Food trucks are a growing industry...
According to Los Angeles-based industry-research firm IBISWorld, the street-food business -- including mobile food trucks and nonmechanized carts -- is a $1 billion industry that has seen an 8.4 percent growth rate from 2007 to 2012.
Further, the research shows that many operators have entered the industry for its low operating costs and because the business allows chefs and entrepreneurs to create innovative food that consumers are increasingly gravitating toward. As such, food trucks that offer ethnic cuisines, fusion food and new flavors have performed exceptionally well.
Despite strong performance, however, high competition and unfavorable regulatory conditions in some cities have limited the growth of industry vendors.
And even with all the positive trends, there are still many issues that plague the food business overall that must be taken into account.
Things to consider...
- Your startup money, budget and how to fund your truck
- Your commitment to the business: part time, full time, etc.
- Your creative ideas and what it will take to fulfill them
- Your experience at running a business
- Your ideal demographic
- Your skill set and who else you have in your corner