According to statistics published in the Huffington Post, food trucks have become a one billion dollar industry with that figure continuing to grow every year. Since 2007, the industry has grown by approximately 18 percent leaving many people wondering if a food truck is the right investment for them.
The short answer is that it may be a great investment for those who know how to control expenses and who have experience running a business. Of course, the most successful owners are those who already have a love of great food and know how to serve it in an attractive manner.
The risk of opening a food truck is much less than opening a traditional restaurant. Over 85 percent of all new restaurants fail within the first three years of operation making opening one an extremely risky venture. One of the biggest problems when opening a traditional restaurant is that expenses can soar quickly to almost $500,000. Alternatively, the cost of opening a food truck is usually a much more manageable $125,000 with many people managing on less than $25,000.
Before opening a food truck consider where the truck will be based and the number of people that might be willing to buy food from a truck. Also, consider the menu trying to keep the delicious food priced between $8 and $10. Some gourmet items may be priced slightly higher but there must be a market for them.
Those who are passionate about food often buy food trucks as a first commercial investment and many are highly successful. Experts suggest that it takes more than a love of food for a person to be successful. In addition to studying the available number of customers, consider what foods they might want that are not currently being offered by the competition. Also, consider how easy those foods will be to carry away from the truck. Finally, consider where you will get your ingredients making sure that great quality ingredients are available in your local market at a reasonable cost.