There are more than 4,000 food trucks in the US and you want to join the action. 

Whether you’re a small business or entrepreneur, what better way to make some sales than to go directly to the people who are interested in your products?

However, this extra convenience does come with a cost. But don’t worry! Here are 3 tips to help you find the food truck financing you need:

1. Work With Other Food Truck Enthusiasts 

Chances are, you’re not the only business who has considered using a food truck; you might even have some friends who are as equally inspired as you.

Partnering with a fellow entrepreneur or other local small business can cut the cost of buying a food truck in half because you share the responsibility of food truck financing. 

Additionally, partnering with someone gives you a whole new skill set to get advice from. And if cash-flow becomes scarce, you won’t be on your own to solve every problem.

However, there are things to consider before working with another food truck enthusiast.

While your financing costs will be split, so will your profits. And you may also have to compromise on certain ideas in order to come up with something you can both agree on.  

2. Start Like A Seed, Then Grow

If your business’s finances are tight right now, but you don’t want to work with a partner, starting a catering service first can be a more affordable option.

If you don’t have prior experience in the food truck industry, consider using this time to gain advice from other food truckers.

This will help your business achieve maximum success and avoid common food trucking mistakes. Also, make sure you learn food truck laws and regulations to avoid unnecessary fines.

Then, once you’re familiar with the industry, and your business is in a better financial season, come up with a food truck financing plan, and then go for it!

3. Maximize Your Cash-Flow Potential

Awesome tools typically aren’t free, and food trucks cost between $50,000 and $200,000.

If you already have credit card debt, pay it off first to ensure your business will have enough cash-flow for your food truck financing.

If you choose to take out loans, do your best to minimize them by saving up a portion of your profits first or look for investors. This way, your loans can stay small and won’t take too much out of your profits.

Unless you have a degree in business or accounting, it’s also wise to talk to a financial expert to help determine the best food truck financing option tailored to your business’s specific goals and needs.

Final Thoughts on Food Truck Financing

Food truck financing is not an easy endeavor, but it’s definitely not impossible. Many food truckers have found a way to make it happen, and you can too. 

Once you decide it’s time to purchase a food truck, feel free to contact us! We can help you find the right option for your business and customize a truck to meet your needs. 

Want more food truck advice? Check out more blog posts here!

Thinking about starting a food truck? Request a free custom quote and one of our food truck specialists will help you design the truck of your dreams.

Stay up to date on everything Custom Concessions has to offer! Like us on Facebook and follow us on Twitter.

The post Food Truck Financing: Keeping Your Meals and Money Mobile appeared first on Custom Concessions.

Is 2017 the year that you finally join the food truck industry?

If so, then that’s great! Making that decision is rather tough, but if you have planned out everything (you know, like making a great business plan, creating the recipes, knowing what meals you will make and everything else you have to have to succeed in this industry), then you should be more than ready to take on the life of a food truck owner.

We are here to go over three ways future food truck owners can use startup capital to their advantage. So, were you thinking about buying everything on your own, such as the actual food truck, the equipment and all of the inventory, or were you looking for some help in that department? Whatever the case, startup capital is here to help. It could be the difference between you having enough money to become a mobile kitchen owner and you not having enough money to become a mobile kitchen owner.

Side note: You don’t want to take out money just because you can. You need a plan of attack in hopes of paying back the money, first and foremost.

RELATED: 5 Custom Concessions Articles That Will Do Mobile Kitchen Owners Wonders In 2017. If you are looking for some motivation to get the new year started on the right foot, then let this article be your guide.

3 Ways Future Food Truck Owners Can Use Startup Capital To Their Advantage

• Buying The Actual Food Truck
• Money For Other Things, Such As Hiring Employees And Marketing
• Having Money To Stay Afloat

If you are trying to break into the food truck industry, make sure to check out these food trucks for sale!

Buying The Actual Food Truck

Startup capital can, of course, help you buy the actual food truck as well as all of the food truck equipment you will need. If there is no way you can save up $75,000 or more (at least during this lifetime) but you have already created a solid business plan and planned out your entire food truck journey (you know what your food truck concept will be, what your plan of attack in the offseason is, etc.), then startup capital might be worth it, and it also might be your only option to start up a lunch truck business.

While a food truck tends to cost less money than a sit-down restaurant, which is probably one of the biggest reasons why you wanted to join this industry, a mobile kitchen is still not cheap. Startup capital (via funding, a loan, food truck financing) might be the only way you can afford to buy your office space, your food truck, which is why it could be essential for you, future food truck owner.

RELATED: Why 2017 Is The Perfect Year To Enter The Food Truck Industry. 2017 is a new year. Anything is possible. You might start the year off as an office employee and end it as a food truck owner — you never know. Nonetheless, 2017 is the perfect year to enter the food truck industry. Check out this article to find out why.

Money For Other Things, Such As Hiring Employees And Marketing

How can food truck owners use startup capital to their advantage? Simple. They can use the money for things that aren’t the food truck, equipment and inventory. You might already have that portion of your business covered, after all.

Before we break down these other things, it’s important to note that you will need money for things that aren’t the food truck, equipment and the actual food. If you don’t know that by now, then you likely aren’t ready to break into this industry.

Startup capital can help you hire — and pay, of course — a couple of employees. Employees are essential when it comes to a business, which means startup capital could be essential when it comes to making this dream come true, the dream that is owning a food truck. You might also need money for marketing, permits — you name it. Permits are pretty important in this industry. You can’t park wherever you want.

In terms of marketing, if you don’t market your truck (digital marketing is blowing up right now, and that will likely stay the case for a while), then how do you expect people to find out about your business?

Startup capital isn’t only for office space. It also could be used for, well, everything else.

RELATED: Helpful Tips For New Food Truck Owners. If you need some helpful tips when it comes to being a mobile catering owner, then, well, you came to the right place, and you should let this article be your guide.

Having Money To Stay Afloat

What else can startup capital be used for? Other than inventory, office space (the food truck), hiring more employees, marketing and things of that nature, startup capital can also be used to keep you and your company afloat. With that in mind, if you actually qualify for a loan, you cannot abuse it.

Just because that money is in your account, you can’t just spend it freely. It should be used for your business. You already know that, though.

Startup capital can come in handy if something happens to your truck, whether it be engine failure or a piece of equipment breaking. It could be used for inventory. It could be used for anything you need when it comes to starting up your business. This money will be used for the first year or so when you are first starting out.

If you have an amazing business plan, your food is delicious, you have a great location picked out, etc., but you need some money to make your dream happen, then startup capital could help. Use it to your advantage, future food truck owners.

If you are looking to break into this industry, make sure to request a custom quote!

To stay up to date on everything Custom Concessions has to offer, make sure to like us on Facebook and follow us on Twitter. You can also find more food truck blogs here.

The post 3 Ways Future Food Truck Owners Can Use Startup Capital To Their Advantage appeared first on Custom Concessions.