Looking into starting your own mobile food truck? Want to know if it’s a good idea? You’ve reached the right place. Food service is one of the most lucrative industries in the world, and we’ve got relevant statistics to back it up. In 2020, the size of the global food service market was estimated at nearly 3.5 trillion U.S. dollars. According to the latest forecasts, the market is expected to surpass 4 trillion U.S. dollars by 2027.
With these figures in mind, it’s easy to understand why so many people choose the food service industry to start their entrepreneurial journey. But there’s one particular segment in the industry that seems to attract more interest than all others: the mobile food truck market. So, in this article, we’re going to discuss what makes opening a food truck such an appealing business idea.
Why Starting a Mobile Food Truck is a Good Idea
To start any type of business, you’ll have to invest a certain amount of money into it. However, some businesses require a much lower investment than others, and food truck businesses are definitely on the cheaper side. This provides a great advantage for first-time entrepreneurs that rely on limited resources to get a business up and running.
It’s much cheaper to buy a truck and the necessary equipment for your food business than to set up a regular restaurant. Operational costs are also a lot lower. Insurance-wise, you’ll be able to save a lot of money in the long run, as you can find affordable business insurance options for a food truck business.
There’s no denying that buying food from a food truck is a lot cheaper than eating out at a restaurant. Since food prices are much lower and food quality is great, it’s no surprise that so many people choose food trucks over traditional restaurants or street food.
The convenience food trucks provide alongside the many budget-friendly food options have given rise to a food truck phenomenon in the past few years. As consumers search for cheaper alternatives without compromising on quality, food trucks have slowly become the go-to choice for many foodies.
As every entrepreneur out there already knows, location is paramount for the success of a business. Apart from investing in the right equipment and selecting location should also be high on your priority list. Choose the wrong business location and your venture might never take off. But you can’t move around from place to place either just because you’ve made a wrong decision in the beginning. Unless your business is mobile, of course. A food truck business enjoys a greater level of flexibility because it can change location, so it can bypass the common limitations of a brick-and-mortar business.
Possibility to expand
Not sure if you’re ready to run your own restaurant just yet? Food trucks give you the possibility to test the waters first and decide when or whether you want to expand your food service business. If you’re happy with running a small local business, you can limit yourself to owning a food truck. However, if you have bigger plans in the food industry, starting with a food truck can give you the possibility to earn the knowledge and insights that will later help you expand your business.