Millennials nowadays want to have the best of both worlds. Take for example one who enjoys cooking, but doesn’t want to stay confined within a stagnant location… For such people starting a food truck business is the best option, to keep cooking while on the go!
There are various advantages to owning a food truck. Globally, every big restaurant has its very own food truck, for it helps them to reach out to a much wider spectrum of audience and also adds to the profit margin.
Here are a few things aspiring food truck owners should consider before burning asphalt:
Start-up Costs:
Before starting any business it is of utmost importance to decide on the start-up cost. To make it easier, it can be divided into one-time and recurring costs.
One-time costs include the purchase of your food truck, registration, truck wrap, website designs, office supplies, advertising and PR, and professional, legal or consulting fees, amongst others.
Recurring costs, on the other hand, includes payroll, equipment rental, credit card processing equipment and fuel.
Apart from these, there are other costs that should be taken into count, namely, insurance, inventory (food and supplies), payment processing (hardware, processing agreement, mobile data plan), commissary fees (professional kitchen rental for prep work) and so on.
Permits and Regulations:
Keep in mind that no matter what your business, having a flawless research on permits and regulation is mandatory. These include proper knowledge regarding food safety regulations, parking permits, and proper business permits and licensing. Hire a professional consultant to help you out.
Funding:
Similar to other businesses acquiring funding is a tough task. Therefore, the solution also is similar. You must have a detailed and very strong business plan along with a clear perspective. Also make sure to have good personal and business credit, as this will increase your chances of receiving a business loan.
Technology:
Given that India is becoming digitalized in every form, you should also welcome technology with open arms. Digital mode of payment like debit and credit cards and e-wallets is much more preferred over hard cash. Therefore, make sure to have these technologies in your food truck.
How to find your food truck:
The best option to purchase a food truck is to buy it second-hand from a junkyard or a garage. You can have it upgraded and personalized by your family and friends, thereby cutting down on a large sum of expense.
