The food truck industry is more popular than ever before. But, are food trucks profitable? 

That depends on if you know how to do it right. There are many motivations for ditching the brick-and-mortar model in favor of the flexibility of food trucks. 

You can experiment with new recipes and ideas. You get to reach out to your audience rather than wait for them to come to you.

And yet, many people still wonder how to realize the dream of running their own food truck business. Follow our 9 steps to get your food truck business on the road.

1. Know Your Target Market 

You need to know your target market. If you’re selling tacos in your food truck to a bunch of people who don’t like tacos you’re not going to last very long.

Do your homework before you launch your enterprise. Sure, you can go to your customers rather than having them come to you.

But, that also means that you’ve got to find out where your customers are going to be. If you have regular spots, then your regular customers will know where to find you, won’t they?

It’s also essential that you know who your competition is. Are you a Cuban sandwich food truck? Don’t park up next to another truck selling the same thing as you.

2. Develop Your Food Truck Brand

You probably already know what type of food you’re going to sell. You should build your brand around the same theme.

Do you provide organic and vegan dishes? Are you a gourmet pizza truck? Your unique selling point is your amazingly delicious food.

You need to pick a name that is totally original. You don’t want to discover that another food truck has the same name. 

Therefore, probably stay away from another play-on-words, such as things that end in “on wheels.” They’re already taken, trust us!

Then, have a logo designed that’s consistent with your brand image. This can be anything, but make sure it’s memorable and eye-catching.

3. Put Together a Business Plan

Around 60 percent of food trucks fail within the first few years. What makes you different? You need a business plan to be able to handle the challenges that come your way.

You may have lots of ideas in your head. But, you need to get them down on paper if you want to realize them!

Start with a description of your business. This includes everything from your mission statement, your business concept, and your target market.

You should conduct a market analysis. You want to know the market trends, information about competitors and your customer base.

Next, your organizational matters need to be taken care of. Who is responsible for what? If you’re in charge of everything by yourself, then this part is simple.

You should also consider creating a marketing plan and financial information. It’s important you stay organized. Running a business isn’t the same as cooking!

4. Acquire Registrations and Licenses

You should know that you can’t simply buy a truck and start selling food out of it straight away. No, you need to jump through some hoops before you can get started!

You need to get your hands on a food permit license and a business license to operate legally. There may be other permits depending on your location, such as a health permit or a food safety certificate.

Remember, since you’re a food truck, you’re able to cross state borders, but you need to have the proper permits to operate in a new location. While this is unlike brick-and-mortar restaurants, you’re still subject to many of the same rules and regulations.

5. Get the Money Together 

If you don’t already have the funding, you need to secure it from somewhere. You can start saving, but depending on how much disposable income is available to you, that could take a while.

Of course, you can take out a business or personal loan. Or you could consider other options to give you the capital you need, like crowdfunding or finding investors. Having a good business plan will be critical at this point, as most banks and investors won’t want to back a project that hasn’t been well planned and demonstrated profitability.

6. Design Your Food Menu 

Your food menu is one of the first things that will draw customers to come to your food truck. 

Many trucks use a signboard or chalkboard to display the dishes of the day. This is perfect if you’re regularly changing your menu.

Ensure that everything is listed clearly with the price as well. The best performing food trucks often have simple menus, which means that they can focus on perfecting just a few key dishes.  

7. Setting Up Your Food Truck

Your food truck builder will work with you to ensure that you have everything you need on your food truck. Think about what kind of food you want to serve, and how that will affect what appliances you will need on your truck. If you are planning to serve ice cream, you’ll need a dipping case. If you’re going to open a mobile coffee shop, you’ll need an espresso machine on board.

You’ll also need to insure your truck. There are a bunch of different types of insurance to consider. You want to check every box to ensure that everything is legit for your food truck business. 

8. Promote Your Food Truck Business

Sure, your food truck itself is your biggest advertising asset. You can promote your business with an eye-catching display on the side of your truck.

However, you also need to consider other ways to boost your food truck. This includes social media. Ensure that you’re an active social media promoter. 

You can tweet about your latest menu and post pictures on Instagram of your delicious dishes. You may also want to invest in flyers to distribute on community boards.

9. Begin Selling Food and Making Money 

Now that you’re up and running with your food truck business, there’s nothing to stop you going from strength to strength.

Just keep making delicious snacks and yummy dishes. Customers are always eager to try something new.

Are Food Trucks Profitable?

If you follow our tips you can make your food truck business a success. Are food trucks profitable? That part is up to you!

Do you have a brick-and-mortar restaurant? You can branch out by launching a second location from a food truck, or by offering food delivery from your existing location. Check out this blog post to learn how.

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 Are Food Trucks Profitable? 9 Steps to Running Your Own Business appeared first on Custom Concessions.

There are over 70,000 bars in the U.S. alone. There’s little doubt that the bar industry is a booming one, so breaking into it with a mobile bar truck is a great idea for anyone looking to run their own business. But what exactly are the benefits of running a bar on wheels?

Here are 5 profitable reasons you should start your own mobile bar today.

High Demand

The bar industry is worth about $23 billion and that number is only expected to grow. There’s little doubt that we live in a thriving drinking culture so breaking into the bar industry with a mobile bar truck is a solid investment for those willing to put the work in.

As for demand: us humans can never pass up the opportunity for a good party. Weddings, birthdays, and other celebrations remain a staple in the U.S. and beyond. And where there’s a celebration, you can expect the need for a well-stocked bar.

Varied Work

Unlike traditional brick-and-mortar bars, a mobile bar thrives on versatility. That means the events you’ll be working can range anywhere from a lavish wedding, to a food-truck market, to a corporate event.

This versatility lends your business the ability to fluctuate with industry ebbs and flows. Weddings might be your bread and butter but during the off-season, you can supplement your roster with market appearances or holiday celebrations, and vice versa.

Be Your Own Boss

Running a business can be one of the most rewarding things you’ve ever done. And the great thing about helming a mobile bar is just how much control you have over the business as a whole.

No more answering to bosses out of touch with the day to day minutia of the job. You’re your own boss, able to work hands-on in a vocation you’re passionate about.

Minimal Overhead

A brick-and-mortar bar comes with a slew of expensive overhead costs. Rent, utilities, licensing – it can all add up to make the running of the business a lesson in stress.

A mobile bar, on the other hand, is comparatively cheap to set up and maintain. Once bought, your vehicle is yours outright with only maintenance checks and costs associated. Once you’ve factored in liquor licensing, advertising, and stock, everything else is money in your own pocket.

High Earning Potential

With average revenue per employee sitting at a comfortable $75,000 per year, the bar industry is a lucrative one to break into. 

At the end of the day, your earnings will reflect how much work you put into the business. Sinking effort into marketing, promotion, and sales will put your business in a much better position to earn big bucks.

Start Your Own Mobile Bar

A mobile bar is one of the best ways to break into the thriving bar industry. Setting up a bar on wheels requires minimal overhead with the opportunity for high earnings and varied work. It’s also an excellent way to be your own boss.

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 5 Profitable Reasons You Should Start Your Own Mobile Bar Today! appeared first on Custom Concessions.