Attention Food Truck Owners!
The three states with the most food trucks in the United States are California - 883, Texas - 744, and Florida with 725 respectively. There is one food truck for every 37.7 persons in these states!!
Average food truck revenues typically fall between $250,000 and $500,000 if they are still operating after 3 years. The food truck industry is worth $1.2 billion and is expected to grow 3-5% in 2023.
The food truck industry's market size has grown by an average of 4.9% each year since 2018. That's a 25% increase! The demand for food trucks predicts this industry to grow even more in the future.
As of May 2023, the industry's market value is $1.49 billion. That's up from 2020's $1.1 billion.
With everything that is great about this unique industry, 60% of the food trucks fail the first year! That number jumps to 45% within the first five years and 65% for the first decade. But if you were in the restaurant industry, you have it even worse! The same 60% of the restaurants also fail in the first year, but 80% fail within the first five years. Operating a successful food truck is hard but not impossible!So lets understand why!
Merchant Processing Solutions has worked with Food Trucks and Restaurants in the South Florida Business Community and knows what it takes to have a successful Food Truck Business!
Here are 5 Ways to Avoid Mistakes and Fail in Your Food Truck Business!!
- Know Yourself:
- What value will you bring to this business?
- Are you the chef?
- Financial person?
- What is your position and job with this business?
- Know Your Product or Service:
- What are you selling? WHY? Who does it benefit? What makes your product or service BETTER than your competitors?
- Is there profitability doing this business?
- Do not just buy the cheapest equipment! Research the options your truck needs to be successful and grow.
- Make sure you get set up to accept CREDIT CARD PROCESSING with Merchant Processing Solutions, we know how to get you set up and be successful!
- Knowing Your Audience:
- Who are you looking to sell to, why?
- What are the benefits that your target audience wants or needs?
- Can you deliver the product or service easily to that target market?
- Can you effectively meet the demand of your audience?
- Know where you’re going to sell your product or service from the food truck:
- Research the licenses required in your city/county/state.
- Research where there is a large percentage of your target market and see what locations are available PRIOR to investing your money! You may have a great idea for food, know your target market, get everything ready to only find there is NO WHERE FOR YOU TO PARK AND SELL!
- Without this step, you can quickly become unprofitable.
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