Starting a food truck business requires research, ingenuity and, fortunately, only a little start-up capital. According to Entrepreneur.com, establishing such a business can cost as little as $15,000, depending on the type of food truck you buy. A mobile food business can easily generate $50,000 a year in earnings, Entrepreneur.com says.
For starters, a mobile food business requires less startup money than a bricks-and-mortar restaurant. Real-estate-based restaurants can require an upfront investment in the millions of dollars, depending on the type, location and the complexity of the kitchen.
Create a concept for your food truck business. Consider the kind of food are you going to sell. If what you are selling is a new or avant-garde approach to a familiar dish, then host several taste tests with a variety of judges to develop a menu that is marketable, tastes good and is affordable for you to carry and for the consumer to buy.
A mobile food truck has the potential to be very lucrative, this is primarily because of the convenience it provides and the types of food served. The meals are usually filling snacks or well packaged lunches that are preferable choices for people on the go. Because a food truck is mobile and compact, owners have the option to place them at strategic locations. Yet, many food trucks will occupy one position for long periods as a result of good business from loyal customers. Typically food trucks are found near college campuses, constructions sites and corporate areas. A well planned food truck business can be beneficial to both its customers and owner.
Mobile food trucks serve food to customers in parks, stadiums, festivals and other public venues. Starting a mobile food business is similar to running other types of food establishments.A passion for food, the skills to provide quality customer service and the ability adhere to local health regulations can help you run a successful business. The types of food sold in mobile food trucks include sandwiches, hot dogs, salads and side items, such as french fries and onion rings.
A great benefit to be derived from a food truck business is the reduction in taxes. Because the truck is not a permanent fixture in any location, special measures are put in place to ensure that owners are not taxed at the same rate as larger more structured businesses. Additionally it will not require more than one or two additional employees, therefore any profits made will not be significantly reduced through the payment of salaries. Once the business is operated based on customer demand and thorough planning it is likely to thrive. If a location ceases to be profitable then the owner maintains the ability to move to a better location at any time.
Running a mobile food business is different from a regular restaurant in two big ways. First, you’re mobile. You don’t have a physical location with an address. Second, you go to the customers. You don’t wait for them to come in your front door.
Food trucks have become a wildly popular and important part of the hospitality industry. Consumers are flocking to these mobile food businesses in droves, inspiring national food truck competitions and even a show dedicated to the topic on The Food Network . The relatively low cost of entry as compared to starting a restaurant , combined with free and low-cost ways to market them to the masses via platforms like social media, are just two of the reasons that mobile food carts business are drawing in budding entrepreneurs.
Think if you can sell your food items to groceries. A mobile food truck selling empanadas or cupcakes may be able to strike deals with local groceries for distribution. Also consider opportunities online, such as starting an ecommerce store selling the food items. If your mobile food truck has distinct branding, you can sell merchandise such as t-shirts and other novelty products.For a mobile food truck, social media can be one your best assets. Since food carts lack a brick & mortar location and are always on the move, it’s essential to be able to broadcast to foodie fans where your current location is.
Consider starting your food truck business part-time. It can take upwards of six months to a year to get a food trucks business going and you don’t want your ability to make your house payment to hinge upon your truck being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.
No question, starting your own food truck business can be very profitable, as there are a lot of people who eat regularly at food trucks. It is also less expensive and includes lower expenses in comparison to a conventional restaurant business.