Food truck businesses are fast outpacing other conventional food services in the US. According to a report, in 2012, the total revenues from food trucks were about $650 million. In 2017, this figure has gone up to a whopping 2.7 billion.
Food trucks now account for the fastest-growing segment in the food service industry in the United States. There are several factors that have made food trucks so popular amongst consumers.
Food Truck : An Affordable Option
For one, food trucks have emerged as a service-of-choice for many first time entrepreneurs. This is because mobile trucks are a much more affordable option than an actual restaurant.
As more and more people are out and about, they will easily spot a food truck standing nearby, ready to dish out their favourite kind of food, including hamburgers, burritos, sandwiches, pan pizzas or Chinese.
The food truck business, which has grown more than 4 times since 2012 to 2017, is a great new channel for more and more people to try out different cuisines of the world.
It is a flexible method for serving grub, as a food truck can quickly and easily test new concepts, menus, recipes, snacks and chow in a cost-effective manner.
The food truck format also allows for greater diversity. A food truck has increased consumer reach by catering to a particular set of customers at one time, and the freedom to move to another location with a new set of customers at another time.
Consumers also have their own changing tastes and want for variety, so several different food trucks can cater to better customer reach. Food truck operators can also get together and pay a nominal fee to the authorities to organize a food truck gathering or fair in the city.
There is also the economic factor. A food truck in the US can be started on a budget of $100,000 or less, and it can generate an income of about $250,000-500,000 a year.
It is a great time to start a food truck business. Some things to look out for would include – researching your regions codes and regulations on food trucks, checking for permits and parking laws as these can be different for every city and state, providing proof of ownership, insurance, identification, and vehicular license, making sure food is stored and kept in proper temperature and hygienic conditions and confirming the distance that your food truck will be from nearby brick-and-mortar buildings, as consumers flock from these places.