1. Business Plan
2. Working Capital
3. Unique Product
1. A business plan is a document setting out a business's future objectives and strategies for achieving them. Businesses need to be planned for, including things like, vendor licence, cit permits, county permits, commissary expenses, all of these things and more should go into your initial plan.
2. If you are buying a food truck, you need to BUDGET correctly, the truck is only the first piece of the puzzle. Once the truck is purchased you need to make sure you have accounted for things such as repairs, fuel, propane, and operating costs over the first year. Working Capital is the capital of a business that is used in its day-to-day trading operations, calculated as the current assets minus the current liabilities. This is a huge reason food trucks fail, they do not leave enough cash reserves to sustain the first few months of business.
3. Food Trucks became prevalent due to rising cost of properties, and the stock market crash of 2008. Now a days food trucks are an every day occurrence, and with thousands upon thousands of trucks being built, how do you stay ahead of the game? You need a unique product, or a product that shows off who you are. People don't want just burgers, they want an Artisan beef patty now.
4. Passion is huge in this industry, it helps you get through the hard days, and truly enjoy the great days. Being a chef is an art, and with all art you have to be passionate about what you want to do. Make sure every day every customer you serve you are passionate about it.
5. What makes you get out of bed every morning? This is the drive to do better, to outdo yourself everyday. You have to have the drive and need to succeed to actually succeed in a food truck. Always approach your new business venture the same way you did when you first received your truck and you will succeed.