Food Trucks, an impressively growing business industry, offer fresh local bites, convenience, and easy date or family outings. So what is with the massive spread of food trucks throughout the nation? Viable statistics and fellow food truck operators prove this blooming market industry is no trend, but here to stay.
Food Trucks Spreading Like Wildfire
What’s with the massive spread recently? Over the last few years the food truck industry has quickly increased to 7.3 percent (annually), versus a mere 2 percent rise in previous years. One study shows that food trucks are one of the fastest growing sectors in the food industry. Given the economic climate, a food truck is an affordable option for startup or first time entrepreneur versus a brick and mortar location. “It gives food industry entrepreneurs an attainable chance to follow their dreams,” Michael Cox of Peace of Mind Contracting & Customs says. Michael, who co-owns Peace of Mind Customs with his wife, Abigail, has developed a business in building, servicing, and modifying food trucks, RVs and trailers. Start up costs average from $50-$70k, but can vary depending on the type of food truck.
Eating Out
What’s the consumer’s draw to a food truck? As a hip business trend, food trucks draw a demographic of diners from ages 18-34 and Millennials could hold the title of the “Food Truck Generation” with an average of 47% of them having eaten at a food truck at least once. But don’t let the demographics fool you, older folks dig food trucks too. Over 90% of food truck diners rated the quality as excellent, and 80% of them use words like fun, exciting, and unique when asked why they dined there.
Who Should Get Into The Food Truck Industry
Who should be getting into this industry? Where there is a will there's a way, and with demand comes supply. Small business entrepreneurs should make sure there is community support and demand for such. An entrepreneur who has passion for crafting food and long (but fun!) work hours, personal skills, and the ambition to manage and run their own food business are great qualities to possess, but each and every food truck business is different, and there is no mold to fit -which is what makes this community so diverse and enjoyable!
Building or Modifying A Food Truck // Trailer
Where to even begin with a food truck build? Many start up trucks have this question and a valid question it is indeed. There is the option to buying a used one, renovating one, or building a custom truck. “Budget is the one of the first factors to think about”, Michael, who knows the ins and outs of food trucks and has gained an in depth knowledge of food truck operator’s needs shares that, “Not only do you need a vessel (truck/trailer), but you need to have equipment and proper sized appliances, power hookups, water supply, plumbing // gas piping option for mobile or stationary, insulation, functionality, etc. etc.” Many of these aspects don’t go into consideration with a big time trailer or food truck builder. “The problem with a big time trailer company building a food truck, he continues, is that they are impersonal, they want to fit you into a standard mold, don’t give you much wiggle room, and don’t mention the things you need to do to keep your food truck maintained and running.” Which is why I do what I do, I’m here to support the consumers needs and help them get their best bang for their buck, while not sacrificing great quality.”
These mobile restaurants are popping up in more and more locations with endless cuisine variations offering cities all over the world a sense of home cooked meals and community. Food trucks are also great about developing their local communities by hiring locals, using local foods, and selling to local people. The time is now to build, this budding industry show serious increases within the next 5 years and indicates no sign of stopping. If you are interested in building a foundations and expansive business, joining a nation of foodies just like you, want to expand and support your local community, then this is the industry for you!
About Peace of Mind Customs
Michael Cox and his wife Abigail co-own and run Peace of Mind Contracting & Customs, a general contracting business turned food truck maintenance and custom truck, RV, and trailer building business. An emergency call from a local food truck came in, once the job was complete the referrals and work orders came pouring in. Mike then realized how badly our food truck community needs help with cart/trailer maintenance, and custom additions/renovations that were necessary- and they were coming straight from the food truck factory!
Specializing in custom trailer builds and custom food truck renovations is a niche our community needs. Food trucks are becoming such a hot business and a smart investment too. As commercial real estate and leases are on the rise, brick + mortar restaurant locations are becoming less available to those small business start ups, and food trucks give those startups a fighting chance.
Interested in a custom trailer build or a modification on your food truck? Shoot us a message at mike@pcemd.com or give us a call at 541.728.3511 today!