If you are considering starting a food truck business, you are not alone. According to most estimates, there are currently about 3 million of these mobile eateries in the U.S. alone. It is still a great time to launch a food truck startup of your own and cash in on this hot dining trend.
The food truck business has its good sides and bad. Take a look at these tips for starting such a business and bring your dreams of entrepreneurship into reality.
The Fun Stuff
The dopamine rush you got when you first decided to start a food truck is probably what brought you this far, so a good place to start is with the steps you will most likely find enjoyable. The hard part will come later, but it will all be worth the effort in the end.
- Coming up with a concept
Whether your idea involves mashing two diverse ethnic foods into a unique dining experience (Indian Soul Food, anyone?) or putting your unique twist on a traditional favorite, your initial concept can launch you into culinary greatness. Take the time to get inspired and find just the right fit.
- Perfecting your recipes
Most successful food truck operators are adamant about one thing — keep it simple! You need to concentrate on winnowing down your menu to its core essence so you can shop for, prepare and sell your dishes as efficiently as possible.
- Creating your name and logo
If you are of the artistic bent, this aspect of the food truck startup can be the most enjoyable. Make sure your name is catchy and explains what you offer. Make it cute, and make it clear. Design a logo, or pay a professional designer to do it, that supports your business name and dining concept.
The Not-So-Fun Stuff
Every business has its less than enjoyable aspects. However, to increase your chances for success, you must also consider these parts of a food truck startup:
- Writing a business plan
The first part of developing a business plan can be lots of fun. Sooner or later, however, you have to start crunching numbers to give your plan weight. This can be a challenge for some, but rest assured there is plenty of help available to you. Check with your local Small Business Administration office for tips on how to develop a well-rounded business plan.
- Obtaining financing
You likely need a bare minimum of $50,000 to get started, and coming up with that kind of funding can be a challenge. Try the banks first. If they cannot help, try nontraditional sources such as crowdfunding. Also, considering less expensive startup options like a food vending cart or catering trailer.
- Navigating local regulations
Many local governments impose restrictions on food trucks in an effort to protect local brick-and-mortar eateries. Research the laws in your area, and be prepared to make a stand to spearhead changes in the ordinances. You can make a case that street food vendors are a boon to the local economy and not a hindrance.
Your food truck startup adventure will likely be fraught with challenges and struggles. However, when you experience the wonderfully sweet taste of success, you will probably be glad you took the plunge.
