10 Tips on How to Start a Food Truck Business
Food trucks have literally taken over the food industry. They’ve taken over parks, cities, and so many different avenues. So many varieties of food trucks have come out since the idea blew up, and each one is just as creative and competitive as the one next to it. Food trucks also happen to be a legitimate and extremely profitable business as long as it’s thought out properly and executed well. Food trucks should be treated much like any other businesses, but at the same time, they’re part of a unique niche that has to be approached with creativity. Here are 10 tips on how anyone can start a successful food truck business.
1. Licensing
Food trucks are basically treated as small business, and when it comes to licensing, you’d have to look into your city’s regulations and requirements in order to acquire a license. Of course, you’d need a license before you operate anywhere, so this is a crucial part of the food truck business that should be taken care of at the very beginning.
2. Food truck
In order to have a food truck business, you’ll need to get a truck. Food carts are also an option if trucks are too much for your current budget. Brand new food trucks run at about $100k, but you could also find older trucks that you can renovate according to the specifications you’ll need.
3. Food niche
If you want to stand out from the horde of trucks that are out there, you’ll need to find your own niche. This is probably one of the most fun yet challenging part of starting a food truck business. You have to think past tacos and sandwiches and go someplace where no trucker has gone before.
4. Financing
Not everyone has the funds to make all of this happen, and the good news is you really don’t have to. There are plenty of financing opportunities out there that can help you achieve your food truck dreams. Just make sure that you create a really sound financial plan that you can present to investors or banks.
5. Business plan
Apart from creating a sound financial plan, you’ll need to have a solid business plan as well. Once the financial aspect of your business has been taken care of, you’ll need to start researching how you’re going to conduct your business. The overall goal is to make a business at the end of the day, and writing up a business plan should be able to help you achieve that goal.
6. Insurance
Obviously you’re going to be on the road. This means that you’re going to need motor insurance for coverage. However, any insurance company that’s going to provide coverage for your business will also take into consideration other aspects of the vehicle you’ll be driving. You’re going to have to tow away cooking equipment after all.
7. Parking
Whether you’re going on a cross-country tour, a cross-state tour, or simply driving around the neighborhood, you’re going to need to find places where you can park your truck during the day while you’re in business and of course overnight. Make sure that you plan for this ahead of time so you don’t have to worry about it last minute.
8. Connect with businesses
Local businesses will be one of the best ways that you can grow your network. Catering for special events is a good way to let people know that your food truck business is up and running. Get involved with your local community as much as possible.
9. Social media
Social media is a great way to promote your brand and your business without having to break the bank. It’s basically free marketing. Social media is a great way to connect and interact with your customers, build up a culture around your brand, and let people know where your truck is going to be next.
10. Expansion
Once you’ve taken off, you can start looking into expanding your food truck brand. Once you’ve developed a following, you can start selling promotional materials on your website or even on your truck. Another income possibility for you is to eventually be able to sell your food products in other markets away from your truck including local coffee shops and grocers.
