What does that even mean? Do you add a truck, scout out a brick’n mortar location, or launch a line of grocery store products? You’ve got the dream. You’ve made the plan. All you need is the money.
What do you do now?
Not all food trucks will ever have the opportunity to pitch to the likes of Tim Love and Joe Bastianich on national television. Most of us don’t have families that can write checks for tens of thousands of dollars.
Traditional banks are usually time consuming, offer rigid repayment schedules and rarely lend to food and beverage operations. Maxing out credit cards seems like an easy alternative, but that could lead to future credit issues.
What do you do now?
In today’s social economy, there are fundraising options that weren’t a part of our lexicon a few years ago – “crowdfunding.” Most people are familiar with Kickstarter or Indiegogo. These two popular crowdfunding platforms gained popularity by funding creative projects and business startups.
There have been numerous successful campaigns, but even more that go partially or completely unfunded. Their business models are based on gaining support through friends and family, albeit extended, but friends and family nonetheless.
At the end of the campaign, fees are calculated and can sometimes total up to almost 20% of the quantity raised. Other crowdfunding services will take a percentage of equity in the business. These two business models aren’t always that appealing.
There is another way. bolstr!
Bolstr is relatively new to the crowdfunding industry. Bolstr is a marketplace where emerging consumer, retail and manufacturing businesses can raise funding for expansion from real investors. Mobile Cuisine has chosen to partner with bolstr for various reasons. Here are a couple of them:
- The business owner maintains 100% equity in their business.
- The repayment schedule is based on a percentage of monthly revenue. This is good because the payments can fluctuate with your sometime seasonal revenue.
Mobile Cuisine and bolstr will be hosting a webinar on March 2 -3. Please register, if you’re ready to take your food truck business to the next level, click here. Space is limited.
Learn more about bolstr and how they’ve already helped many businesses grow – including food trucks and food/beverage businesses – throughout the next two weeks. We know that many of you food trucks out there are ready to expand and just need that last, most important piece of the puzzle, funding.