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Startup Costs: $10,000 – $50,000
Part Time: Can be operated part-time.
Inspired by the Jon Favreau movie Chef or the success story of Roy Choi and want to start your own food truck? You’ll need more than a kitchen on wheels. Food trucks is the fastest-growing channel in the food service industry. In 2012, food truck revenue was $650 million, however that number has since skyrocketed, reaching a whopping $2.7 billion in 2017.
ASK THE PROS:
How much money can you make?
“If you’re a first-time entrepreneur, a food truck can be a much more affordable option than an actual restaurant. And for less than $100,000, someone can launch a food truck business that can make anywhere between $250,000 to $500,000.”—Why Food Truck Businesses Are Revving Up (Infographic)
“In five years, St. Louis native David Choi went from having $18,000 in his bank account to running a $4.5 million Korean-Mexican fast-casual-food chain with four restaurants and a food truck enterprise.”—How a Single Food Truck Helped Build a Multi-Million Dollar Taco Empire
What kind of experience do you need to have?
“I was familiar with Korean food from cooking with my mom and grandma, and I started making their recipes in a taco for my family. They thought it was weird, but my brother and two friends didn’t. They helped me raise $22,000. The first day we had a line of 40 people and ran out of food. I realized I had to rely on my experience from my teen years — working at a pizza shop, sandwich shop, coffee shop, Chinese restaurant — and replicate dishes at a rapid pace.”—David Choi
What’s the most important thing to know about this business?
“To succeed, you need to become cost savvy. There’s no set formula, but as in any business, especially when dealing with food, you need to know what you’re spending on the products you sell, whether it’s cookies, empanadas or steak. You don’t have to pay rent like a brick-and-mortar business, but you do have vehicle maintenance, kiosk space rental, parking permits and other costs that need to be factored into the equation.”—Are You Financially Equipped to Run a Food Truck?