Whether you’re a hobby chef or culinary school graduate, launching a food truck business is a way to get your feet wet in the restaurant industry at a low cost. Food trucks are more popular than ever, and now’s the time to get on board. If your dream has always been to serve food to others, it is important that you understand some of the reasons why a food truck is a smart investment.
Cheaper Startup Costs
It costs anywhere from several hundred thousand dollars to more than $1 million to open a brick-and-mortar restaurant. These startup costs can be prohibitive to most new entrepreneurs who are interested in selling food. On the other hand, you can buy a new or used food truck and stock it with inventory for $200,000 or less; operating permits cost less than $2,000 per year. With money saved up, you can buy a used food truck and fix it up to your liking. If you have good credit, you can buy a brand new or refurbished food truck from a vendor that offers financing.
The Novelty Aspect
Food lovers consider food trucks a novelty and have fallen in love with indulging their food cravings at mobile restaurants a few steps away from their workplaces and campuses. With a solid business plan, a great menu, and savvy marketing, your business has a good probability of success. To ride the wave of the food truck craze, you’ll need a robust social media presence to market your menu and let your fan base know where to find you on a daily basis.
Flexible Menu and Location
One of the greatest advantages food trucks offer new small business owners is that they let you experiment with your menu easily. Changing a brick-and-mortar restaurant’s menu can be costly. Changing a food truck menu, however, might only involve writing the new selections on your truck’s exterior dry-erase board and making photocopies of the new menu. Food truck lovers expect new and interesting menu items, which allows you to offer old family recipes and innovative creations at your discretion.
Food truck owners also like the fact that they can rove around until they find optimal locations for sales. For example, if a highly attended festival is happening in a particular part of town, you may only need an inexpensive permit to park your truck next to the event for festival-goers to enjoy your food.
Your food truck can be your canvas. Sketch design ideas and work with a skilled painter or graphics company to bring them to life.
You can also express your creativity in your food presentation and advertising content. For example, you can use your creativity to make fun and entertaining videos about your life as a food truck owner, or create and share recipes on your blog.
References & Resources
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.