The restaurant scene is one of the most bustling and profitable niches you could immerse yourself in. But perhaps you’re not looking to spend time searching for a suitable property and invest thousands into it. So, how can you go about getting into the food business if you can’t open a restaurant? The answer is simple; you can start your own food truck. What was once considered a mere fad is now one of the most successful businesses around. Food trucks can generate just as much success as a typical restaurant, if not more, thanks to their flexibility and mobility. In this post, we’ll be providing everything you need to start your very own food truck business.
Research What the Latest Trends Are
Like every other niche, there are certain trends in the food truck scene that have more traction than others. Barbeque is doing very well currently as it’s considered to be the most popular cuisine for food trucks. If you’re looking to score a quick profit, then going with the flow isn’t a bad idea. Alternatively, you can also dabble in your favorite food and culture. Below is a quick list of the other popular cuisines you can consider:
- Vegan food
- Ice cream
- Gourmet burgers
- Grilled cheese
- Fusion cuisine
Any kind of food that comes to mind can be turned into a lofty business. It’ll take some time figuring out, but the result will be more than worth it.
Figure Out Your Structure
Although a unique choice, food trucks function just like any other company. Therefore, you must choose a structure; the business structure you choose is how you’ll be handling taxes and legal matters. You can choose to be a sole proprietorship, partnership, corporation, or a limited liability company (LLC). An LLC is the best choice for beginners as it combines all the best aspects of the other three options. In fact, you’d be surprised how many established professionals switch their structures to an LLC for the benefits. You have complete ownership as you would with a sole proprietorship. You can onboard anyone you want like a partnership, and you’ll have the protection of a corporation.
You’ll Need to Equip Your Truck With Fleet Technology
Because you’re going to be doing business out of a vehicle, you’ll need to treat it like a business fleet. This means getting your vehicle registered and installing the proper equipment. You must install an electronic logging device, anti-lock brakes, a GPS tracking system and dash cams. As you search for a suitable vehicle, it’s in your best interest to look for an electric vehicle. The reason for this is because prioritizing sustainable transportation can help lower the emission of greenhouse gases. Greenhouse gases are produced by fossil fuels, like gasoline. When emitted, it damages the environment as well the atmosphere. Furthermore, it’s also a great way to attract clients because people love a business that’s actively fighting climate change and making the world a better place.
Open a Business Account
When you set profitable business plans you will need a separate business account is a separate bank account that you’ll use to deposit the funds you make from your food truck. It’s best to get this set up early because a common mistake many new owners make is combining both their personal funds with their business profits. This can cause confusion and even put your personal assets at risk. By combining the two, you’re basically showing that you and your food truck business are one and the same. So, if you ever run into legal trouble or must pay a lot on taxes, you’ll have a very hard time getting out of it.
You Need to Be Approved by the Board of Health
Perhaps the most important thing for you to prepare for is a visit from a health inspector. Since you’re providing food to the public, they’ll want to know whether you’re following the proper regulations. The thing is that you can’t schedule or plan for this. Health inspections happen randomly, so you’ll need to ensure you’re compliant down to the tiniest detail. For the inspection itself, these are done to make sure you’re legally allowed to operate the vehicle and if you’re the owner Health inspectors also check to see if you have the proper identification credentials. They’ll also check to see if the food you’re providing is safely stored and whether you meet the appropriate health and fire regulations. Once you pass this, you’ll have even more credibility in the food truck scene.
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.