The enormous, multi-billion dollar food truck industry has revolutionized the way we consume food. It’s not only about the convenience when we can eat on our feet, but about the price as well. As we can now find delicious, high-end cuisine in food trucks, we’re less drawn to spending time and money in restaurants. According to IBISWorld, during the 5-year period from 2007 to 2012, this industry experienced a growth of 8.4 percent. It seems the trend isn’t going anywhere any time soon as we prove each year what big fans of food on wheels we are.
The food truck industry evolved from offering simple hot-dogs and ice cream, to serving some of the best food you can find in the city. Now that you’re interested in starting your own food truck business, here’s what you need to do.
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1. Be prepared for long hours and hard work
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Operating a food truck isn’t easy. It will consume most of your time and, in the beginning, it’s going to be difficult to organize well. Even though it seems a bit easier than running a restaurant, it doesn’t have to be that way. Sometimes you’ll be frustrated for not getting one customer the entire morning, while on other occasions you won’t have the time to serve everyone. Food truck comes with its own difficulties and you’re going to need time to figure out an efficient way to deal with them. That means, don’t give up quickly and give yourself time to adapt!
2. Define what exactly you’re going to be doing
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You need to know what it is you’re going to be selling, what is your main selling point, what separates you from the competition, and in the end, what do you need to realize this grand idea? Once you cross the main things off your list, it’s time to write down which supplies you’re going to need and decide on the interior, and exterior design of your truck. As the food truck industry is growing, coming up with the concept that will make you stand out becomes vital.
Joinposter recommends coming up with the design, name, and logo that will support your concept and let people know what you’re selling.
3. Research the market
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Talk to people, research the market, and see what it is that people are looking for. You need to know whether there is a desire for your product or service, what is the size of the market, what would the best location for your business be, and how many similar solutions you can already find in the market. W. Chan Kim and Renée Mauborgne published a book, “Blue Ocean Strategy”, in 2004 introducing the concept that is now used by millions of businesses and startups around the world. As Blue Ocean represents the unfulfilled space in the market, the Red Ocean is filled with vicious competition. You’re looking for that Blue Ocean where you can set up your business and not worry about competition because there isn’t any. As supply exceeds demand, business as individual entities become irrelevant.
4. Assemble the team and buy a truck
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As you’re starting, you’ll probably be able to run the business on your own. However, once your business starts expanding, you’re going to need to hire some extra help. You need to find the people that you enjoy working with as you’ll be stuck with them in a small space for a big part of the day.
As far as the truck is concerned, you can always buy a new one, if you’re ready for that kind of investment, or you can look for a used one and save yourself a couple of thousands of dollars.
