A really, really expensive dream.
But there is an option that is slightly less pricy: running a food truck business.
But what exactly does it take to open and maintain your own food truck?
Michael Blasco, Tampa Bay Food Truck’s chief eating officer, teaches a seminar on the food truck business. He is pictured during a dinner break at a seminar in Tampa, Fla., on Sunday, September 23, 2018. Chris Zuppa/The Penny Hoarder
I went to a seminar hosted byTampa Bay Food Trucksto find out.
The company doesnt actually own or operate any of its own food trucks.
Instead, it serves as a source of information and resources for local food truck owners.
They also assist with the buying, selling and modification of food trucks.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
But do you want to go for a full-blown truck or a trailer?
Your budget will play a major role in this decision.
But remember, you get what you pay for.
And if the truck is in the shop, that means your business isnt making money.
On the other hand, you could spring for a trailer.
You have to factor that into costs.
Wraps vs.
Paint
Regardless of whether you choose a truck or a trailer, you have to brand it.
And your design can make or break you.
Painting your food truck will be the cheaper option, probably in the $1,000 range.
Your other option is a wrap, which is printed vinyl that will be adhered to your truck.
These are considerably more expensive, running between $2,500 and $5,000.
You might balk at the price, but Blasco insists that wrapping a truck is the way to go.
It can impact your sales upwards of 50%, he says.
Blasco offers a few tips when it comes to placement.
Wraps and generators are like band-aids, says Blasco.
Its hard to accept how much they cost, but you just gotta rip it off.
Do you need a refrigerator, freezer, fryer, stove, lights and an exhaust system?
Oh, and dont forget air conditioning.
Blasco suggests running propane when possible to avoid using too much electricity.
Dont just consider the amount of wattage you need when generator shopping consider also how loud the model is.
Blasco warns that loud generators will deter customers and suggests they shouldnt be louder than 68 decibels.
so that do that, youre going to need some form of POS, or a point-of-sale system.
Oh, you say you want to run a cash-only food truck?
Blasco encourages potential food truck owners to rethink that plan.
But we are living in an increasingly paperless world, and people are less likely to be carrying cash.
You could be missing out on potential customers by not offering card or mobile payment options.
Plus, a cash-only business means you wont have anything to track your sales or inventory.
With some services likeSquare, all you need is an iPad.
This is another cost that can be considered both startup and ongoing.
Initial Product Inventory
This category goes without saying, but were going to say it anyway.
You should aim to keep your food cost between 18% and 25% of overall cost.
A high food cost means low profit.
But if your food cost percentage is super low, that probably means your prices are too high.
Lets go over some more, shall we?
And consider some hidden labor fees, like travel time to and from location.
But commissary use means paying monthly rent.
Its even more important than the food.
No one knows what or who you are, so presentation is everything, he says.
One major tip: Dont pick a name you have to explain.
Their brain will automatically think you sell possum.
And no one wants that.
One food punch in means a smaller menu.
A smaller menu means faster output, which results in more customers.
As a rule of thumb, food trucks should aim to have about five main menu items.
His range of menu items was broad and the name, Taste Buddz, didnt convey a clear theme.
It paid off his sales went up 30%.
You could work with a company like Tampa Bay Food Trucks that helps you find locations and gigs.
Lets Wrap It Up
Get it?
Like a food truck wrap?
kindly, hold the applause.
We didnt even touch on insurance, permits or any legal costs you might incur!
Hopefully, this information can at least serve as a starting point for any potential food truckers out there.
Ultimately, running a food truck is just like running any other business, even a brick-and-mortar restaurant.
Preparing yourself with as much information as possible can only help you.
Kaitlyn Blount is a staff writer at The Penny Hoarder.
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