Jun 6, 2023
Sell out within the first couple of hours on opening day.
Ramp up inventory.
Sell out again.
That’s been the trajectory for Poncho’s Tacos during their first weeks in business.
They have a Birria taco stand at a night market that is only open during the evening on weekends. It’s also only seasonal, running for just over 5 months each year. Expected attendance at this year’s market is more than one million visitors.
The main draw is the over 110 food booths and food trucks offering more than 600 different foods items. That’s a lot of competition that the new kids on the block, Poncho’s Tacos, are up against.
This group of 5, 18-year-olds have done so many things right it’s a case study in how to successfully launch a venture, including;
- how they tested their product and pricing prior to the market,
- the two key decisions they made and acted on that enabled them to stand out from the crowd,
- what they did to gain free media exposure, and more.
Whether you’re thinking of setting up a seasonal booth somewhere or you’re interested in an entirely different hustle, be prepared to capture ideas that pop into mind when hearing their story, to grow your venture.
Be sure to check out the 5 Success Takeaways I share at the end, which includes an action that is very simple, but one that will have a major impact on the progress you make from today on with your side hustle.
What You’ll Hear:
02:34 Meet Matthew Berda, Mikito May, and Kenito Garrido (partners also include, Danny Alvarez and Henry)
04:45 Offseason time will largely focus on streamlining and scaling for next year
05:35 $20,000 - $30,000 to launch the business
06:35 They were very careful about their spending, what they bought, and sought out good used equipment
08:10 How and why they decided on tacos
09:36 Mikito knew they had to get word out so he contacted major local media
10:20 Determining price point of menu items
11:36 Every day they check their sales and expenses so they know exactly where their finances are at
12:13 The volume they are doing each day was their biggest surprise
13:09 What their typical week looks like
14:14 Despite increasing inventory, there are weekends they still sell out
15:10 Leveraging their age and marketing
16:17 Their signature menu item - The Anaconda – a 2 1/2 foot taco
17:45 A $20 tip is a nice confirmation
19:50 Find people you really want to work with and that you have chemistry
20:10 Don’t overthink it, just try it
20:38 Find a mentor in your field of interest
20:50 Have an end goal - here’s why
Takeaways
21:40 Set a deadline. If you commit, your whole mindset will change
23:03 Seek out an accountability partner
23:16 Want more guidance on setting things up with your accountability partner? Reach out for a pdf from Joan
24:05 Know your audience and give them what they want
24:27 Get word out - don’t be a best keep secret
25:42 The value of small tests
26:00 Have your end goal in mind. Do you have one? If not, get one. Use it as a guiding light for decision-making
Connect with Poncho's Tacos:
https://www.instagram.com/ponchos.tacos/
https://www.tiktok.com/@ponchos.tacos
ponchostacosyvr at gmail dot com
Connect with Joan:
https://www.instagram.com/joanposivy/
https://www.facebook.com/posivy/
Be on the show!
https://www.sidehustlehero.com/guests/intake/