Starting a Food Truck Business – What You Need to Know

September 6, 2024
11:47 am

There was a time when the only trucks dispatching treats around the neighborhood were of the ice cream variety. Now, the tasty aromas of empanadas, corn dogs, ribs and tacos emanate from food trucks at farmer’s markets, street fairs, ball games, holiday gatherings, concerts and many other events.

The industry is experiencing ever-expanding growth. According to IBISWorld the food truck market grew more than 13 percent yearly between 2018 and 2023. The figures are expected to continue and be surpassed over the next five years.

There are multiple factors that explain why so many people are entering the pure labor of love that is the food truck industry. As cited by Grandview Research, they include the propensity of millennials and Gen Z to experience new and unique food adventures, the substantially lower investment of starting a food truck operation than opening a traditional eating establishment and the rising popularity of street food.

That said, food truck operators with brick-and-mortar businesses are players in the game. They use food trucks to entice new customers to their physical locations and promote catering services.

There are others ready to share their great grub that family and friends have raved about for years with the larger community – and make a profit while they’re at it. There is a great sense of accomplishment and feeling of joy watching people enjoying your offerings, though hopefully you’ll be too busy to notice!

Once you drive your food truck off the lot, it is time to consider inventory management. How many empanadas or racks of ribs will you need for any given event? Where will you store your ingredients? Just as in any business, a food truck owner must formulate a budget that is both flexible and on target.

An effective marketing campaign is also essential. Establish your truck’s brand with a memorable title, logo and design. Use social media to draw a following, broadcast from your appearances and announce promotions.

Once you’re ready to roll, research opportunities to share your specialties. Find food truck festivals, farmers markets, town fairs, holidays and other special events that fit your menu. It is critical to register for these opportunities quickly so that you are not shut out of ideal sales driving occasions.

Furthermore, remember to obtain proper health and safety permits well in advance. Without the proper paperwork, you may be faced with the nightmare scenario of being turned away at the gate. And you won’t get your money back.

Food trucks also needn’t be a one-season business. Your delicious ribs are great for a warm summer’s day, corn and macaroni and cheese act as fall favorites, and chilis and soups are ideal for winter nourishment.

With creative thinking, a well-thought-out business plan and the ability to adapt to changing market preferences, food truck operators can flourish in a rewarding industry.

There are many lists of top-selling food truck items. Below are 10 courtesy of the Food Liability Insurance program and Cuboh