Building A Strong Foundation For Your Food Truck Business

Running a food truck can be very rewarding, but only if you take it seriously. Vendors cannot look at owning a food truck as a hobby. In most cases, you’ve quit a job to start your own business, this means it is your livelihood. Follow these steps if you are interested in building a strong foundation that separates your work and personal lives.

Building A Strong Foundation For Your Food Truck

  • Separate your business life from your personal life. The first step in building a strong foundation is to set up a designated work space. When you are outside of your truck you need a place to do your work. Make sure this is not in your home’s family space. Finally, separate your finances by establishing separate bank accounts to handle your business and personal funds.
  • Pay yourself. Building a strong foundation requires that vendors achieve your income needs. Pricing your menu and services for profit will help you focus on how much you want to earn.
  • Reward yourself with raises and bonuses. Many food truck owners tie their rewards to their business goals and objectives. If you reach one of your more ambitious goals, give yourself a little cash bonus out of your food truck profits.
  • Review your performance. Judge your performance against the business goals and objectives you’ve set. Make sure you involve your customers. Continually reach out to your customers to discuss make sure you are meeting their satisfaction levels. This gives you a way to monitor how you and your food truck are performing.
  • Implement your business plan. Getting absorbed by day-to-day business is easy to do when operating a food truck. If you’re not careful, you’ll be so busy serving customers that you could forget to run your business. This is where your business plan can be your saving grace. Your food truck business plan will keep you focused on your goals and the deadlines of your action plan.
  • Set capital aside in case traffic slows down. Decide how much money is enough to carry you through six months of low sales. Then build up a cash reserve. These reserves should be kept in a business savings account where you’re not likely to raid the money around the holidays or vacation time. This final point can’t be stressed enough. An adequate cash reserve can mean the difference between weathering a rough stretch and going bankrupt.

You Need A Strong Foundation To Grow

There are many steps to building a great food truck business. Remember that each moving part has its own purpose in the beginning. Your plan is never the same as other food truck owners, so forging your own path takes a lot of planning. This is where the idea of building a strong foundation comes in. Planning for your food truck business is built from the ground up with a strong foundation to allow you forge ahead on.

If you are thinking about starting a food truck, remember to build it on a solid foundation. If you’ve already started your food truck without building a solid foundation first, it’s never too late to rebuild.

Do you have any additional tips for new food truck vendors? Share your thoughts in building a strong foundation for a food truck business in the comment section below or on social media. Facebook | Twitter

2017-03-31T08:40:13+00:00 By |Features, Growth|

About the Author:

Richard is an architect by degree (Lawrence Technological University, Southfield, Michigan) who began his career in real estate development and architectural planning. In September of 2010 he created Mobile Cuisine Magazine to fill an information void he found when he began researching how to start a mobile hotdog cart in Chicago. Richard found that there was no central repository of mobile street food information anywhere on the internet, and with that, the idea for MCM was born.

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