No food truck owner looks forward to the day they have to buy new food truck equipment or even a new truck purchase. But despite the cost, there are times when a new deep fryer or oven be a real game-changer for your business.
The good news is that there are very clear sign when upgrading your food truck equipment makes sense for growing revenue and your food truck business.
5 Signs It’s Time To Buy New Food Truck Equipment
Look for these five signs to determine if it’s the time to buy new food truck equipment:
- Maintenance costs rising. When the difference between paying for regular equipment maintenance and buying new isn’t noticeable, it’s time to consider the buying. Purchasing new equipment means you’ll save money on repairs, while at the same time it could lead to your truck being more productive and eliminate the costly downtime that occurs when older equipment is being repaired.
- Safety becomes a concern. As a food truck vendor, you operate in an environment where people can get hurt if you don’t practice safety. If your old equipment isn’t up to current safety standards, it’s time for a replacement. Not sure if your equipment is up to code? Consult with a qualified truck or kitchen equipment technician.
- It’s time to expand. If you’re about to start catering or add new cities to operate in, and your current equipment won’t be able to keep up with these demands, it could be time to make the additional investment.
- The image of your food truck brand is at stake. If your competitors are driving in new trucks or have kitchens filled with the latest equipment, you may need to do the same to remain competitive. Customers could look at you as less capable simply because you drive around in a beat up truck.
- Tax incentives provide value. There are times when the government offers a special tax incentives to food truck owners for upgrading the equipment use to operate your business. When this occurs, check with your accountant to determine if equipment replacement is the best action.
When you own a food truck, upgrading or replacing the equipment can be quite costly. However, in the previous examples we’ve shared today, there are certainly times when you prefer to delay this cycle in order to save up for the purchase first. However, there are instances wherein it makes more sense to buy new food truck equipment rather than stick to your old pieces. Buying new equipment will take careful consideration on your part. This is where your accountant may be able to help you.