Regardless of the economy, retired people are scrambling to find ways to bring in additional income. One’s pension and retirement savings simply won’t cut it given the rising costs of living, health care, and other factors. But working a part-time job simply won’t pay enough, and most seniors aren’t able to dedicate a required set time. That said, going into business for one’s self is an ideal solution for retired people, and with that venture one should work the hours of their choice, in the location of their choice. For this reason, buying a food truck is an ideal business solution for retired people with certain life restrictions others may not have.
This article will go over some of the main reasons why seniors invested in a food truck business in 2019, and why this movement is projected to continue growing over the next decade.
Low Start Up Investment and Little Overhang
Starting a brick and mortar restaurant is another option most retired people consider, but the risk is very high. The initial start up investment is high, you have a mortgage, utilities, you have to comply with regulations and codes, carry multiple types of insurance coverage, and hire more staff. The failure rate with physical restaurants is also very high, and you stand to lose a lot more because the initial startup is so high.
Seniors are always advised to avoid high risks when it comes to starting a business, and since the only big ticket item is the food truck cost itself, this option poses low risk in a culture obsessed with mobile cuisine.
Buying a Food Truck Leads to a Six Figure Income
Last year the average food truck grossed more than $300K. When starting with a new custom food truck designed to work for your business model, the financial gains can be highly profitable. This is one of the most attractive benefits that draws retired people to buying a food truck–you are already set to make a return on the initial start up cost in the first year, plus make a six figure income. Most people in full-time jobs with professional degrees don’t even make this kind of money.
Getting Involved in the Community
Buying a food truck is a great move for seniors because the business itself keeps them connected to their community. Food truck customers are very loyal, and when one serves up family recipes, food with a story, or the menu plays directly into reflecting a community, customers love it and the business. The food truck business allows retired people to get out every day (or on the days of their choice), and work in various specific areas. On certain days a food truck can operate outside the courthouse, and on other days by a school. On the weekend retired people can sell by the beach, and during the rush hour lunch period food trucks can operate downtown or by tech and industrial office buildings. Not only does a food truck business allow retired people the freedom to work with certain types of customers, but they can move freely through the community and serve any niche customer groups of their choice.