Being your own boss: this is a goal that millions strive towards. The idea is appealing because you don’t have to answer to anyone, you can choose your own hours, run things according to your own ethics, and you get to try to excel at your dream as opposed to helping someone else excel at theirs.
Unfortunately, the failure rate of new businesses is substantial. According to a 2015/2016 Global Entrepreneur Report by Babson College, more than half of new businesses cease operations due to failure to turn a profit.
When it comes to running a food truck business, various reports indicate that they have a much higher rate for success than other self-owned business models. There are many reasons for this, and this in of itself is what attracts many eager wishful business owners to enter world of mobile chefs. Here are three other reasons why owning a food truck is getting increasingly popular.
1. Low start-up investment
The initial start-up investment for a food truck is significantly lower than alternative businesses models. Multiple reports stated that in 2016 the average start-up cost for opening a small brick and mortar business ranged between $720,000 and 1 million dollars.
The average cost for a high-quality food truck start-up is only a few hundred thousand. To keep your costs under control is well worth it to find a food truck builder that only uses the finest quality materials, as this will significantly reduce the number of future repair costs.
Further boost your food truck business with mobile apps for Android and iOS. Peerbits has developed many
Running a food truck has extremely low overhead, so once you invest in your vehicle and the necessary food truck app development, your foundation is set.
2. You can be spontaneous and never predictable
One luxury of owning your own food truck business is that you can mix up your products and offer consumers what you feel like. If you own a dry cleaning business, you are limited to offering only a few services, and that’s it. This is perfectly fine, but for those who want to be more spontaneous and offer a variety of products, a food truck is perfect.
Even if you own a food truck that makes sandwiches, your menu can change as often as you wish. You can continuously sell customer favorites, have nationality themed sandwiches, and experiment with new recipes making each week new and exciting.
3. You go to your customers vs. them coming to you
One of many drawbacks to having a permanent physical location for your business is that the foot traffic never changes. People from the beach communities aren’t going to be typical foot traffic in the heart of Downtown city locations, and vice versa. When you own your own food truck you can plan out a monthly routine where you hit all types of consumers and then determine where you truly soar.
You can park near the beach, near government offices downtown with heavy lunch traffic, or even out in the suburbs where there might be large construction projects with hundreds of hungry employees.
You have the luxury of placing your brand in the geographic area of your choice where you can target your ideal customers–something far more advantageous than hoping a few of these people walk past your front door.