Starting a food truck business is a very liberating and rewarding way to achieve your entrepreneurial dreams.After all, if you are going to be your own boss then why not do something you are good at, passionate about, and that exists in a popular industry that continues to grow year over year? Here are eight very convincing reasons why entering the food truck business is a great way to make your professional and lifestyle dreams come true.
1. Low Startup Costs
Compared to starting a restaurant, the startup costs for a food truck are very low. Of course your biggest investment will be the truck itself, but this is the area you do NOT want to cut corners on in the attempt to save a buck. Several owners from well-known food trucks voice words of wisdoms to people contemplating the food truck business when it comes to investing in a new truck. Ashley from Not as Famous Cookie Company advices to get a truck that meets your needs. She advises people to consider their power needs and get a truck outfitted to meet the demands, otherwise you could see some big losses.
Dan from OMG Cheesecakery said, “Although our food truck has a very nostalgic look (it’s a 1972 Cortez Motorhome), because of its age it comes with maintenance problems that can prevent the entire business from moving. We probably would have been better with a trailer rather than a truck”. Be sure to consult with a custom food truck builder so they can outfit you with exactly what you need that is new and free from hidden problems. After you get your truck all you need is your product inventory and the licensing and permits put in place (average of $1000).
2. Grounded in Culture
There is always money to be made and a buzz to spread when an industry is popular and grounded in culture. The food truck scene is not a trend; it has been steadily rising year-over-year while meeting the demand for “gourmet food on the go” and providing healthy alternatives to old timey lunch truck burgers that park outside of construction sites. With the rise in hipsters, foodies, and creatives the demand for food trucks the offer unique, healthy and playful meals is very high, and will continue to be. After all, television shows like ‘The Great Food Truck Race’ have helped further amp up the appeal of food trucks!
3. Passive Income Opportunity
One of the most attractive draws to the food truck business is that when you are ready to slow down in life, your business can keep pushing ahead full steam while padding your bank account. Many food truck business owners will transition to working part-time while hiring a manager to run the business on those down hours, and the profit margin is still extremely healthy. When you are ready to retire you can sell off half the business and let your partner run operations while you remain silent and collect a healthy chunk of the profits.
4. Freedom to Go to Your Customers
Restaurants rely on their customers coming to them. With a food truck you can go to your customers. After collecting enough data you will know exactly who your main buyers are, where they like to hang out, and when they typically like to eat. If your main customers are the 25 to 35 concert going crowd, you can follow your city’s concert schedule and park near each venue ready to serve hungry music fans before or after the show.
5. Call Your Own Hours
Not all of us have the ability to be away from home all day long to work a job. Whether you are taking classes, provide homecare for a loved one, or you have a second job on the side that occupies prime hours, being the boss of your own food truck means you are the shot caller. You can still work full-time hours in a food truck while only working those hours you want.
6. Become More Rooted in Your Community
If you decide to run your own food truck you will have an amazing opportunity to be more rooted in your community by helping to support local causes. Multiple studies show that when community-forward businesses donate a certain percentage of their earnings to a local charity, their sales increase significantly turning a very healthy profit. If one of your neighborhoods has a women’s shelter you can advertise that 10% of all sales goes towards funding that shelter.
7. Start a Family Business
Whether you start a food truck with one of your children, or you start with the intention to pass the business down to them when you are ready to retire, a food truck can be a beautiful family business to start up. Consider putting some of your grandmother’s recipes on the menu, or your grandfather’s favorite sandwich. Make your menu focused on your family’s food traditions while making your brand appealing to your customers.
8. Basic Inexpensive Ongoing Costs
Assuming you invest in a custom food truck with new equipment that is top of line, your ongoing costs will be low and basic compared to typical restaurant operating costs. If your truck and it’s equipment (generator, grill, refrigeration system, etc) was bought new then you will only have to deal with routine yearly maintenance, routine engine maintenance, the cost of supplies, and licensing renewals.
Have You Ever Seen an Unhappy Food Truck Owner?
Of course not! When you have an amazing earning potential, the freedoms that come with being your own boss, and you are someone your community gets excited about when they see you roll down their street, how can life offer anything but smiles? The food truck business is lucrative, in demand, and it allows you to meet new and interesting people every day.
Want an In-Depth Look at What it Takes to Succeed in the Food Truck Business?
Once you have your food truck and all the pieces are put in place, you are ready to roll. But there are a number of steps and decisions to make to help get you there. Download our FREE guide on how to succeed in business with your own food truck, and give Legion Food Trucks a call with any questions you might have. After all, we aren’t just food truck builders but also careful strategists who know the market and your territory inside and out.