Food is an amazing way of connecting people, as it surges one’s passion and helps bridge cultures. Whether you are feasting upon the latest avant garde cuisine using modern food trends with biochemistry feats, or eating traditional good old home cooking boasing recipes from the chef’s grandmother, food has become a cultural high point sweeping the nation.
As a result, it offers a creative and lucrative outlet for entrepreneurs to thrive and create a name for themselves. But in the world of dining, food trucks are on the forefront of popularity, and have been for many years. Due to their convenience, high-quality minus the indoor table, and innovative menus, the food truck business is an ideal platform for many people.
If you have been thinking about starting a food truck business, this article will help you gain a realistic perspective for what it takes to enter this hyper competitive industry with a winning chance of succeeding right out the gate.
Custom Food Trucks or Previously Owned (Or Cost of Starting a Food Truck)
The cost of starting a food truck is the main factor that plays into one’s vision. After all, it sio the core of your ability to stay in business, and your most expensive investment.
Of course we all want to lower cost, but when it comes to buying a food truck, new and custom with a higher price tag is the way to go. Think about it; your ability to do well in business rests on your ability to serve your product to as many mouths as possible. When you buy a used food truck, you have no idea of the condition (even if a mechanic checks it out), its service history, and it is a mobile space build for someone else’s needs and not your own. In other words, you save money up front, but this comes with a ton of unknowns.
According to a report by Business Week, more than 80 percent of new food trucks in 2017 failed within their first two years. Why? Costly repairs. Some food truck repairs can exceed thousands of dollars, and in addition your truck is off the street thus forcing your customers to turn to the competition.
This is why investing in new custom food trucks leads to business prosperity; all you need to pay for is routine maintenance and licensing fees. In addition, when you buy custom food trucks your business is set upon a platform built to accommodate current requirements, as well as future growth goals thus saving you thousands in having to revamp or modify your food truck.
The cost of starting a food truck business can hover from $70K to $150. But so long as you get the right vehicle from a food truck company that understands your market and engineers and brands the food truck appropriately, you can make multiple six figures a year! In fact, the average food truck grossed more than $300K in 2017!