5 tips for getting rich on food

Do you love food? So much so that you've dreamed of opening your own restaurant, or perhaps starting a gourmet truck? Truth is, it's a tough business, with lots of room to fail, and more competition than ever before. But if you do it right, the rewards can be rich. 1. Make a plan It may sound obvious, but an exhaustive, well-thought-out business plan is a must, says Hudson Riehle, senior vice president of research at the United States' National Restaurant Association. "For a restaurant operator to ensure long-term success, it's very important for them to have clearly thought-out their concept, and, more importantly, who the target demographic is for that concept," he says. A plan -- one that anticipates any potential kinks -- is equally important in the food truck business, says Matt Geller, CEO and co-founder of the Southern California Mobile Food Vendors Association. Geller has assisted in the set-up of similar groups across the globe. 2. Don't assume customers will find you "Having a customer-acquisition plan is one of the things I see many food trucks not do," says Geller. "But you have to figure out how you're going to bring the customers in." While food vendor events, such as those organized by London's KERB, bring in some good ancillary revenue, Geller says it's a mistake to rely on these events for word-of-mouth promotion. "Those markets, while great, create a false sense of security. You don't want to depend on someone else to get you customers. What if they decide they don't like you, or someone else comes up that they like more? That's no way to run a business."