Do you love to cook and enjoy feeding others? Well, if your answer is yes then the idea of setting up your own small restaurant has definitely come across your mind. Now if the above planning is hovering across your mind then why not giving it a grand kick-start with a little twist in the tail? Well, the twist is quite simple here: you will be opening your very own food truck instead of a complete restaurant. But what is the reason of starting a food truck business? Is there anything special in it? Does it call for more customers? The answer is: yes. Food trucks can be considered as the hottest emerging trends amongst the industry of culinary with an impressive growth rate. Moreover, the overall expenses of setting up your food truck business may be less expensive than that of a restaurant. First before proceeding any further, you should get your budget planning along with food truck business strategy right.
Step by step process for starting a food truck business with a proper food truck business strategy in mind:
Step 1: Get all your paperwork done properly
The first and foremost food truck business strategy is to apply for your certificates, permits and licenses. Mobile restaurants require different sorts of licenses and permits for the cooking facilities along with trucks than the conventional restaurants. Each and every city has got its own policies. So, do contact the local government and try to figure out the process and requirements for completion of the paperwork properly. The standard start-up expenditure may be more or less $500.
Step 2: Apply for the Insurance
As your business will run on wheel so getting food truck insurance is the very next thing to be done. Get in touch with a professional insurance agent and explain everything to him/her. Just be aware about the insurance cost as it might vary according to the insurance company but it should be around standard vehicle insurance. The average start-up cost for food truck insurance might be around $500.
Step 3: Get a new food truck
The third step of this smart business strategy is to buy your food truck. It might ask you for an average sum of $30,000 to $50,000. Make sure that the truck looks cool enough so that it may attract more clients and help carry your supply items without any hassle to serve them. Shop around to get the best deal possible.
Step 4: Furnish your truck with kitchen equipments
If your food truck business strategy tells that you are going to prepare food in your truck before serving then the vehicle should be fully equipped with necessary cooking appliances along with storage space. So, obtain some fundamental storage supplies such as freezer, refrigerator, cupboards etc. Also get some preparation along with cooking supplies such as necessary utensils, fryer, oven, cutting board and countertops etc. A roundabout estimation for this ground can be average $1000 which may vary for sure.
Step 5: Find a suitable parking place
While your food truck is not operating, it requires a space for parking. Evidently these kinds of trucks are a bigger one and hence ask for a big parking space. For some cities, you might be asked to rent some space in a truck lot that is already owned by the government whereas in some other cities you may simply hire your own commissary space for parking. Such small yet vital factors should be kept in your food truck business strategy.
Step 6: Plan and finalize your menu
So what’s in the food truck menu today? Haven’t you finalized it yet? If so, then remember that putting up a simple menu with all the hot favorite dishes of the people in the locality you are selling in is a smart business strategy. You can also specialize in any one particular cuisine to make your own mark. Make sure the foods can easily be carried around by your customer.
Step 7: Set a fair price for your food items
Set up a fair price structure for your dishes. Just keep this in mind that the price you are going to ask from your customer should cover up your entire operational costs with a little profit for your own sake. Look for the price range that has already been set by your rival food trucks and set your price accordingly. Sounds like an excellent food truck business strategy, isn’t it?
Step 8: Develop a marketing strategy
Just like any other businesses, you need to have some loyal customers. In order to achieve this, you have to market the food truck along with yourself. A sensible food truck business strategy would suggest you to go online and advertise your business. Find Online Advertising Agency is recommended. You may also design your own website which may ask for about $3500 and other initial advertising cost might go around for another $750.
Step 9: Expand your business further
After you have done all the hard work, it is high time for your food truck business expansion. You can think about merchandising as it would be a smart food truck business strategy. After establishing your brand name in the niche market, go for further food truck business expansion by selling various promotional items.