In 2012, Entrepreneur Magazine (online edition) reported that the street food business has reached the $1 billion mark in revenues with an 8.4% growth rate in the past 5 years. This does not just include food trucks but also kiosks and other street food establishments like carts and permanent food stands. However, of all of these small food business ventures, it is the food trucks that are experiencing the highest growth and expansion.
Why? It’s simple. In business one of the key factors to being successful is location. Well, with food trucks, you can keep moving around until you find the right location! With one major headache out of the way, many budding business entrepreneurs have taken up the challenge of owning a business. Food will always sell but it’s got to have flavor, freshness, right market, and an excellent concept.
According to online site, Digital there is at least 3 million food trucks and 5 million food carts in the country. The TV reality show did wonders for the industry because it gave a lot of Americans ideas on how to earn money after the stiff economy caused lay-offs and lower pay.
However, one group decided to challenge this figure of 3 million because it would mean that the food truck business is generating about 10 million jobs which it obviously isn’t. A more conservative estimate therefore would be about 50,000 based on 3 employees per food truck. This is based on the US Census figures that the country has about 600,000 restaurants and 1 in every 5 is a street food business.
Worry Not Then
As a new business, the food truck is not as saturated as reported. It is very possible to make money in this business provided you have enough start-up capital, great-tasting food, affordable pricing, and a superb concept. You don’t even have to go all fancy with your food because lots of people really prefer good food instead of swanky food.
Find your cuisine. Make sure it is authentic and delicious. Do sample testing among strangers. Forget using family and friends to critique your business concept and food because they’ll either be too harsh which will upset you and ruin the relationship somewhat are try to be nice and say something … anything good about your ideas and food.
Finally, it’s vital that your food truck be clean at all times. This is very important because word travels fast if a customer feels that your food truck is sloppy and disorganized. It would reflect on your management style and food.