All About Food Truck Business

If you are a food lover and are passionate about spreading happiness with your love for food. At some point or other, you must have thought about opening a Food Truck Business, with which you can go anywhere and attract a large number of foodies to your eatery like bees to honey, earn lots of money, and “become rich like Ambani”.

You must be curious to know what a food truck business is, how to establish it, and how much you can earn from it.?

Let us go through the market prospects based on revenue and valuation of the industry first. According to market research in 2022, the food truck business, worth $4 billion in 2021, is expected to exponentially grow to a $6 billion industry by 2028 at a 6.6% growth rate.?

The food truck industry earns an average revenue of $3 billion yearly, with an average minimal start-up cost of $50,000 to $60,000. So, considering market prospects, yes, it is worth it to start a food truck business. Also, faster licencing permissions within 37-45 days compared to restaurants is an added perk of food trucks.

The food truck industry can be classified by type as boxes, expandable, customised trucks, buses & vans, or by size as small, medium, and large businesses, or by food as barbeque & snacks, fast food, and desserts, confectionery & bakery, etc.

For your food truck business, the most popular food trends like organic, allergen-free, flour and sugar alternatives, regional food options, vegan or meat-plant blended options, and unique food concepts for a wide variety of food chains are important to consider.?

Gourmet offerings, affordable prices, food delivery services, environment-friendly food choices, and a wide range of food portions for sustainability are huge attractions among youngsters.

Good win-win collaborations with carnivals, bars, restaurants, concerts, and party-organizing businesses are trending and sure-shot ways to attract customers to your outlet.?

It helps in branding your business fast in the market. Implementing technology and social media into your sales and marketing strategy, offering wifi services at your outlet, GPS locator of the outlet, etc., is an excellent way to spread your business.

You must undergo key research before starting a food truck business related to:

• Try to fill the food-demand or food-variety-related gap in the market.
• Must do competitive market research concerning the prices, menus, location, serving hours, marketing strategies, etc. of other food businesses.
• Prepare both finance-sustainable and food-sustainable concepts.
• Frame good sales and marketing strategies.
• Do broad customer base research based on demography, location/geography, and economy.
• Set an affordable and wide range of options for pricing.
• Pre-check operational challenges.
• Ensure a fast supply chain of ingredients for your business and quick delivery of food services to your customers.

Now let us look at some of the most famous and largest food truck businesses, whose marketing strategies can be studied to establish a good food truck business and make it a smooth journey.

• Roundup World Street Kitchen
• Roaming Hunger
• The Mighty Cone
• The Lalit Food Truck Company, Delhi
• S.W.A.T., Bangalore
• The Cheese Truck, Pune
• Gypsy Kitchen, Bangalore

By: Anita Dhankar