Food Truck Financing: Keeping Your Meals and Money Mobile

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There are more than 4,000 food trucks in the US and you want to join the action. 

Whether you’re a small business or entrepreneur, what better way to make some sales than to go directly to the people who are interested in your products?

However, this extra convenience does come with a cost. But don’t worry! Here are 3 tips to help you find the food truck financing you need:

1. Work With Other Food Truck Enthusiasts 

Chances are, you’re not the only business who has considered using a food truck; you might even have some friends who are as equally inspired as you.

Partnering with a fellow entrepreneur or other local small business can cut the cost of buying a food truck in half because you share the responsibility of food truck financing. 

Additionally, partnering with someone gives you a whole new skill set to get advice from. And if cash-flow becomes scarce, you won’t be on your own to solve every problem.

However, there are things to consider before working with another food truck enthusiast.

While your financing costs will be split, so will your profits. And you may also have to compromise on certain ideas in order to come up with something you can both agree on.  

2. Start Like A Seed, Then Grow

If your business’s finances are tight right now, but you don’t want to work with a partner, starting a catering service first can be a more affordable option.

If you don’t have prior experience in the food truck industry, consider using this time to gain advice from other food truckers.

This will help your business achieve maximum success and avoid common food trucking mistakes. Also, make sure you learn food truck laws and regulations to avoid unnecessary fines.

Then, once you’re familiar with the industry, and your business is in a better financial season, come up with a food truck financing plan, and then go for it!

3. Maximize Your Cash-Flow Potential

Awesome tools typically aren’t free, and food trucks cost between $50,000 and $200,000.

If you already have credit card debt, pay it off first to ensure your business will have enough cash-flow for your food truck financing.

If you choose to take out loans, do your best to minimize them by saving up a portion of your profits first or look for investors. This way, your loans can stay small and won’t take too much out of your profits.

Unless you have a degree in business or accounting, it’s also wise to talk to a financial expert to help determine the best food truck financing option tailored to your business’s specific goals and needs.

Final Thoughts on Food Truck Financing

Food truck financing is not an easy endeavor, but it’s definitely not impossible. Many food truckers have found a way to make it happen, and you can too. 

Once you decide it’s time to purchase a food truck, feel free to contact us! We can help you find the right option for your business and customize a truck to meet your needs. 

Want more food truck advice? Check out more blog posts here!

Thinking about starting a food truck? Request a free custom quote and one of our food truck specialists will help you design the truck of your dreams.

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