Opening A Food Truck Business Might Make You Rich, Learn It Here
The food truck business has been part of American culture since the late 17th century. At that time, street vendors sold their food via carts in the New York City area. However, this type of business was booming in 2008. It started out in Los Angeles and developed into the equivalent of a restaurant concept.
So, here’s how you can start your own food truck business!
How to Start Your Own Food Truck Business
1. Do Market Research
Do research on the food truck business market to ensure that you understand all aspects of this business. You can do online research or read articles from the food industry section. Or else, connect with people who were already in the business. These people can become your mentors who will guide you through the various steps. You can also choose to hire a professional expert to help you go through each process. Specifically, in terms of doing a feasibility analysis test or a detailed report on the business.
2. Business Location
Choosing a location is key to the success of your business. Plan a route through which your food truck will go. Or, make multiple stops at crowded places that will attract potential customers. For example, venues in New York and Los Angeles stay busy throughout the day. You can target employees, students, tourists or pedestrians that pass by.
3. Business Capital Estimation
The entire business will require at least $40,000 up to $200,000 to start up. While normal restaurants typically cost between $275,000 and $2 million. Many factors determine the costs of this type of business. Mainly, like buying a truck and hiring an interior designer, employees, equipment rental, licenses and permits, food sources, etc.
4. Finding a Food Truck
- Local online classifieds— Using used trucks is less expensive. If they’re nearby, you can easily inspect them.
- National online classifieds— This will open up more options. Get as much detail and information about the truck from the seller.
- New custom trucks— This is the most expensive option. However, it’s also the best way to ensure that your truck meets codes and standards. Hence, they can be customized to your own preferences.
- Rentals— You may be able to find food trucks to rent from a truck rental company. You can find one at foodtruckrental.com or at Roaming Hunger. They have the option of short or long-term rentals. They will cost you between $1,000 to $5,000 a month depending on the equipment you need.
5. Food Resources
Based on the menu that you will serve, prepare all materials to start your business. Find a reliable supplier for raw materials. You will also need a variety of tools and equipment for cooking and preparing food. Such as a gas stove, oven, microwave, boiler, refrigerator, etc.
Get Started with Your Own Food Truck Business
A food truck business is a mobile mini-restaurant that offers various foods at relatively lower prices with enjoyment. Getting started is quite challenging. It requires patience and hard work. Therefore, earn the trust from customers at first, then think about earning a return on investment. Always keeping quality above money.
