Roach coach? Not anymore! As more food inspired entrepreneurs enter the business scene, the food truck industry shows to be increasing rapidly -and not slowing down anytime soon! Over the past five years, the Food Trucks industry has grown by 7.3% to reach revenue of $960m in 2017. -IBS World
When planning to build a food truck an important element to consider is target audience/demographics. No potential customer basis = recipe for disaster. A case study done in 2014 has shown that 47% of all adults in the United States eaten at a food truck and the breakdown shows:
18-34 years 56%
35-44 years 54%
45-54 years 48%
55-64 years 48%
65-and over 30%
And 81% of 18-44 years of age said they would patronize a food truck.
-Statistica. This study being done over 4 years ago, and given the rise in food truck industry growth, there are fluctuations to be accounted for. Doing due diligence to ensure there is a market audience to reach and align with is necessary.
Getting up and operating is a pretty simple process for most food truck industry businesses in the United States. But in many states it can be difficult. Food Truck Nation states that, “the Regulatory Roadblocks govern a food trucks life, from startup to operation and compliance. On average starting and maintaining a food truck for one year generally requires an entrepreneur to complete 45 separate government-mandated procedures and spend $28,276 on permits, licenses and ongoing legal compliance.”
The good, the bad, and the ugly, eh? It is imperative to do research on local governing laws, licensure, procedures, and the like where the truck will be operating to protect any potential investments.
On the up side, this low cost and flexible startup that could lead into many forms of expansion such as; multiple locations, brick and mortar, franchising opportunities, etc. Food trucks are actually one of the highest growing medium markets for quick service restaurants! -Statistica
As many trucks turn into something a little more, and are outpacing commercial foodservice, help is sometimes needed. Hiring an employee is a great way to support the community that supports the truck life. Statistically speaking, the food truck industry number of employees has grown by 6.9% -IBS World.
The food industry data proves that food trucks are predicted to have some serious growth within the next few years, and are a great business model for creative foodies, restaurant/business investors, or just small town entrepreneurs to do what they love, own a business they love, support and serve a community they love.
Food Truck Nation and Food Truck Operator both have great resources when diving deep into all things food truck -like this downloadable PDF and Infographic packed abundantly with interesting food truck facts and statics. Enjoy!