Are you thinking about joining the food truck industry?
If so, and if you are trying to maximize your success, then you need to take some financial planning tips into account, financial planning tips that are coming straight from an expert of the food truck industry.
When it comes to these tips, here’s what the founder of Custom Concessions, James Williams, had to say:
“If you want to succeed in the food truck industry, then you have to be prepared. Most food truck owners will prepare by becoming a better cook, and learning the business side of the industry. That is all well and good, but you also need to prepare from a financial standpoint. If you put every last dime into your food truck business, which many people do, then you are automatically putting even more stress on yourself to succeed. I highly recommend you having some form of backup plan from a money standpoint before entering this industry, whether it is from a side hustle, securing startup capital or having a year’s worth of salary saved up. Yes, buying a food truck and opening a business is a risk, but you have to set yourself up for success as a result. Just be prepared for everything this industry is going to throw your way, especially from the financial side of things.”
You have likely heard this a million times before, but here it goes again anyway: Owning and operating a food truck business is expensive, and it is quite the risk as a result, which is why food truckers need to take Williams’ advice to heart.
If you are worried about money, then maybe have a side hustle going until your business is more established. You could even keep your day job and only do your food truck business part-time. While that is not ideal, especially if you are ready to put all of your cards into your dream job, which is being a food truck owner, it can surely make things easier from a money standpoint.
Startup capital is also a great idea if you can qualify for a good loan. After all, this startup capital can be used for the truck, the equipment, inventory, salaries, etc. It can help you get — and stay — on your feet in the beginning.
Having a year’s worth of salary might sound tricky, but it will certainly take a ton of pressure off of you. Here’s the deal: If you are willing to make sacrifices now in the form of saving all of your money, then you will be able to live the life you want to live in the future. The opposite will ring true if you spend your money left and right.
Would you rather be a food truck owner, or go out on the weekends and stay at your current job? The choice is yours, as long as you are willing to make some sacrifices.
If you really want to succeed in this industry, then you will. However, like Williams stated, you have to be prepared, especially from a financial standpoint.