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.
The food truck industry is expanding rapidly, with a predicted growth rate of 7.5% from the year 2015 to2020. The market size of food trucks in 2022 is 1.2 billion $ and with a success rate higher than the rest of the business.
Given below are the four chief reasons why owning a food truck is getting more 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. Low operational cost
When you own a restaurant, you need to invest in other amenities such as interior design, more staff, servers, and much more. And thus it becomes complex when you have to maintain operational costs, and sometimes the hidden costs are more than the revenue generated.
Whereas the operational cost of a food truck is quite minimal, it only charges food, gas, any other supplement. There is no requirement of a full staff, a small team is enough and another main thing is tax would be much lower.
3. 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.
4. 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.
Food truck business permits to have much control over the business and more flexibility. For an amateur food truck business is best as it only requires research, and experiment with the food menu.
After gaining some knowledge and experience you can start your food truck business. The future of food trucks seems to be rising due to their multiple benefits.