives Chance To Less Fortunate
This kind of business gives chance to our less fortunate brothers that never finished schooling. Knowing that the Philippines is a third world country makes sense that most of the people willing to work for you would be in the low class family. In which you will never ran out of people qualified to work for you and gives you a chance to expand greatly. It gives them chance to earn money as a vendor while working for you. You also give chance to working student for added money for school expenses.