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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Don’t Make These Mistakes With Your Food Truck Business
There are a few mistakes that are common to most food truck startups. Unfortunately, these mistakes can set you back and hinder your progress. Avoid them and you’ve already got a considerable head start.
Trying To Cater To Everyone
It may seem like catering to everyone will bring in more profits but the fact is it can be a recipe for disaster. You will end up feeling frustrated as you try to do too much within the cramped confines of your food truck. Worse still, your food is more likely to be mediocre.
Choosing a niche and serving foods within that one niche only will make it easier for you to maintain the high quality of your dishes.
Not Having A Well-Defined Business Plan
A detailed, well-defined business plan with measurable goals helps you stay focused and on track. It acts as a road map that tells you how to plan your finances, how to work around your limitations and what your next steps should be.
Take time to create a detailed business plan right at the outset. This will also help you get all of your licenses processed much faster.
Underestimating How Much It Can Cost To Start
Setting up a food truck may not cost as much as setting up a sit-down restaurant but it is still expensive. Your first major expense will be purchasing your vehicle and setting it up with the equipment required for cooking, storage and cleaning. You will also need to have sufficient funds to cover the cost of licenses, raw materials and staff salaries.
Be realistic when calculating the cost of starting up and explore all you loan options before committing to anything. One good idea is to buy a used food truck instead of a new one.
Expecting Instant Profits
By the time you open for business, you will have already invested a significant amount into the business. You will have to recover that money first before you start to make a profit. How long that can take will depends on several different factors.
Before you open for business you must make sure that you will have sufficient funds to sustain yourself, purchase your raw ingredients and run your business before you start pulling in profits.
You Settle For Cheap Equipment
Buying high quality equipment can be expensive but this is one area that you should not compromise on. Cheap equipment never does a good job and besides, it tends to break more often. Not only does this cost more in the long run but it also means you will not have the equipment you need to get your food prepared, which is sure to disappoint your loyal customers.
It is good business sense to invest in high quality reliable equipment right at the outset in order to maximize your resources and your profits.
Not Having Formal Recipes
Having a recipe for every dish you serve is a must, especially if you are hiring staff to help you with the food prep and cooking. Having a formal recipe ensures that every dish you serve is consistent in terms of taste, texture and presentation. Customers love knowing that every time they visit your truck they will get the same delicious food. They don’t want to struggle with a bad plate of food just because you had a bad day in the kitchen.
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