A lot of people dream of starting their own business. Although it takes a lot of hard work and dedication, the freedom, creative license, and satisfaction that it brings are worth it. The options for businesses are seemingly endless—from starting a dropshipping supply business to creating a music studio where musicians can come and record. The endless options can sometimes make it difficult to narrow down what type of business to start, though.
Should you start an IT company? Or should you go into childcare? Ultimately, you should do something that you know how and like to do. For example, if you love to cook, you should start a food truck.
A lot of people are concerned about getting into the food industry because of the myth that most restaurants fail. The truth is, though, that the food industry is one of the biggest and does quite well—in 2017, retail food and beverage brought in around 718.59 billion dollars, and that doesn’t include fast food or other restaurants. Despite how well restaurants and businesses in the food industry can do, though, the startup costs and overhead can be quite high, making it difficult to justify. With a food truck, however, you can enjoy the benefits of owning and operating a restaurant with lower costs.
Startup Costs are Lower
Although you have to get a truck and build it out so that it holds all of the necessary equipment and food you need to operate, you don’t have to spend the money on land, an actual building, renovations, a large number of employees, etc. While startup costs will vary from truck to truck, you could start a food truck for as low as $28,000.
There’s Less Overhead
While the initial startup cost is higher than the cost of your monthly overhead and operations, you’ll still have to spend money each month to keep things running. From paying employees to making sure utility bills are taken care of, ordering more inventory, and paying back investors, operating a restaurant can cost a lot of money. With a food truck, though, your costs will be lower since you’ll have fewer employees to pay and will virtually only need to cover the costs of inventory and gas after that—don’t forget about paying back the loan if you took one out, though.
You Can Change Locations with the Season
An outdoor shopping mall may be a great location to park during the summer, but when winter rolls around, there will be fewer pedestrians and customers that visit your truck. As seasons change and events are put on, you can move your eatery to the most prime locations, bringing in a fairly steady flow of business throughout the year. Rather than hoping crowds will come to your restaurant after the concert, you can take your food truck to them.
You Build a Brand Name
One of the most difficult (but important) parts of operating a business is building a brand. Your brand isn’t just marketing—it’s a representation of who you are and what you stand for. It’s your business’s personality, and it’s the way that your customers perceive you. By running a food truck, you have the opportunity to build up a brand name before you start a restaurant. If you do want to launch a brick and mortar location, your brand name will already be recognized and loved by the community, giving your business a boost.
You Get to be Creative
There is no shortage of diversity or creativity when it comes to food trucks. From mini donuts and Belgian waffles to hot dogs and hamburgers, as well as curry dishes and Pad Thai to gyros and falafel, food truck owners seem to bring tastes from all around the world right to the people. As a food truck owner, you can serve up a foreign dish or put a creative twist on some already-loved classics (think sushi burrito). Not only can you get creative with the food itself, but you can, (and may have to be), creative with the way it’s served.
A lot of people want to start their own business but let fear hold them back. One of the biggest industries with a lot of potential for success is the food industry; however, the myth that most restaurants fail keeps entrepreneurs from pursuing their dreams. If you want to get into the food industry but aren’t ready to commit to a restaurant, a food truck may be the best option for you. Owning and operating a food truck is a great way to express your creativity, get a taste of owning a restaurant without the overhead, and doing something that you love.
What kind of food truck would you start?