Trends in the Food Truck Industry
The food truck industry is currently at an all-time high, and with the income on the rise, from people quitting and pursuing their dreams to finding a way to start their own business. Before jumping into a new business venture, it is important to know what is currently happening in the food truck industry.
In this series of articles, we will dive into many food truck industry stats in 2021 that you should know about when planning to start your own food truck business.
This is Part 1, in which we will learn some trends of the industry that will help you become more knowledgeable and give you an advantage.
Grab your favorite snack, and let’s get started with all the basics!
Why The Food Truck Industry?
A food truck business may be a good opportunity because of its low initial investment. There is a high initial investment with most brick and mortar restaurants, usually in the hundreds of thousands due to buying or renting a property or building.
Another reason why starting your own food truck business may be the best idea would be the flexibility it provides for its owners. Most restaurants work on standard business hours, usually from 11 am-11 pm. When a restaurant is closed for business, this gives the owner a break and time to rest or do personal things. With a food truck, there is no standard set of hours.
This final reason would be the number of options and diversity there is with owning a food truck. With a restaurant, one must offer similar food going into one same line, such as 100 hamburgers and fries. But food truck owners can offer whatever they feel is the best and combine different types of foods.
One of the big challenges many entrepreneurs face is they don’t know how much they need to invest when starting their food truck business. In the food truck industry, the investment is actually not that big as you think. You need less than $100,000.
Keep in mind that you need permits and other legal documents you need to have to successfully start your business. On average, the payment of all these fees is less than $30,000.
All this paperwork and procedures will take less than 3 months for you to get started with your food truck business.
Food Truck Industry Trends
Make sure to take into consideration the following trends to make your entering into the industry a boom!
Social Media Campaigns
Forget traditional marketing tactics; social media is the way to go. A great way to reach customers uniquely and engagingly is through social media apps. This allows you to create better relationships with your customers and promote engagement. This will make your customers feel heard and appreciated.
Market Share Increase
Over the past 5 years, the industry has grown 7.5% and is predicted to increase 2.4% by the end of 2021. People can now see an increase in food trucks on the streets and even finding food truck parks around the city.
Food Truck Market Worth
At the end of 2020, the food truck industry was worth 1.4 billion dollars. Becoming part of an industry with little investment and great returns is incredible for many people who do not have the capital to do so. You can start from 0 to 100 in a short amount of time. It’s time to venture into this industry.
Let’s Get Started
Food trucks are the perfect investment for people that love food but don’t have a ton of money to invest in their own restaurant at first. This makes food trucks ideal for young foodies looking to get into the business and eventually open up their own place once they gain experience and confidence.
We are the best allies to help you start your food truck investment from designing to creating your dreamed food truck at Trailer King Builders. We provide the best food truck-related services for our clients from start to finish, from build-outs to repairs and maintenance. Our team works hard to ensure the fabrication, assembly, and creation of your food truck. Don’t wait any longer and get started!