Everybody wants to grow their business and increase profits. Here are some ideas to help your food truck business break the revenue barrier and stand out against the rest of the competition.
1. Create More Streams of Income
You don’t have to purchase more trucks and employ more people to generate more income, even though that’s an option. There are simpler ways that cost much less to help you boost your revenues. For example, you could add catering services to the mix. Catering gigs can generate a good sum of income in a short amount of time. If you really do a good job with your catering services, you’ll be inundated with work during the high seasons like wedding season or big holidays.
If your food truck is really popular and people come back to you not only because of the (fantastic) food but also because they love your brand, you can start adding merchandise bearing your brand to the income stream. Items such as stickers, shirts, hats, or kitchenware bearing your trademark are not hard to make, yet they can generate some extra money without much effort on your part.
2. Attend Events
If there are food truck or culinary events in the area, don’t hesitate to join. These events can serve many purposes. First of all, it’s your chance to put yourself out there and reach out to more potential customers. Many food trucks sell many times their usual sales amount during such events. Secondly, if you do a good job, you’ll increase brand awareness. Thirdly, if you happen to win awards during the event, you can proudly add another token of approval to your business. Customers will trust you more and potential customers will want to try you out, thus more sales will follow.
3. Find Ways to Cut Costs
There are two ways to increase profits:
- Get more sales
- Cut costs
Now we will look at the second option. A mobile kitchen business owner can cut costs by:
- Choosing vendors with lower prices: Instead of buying carrots at $2 a kilo you can switch to another vendor that asks for only $1.5 a kilo. Every penny saved is a penny of profit made.
- Maintaining your food truck in its best condition: Regular maintenance work can prolong the life expectancy of your truck and prevent minor problems from turning into serious problems. A broken-down truck means disruption to your business and lost revenues.
- Optimizing the cooking process: Is there something you can do better to store ingredients, prepare food, or keep leftovers overnight? By optimizing the way you and your staff work, you can save time and money at the same time
Above are some simple yet effective tips to help you increase your food truck profits. Don’t have a food truck yet but want to get into this lucrative and fun business model? Don’t worry, contact us today to know how to find good food truck deals and get started!