What's the biggest challenge in hot dog vending? It's getting it started – up and running! It's why flipping hot dog carts for cash is such a profitable business.
Starting a hot dog vending business can be daunting for some. Especially those with little time (they work a full-time job) or those who do NO due diligence.
Many Quit Before They See Their First Dollar
It's usually – the folks who don't do their due diligence first. As in watch these short videos or even bother to Google the words “start a hot dog cart”.
It's evidenced in those posts listing hot dog cart for sale here. Many with those words: “Brand new – never used – hot dog cart for sale”.
Don't get me wrong. Even those who have done their due diligence can be “turned off” by the red tape and bureaucracy before them.
And yes! Some do make it – Like the blind hot, Carl here.
Flipping Hot Dog Carts For Cash – It's Where You Come In
I'm not talking franchises.
But speaking of those – why are they soooo successful?
Because they've done the hard work. They'll even do all the due diligence for you and set you up – let you walk in as a new proud owner of Subway® or other chain franchise.
Of course if you wanted to waste tens of thousands of dollars – you could franchise out carts and businesses, but why when the fish in those lakes aren't gonna catch themselves. [read: I want to fish more]
STEP ONE – BUILD IT AND THEY WILL COME
For us others – we know what it takes. It's a ONCE AND DONE type a'thing. Due diligence, licensing, location and make money.
And once done once – oh it's so easy to duplicate.
It's why folks will pay you GOOD money to do it all for them.
SCOTT LIVES IN WEST FLORIDA
He is a full-time vendor – but only for one reason. HE LOVES IT.
He loves the freedom. He loves the money. He loves helping others get started too!
He places ads on Craigslist and Facebook:
He starts these hot dog cart businesses and then sells them. It's a win – win for all. Folks that simply don't have the time to get started due to their current jobs or those folks who'd rather just walk into an existing business already MAKING MONEY!
Instant Success Magnet
Just imagine. You can either take the time and make the necessary efforts to start – or you can just purchase an existing business – ALREADY MAKING MONEY.
For some (many) – we entrepreneur (type A's) – we want it yesterday by noon.
Some of us have no choice. We must do the work, make the efforts and work our way up.
But for some – they have some cash. They recognize the investment opportunity and they need it now – not later. For Scott, that's his market.
- they want to be self employed
- they don't have time to start from scratch
- (or) they don't have the desire to start from scratch
- they want something that's already generating a good income
- they have a full-time job and simply don't have the time
- (or) a myriad of other reason
None of which Scott cares about. His goal – is to have available – successful vending businesses so that he can continue to make his living by helping others do the same.
Two For One (income)
Scott can buy a cart, get it licensed (because he does it all the time) find a location that is making good money and then offer it for sale. And now – he doesn't even wait to advertise.
He can advertise now because he knows the business. He can start drumming up interested parties and then turn them over.
His biggest challenge this year – He can't start them fast enough. He's got a waiting list of folks who want his ready-made businesses.
He makes 100% of the profits as he scopes out and tests locations. And then he makes the profits on the sale.
“I'm now even selling just a licensed cart before I even find a location because so many want to start right now.”
He's done the hard stuff. (not that hard but can overwhelm some)
And HE'S PROFITING on it – all.
ME: Scott, where did you learn to do this?
SCOTT: I took your expand course and this was just one of the ideas that got me thinking.
Can You Do It Too?
Of course you can. Anywhere there are people – who want to be independent – have freedom – and a great income… that's where it works. [hint: which is everywhere]
Steps To Successful Flipping
- buy a hot dog cart and get it licensed
- start operating and testing locations
- keep good records daily of the sales (it's not hard watch me do it here)
- market the business for sale (don't price too high)
How Much To Price It For?
You kept good records right?!
By listing for $190,000 – you'll have reduced your “pool” of potential buyers by thousands and thousands. A real estate broker friend of mine once said – do you want to sell it or just have it up for sale?
I want to sell it. And most people can come up with $10,000 – $20,000 (especially those searching for a ready-made business).
Notice Scott. He sells his for about $25,000. $20,000 if they are paying it all up front. This produces a HUUUUGE cap rate. (a cap rate is the rate of return on your initial investment)
For example: You pay $100k for a business that makes you back $9,000 net cash yearly. This would be a 9% cap rate. “capitalization rate”
And 9% would have most investors lining up. Because where else can they achieve that kind of return?
And usually cap rates are associated with real estate investments.
Finding someone to put $10,000 down – pays you for the equipment, a hefty profit and they would still owe you $15,000. With affordable monthly payments of just $500 – you would receive another 30 payments. And the buyer CAN afford that because you've sold him an income producing business.
And the best ones… “well they pay cash – all up front!”
307 VENDORS WANNA HELP YOU
In Vendors United – there are hundreds of vendors. AMAZING VENDORS. There, live – every day! They answer questions, ask questions, help one another and support each other.
It's an amazing place.
Doesn't matter where you are – just thinking about the business – in the business – a newbie or a seasoned pro – we're all inside.
Imagine having your questions answered in a flash. (nearly instant)
Imagine having over 300 vendors as a sounding board for your next idea
Imagine having 300+ people on your team – willing and able to help at a moments notice
Imagine NO MORE!
JOIN US TODAY!
LAST SECOND TIPS
- Don't price yourself out of the market – most can come up with $25k
- If carrying part of the note due (as in payments) – have them get insurance —>
and list you as a “loss payee”.
- Have them sign contract – www.learnhotdogs.com/expand
- You can annualize profit / income off a cart by multiplying the income so far and estimating the same for the remainder of year. Example: your test cart does $4470 in a month. $4470 x 12 = $53,640 annualized
- You can license and work each test cart under a new name and sell the entire thing as a ready-made biz
- Join Vendors United Street Food Pro Team and make each cart a success!