Have you ever dreamed of owning your own food truck or restaurant? Many people have the cooking skills to succeed in the food industry; however, their business skills may be lacking.
There are a couple of ways to build passive income in the food industry: automation and franchising. But first, we have to create a fantastic product.
Starting your food truck business. Before you start any business, I recommend reading multiple books on entrepreneurship, adding value, and content creation.
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Luckily, I have my top choices in one place, “Read These 10 Books BEFORE Starting a Business.” These books will give you the correct mindset for starting a business from the ground up.
For food trucks, in particular, I read “Food Truck Business for Beginners.” This book goes into extreme detail about running a food truck business.
Some takeaways about food trucks. Food trucks are a safe business model if you don’t overextend yourself. This means determining what meals and pricing work best before buying a lot of inventory.
You can buy a food truck, new or used. You will have to modify a used truck to fit your needs. You can also purchase and craft a custom food trailer. Trailers may be more challenging to maneuver around town.
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There are different ways to power your truck for food service. You can have a generator or propane. Propane may not be allowed in indoor locations. Also, propane is highly hazardous.
Location, Location, Location. A food truck business is all about location. You’ll be in luck if you can find a great place near an office or worksite.
You have to price your meals at competitive prices for your location. If you are in the business district, your prices may differ from at a construction site.
You’ll be at the mercy of the property owner, so stay on good terms with them. However, this opens up some new questions.
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Own your ideal site. Since I also write about real estate, let’s do some higher-level thinking. Wouldn’t it be best to place your food truck on your own land?
I wrote about this idea previously in “Run an Upscale Bed & Breakfast.” The idea is to bring the food truck to an area that you control.
It’s similar to what I wrote in “Start a Coin-Op Business.” It would be beneficial to start a business where you can install your own ATMs, vending machines, and arcades.
Again, plan for a higher-level, top-down approach if you are in the planning process. You want to control as much of the outcome as possible.
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Becoming an investing insider means having access to pricing power and control of the location. Prevent others from using leverage against you.
The first step towards passive income. I know you love to cook and serve customers—because you chose to read this article. However, we all need passive income—now more than ever.
The first step to running a passive food truck business is automation. You can complete automation in three ways: automation systems, virtual assistants, and management. “The 4-Hour Work Week” goes into more detail about the different types of automation.
You can automate the ordering system by installing ordering software and having a phone app. This way, people can order and pay from their phones, limiting the amount of money you must have on hand.
Manager of the year. Your first main goal is to install a manager. Ideally, you will want to train someone by working with you over time. This way, you gain trust, and they gain experience.
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To successfully install a manager, you’ll have to delegate your responsibilities to them—it requires trust. This will be hard for many entrepreneurs, like homeowners who rent their homes. However, you’ll have to get over your ego if you want to earn passive income.
Adding a manager will take much of your profits from your first food truck. However, it gives you back something much more valuable—time.
With this time, you can focus on expanding your business and building more passive income streams. You can also create an audience for your truck via social media and blogging.
More trucks, less work. Now, you want to focus on replicating the success of your first food truck. What pricing and meals worked and where? What systems can you leverage to automate various locations and rush-hour pricing?
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How can property managers and event coordinators arrange for your truck services without talking to you directly? To become wealthy, you’ll need to leverage systems to free your time.
The book “How to be a Capitalist without any Capital” goes into detail on systems. Get your food truck business to a science, and you’ll print money. It also sets you up nicely for the final step.
Franchising for the Win. That’s right; you want to be the next McDonald’s. By franchising your brand, you are giving someone a brand-in-a-box.
You worked hard to establish the brand, build a social media presence, and determine what meals and prices sit well with customers. People who license your brand are getting a proven system.
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You don’t even need to franchise your brand. Maybe you sell the custom software you use to determine surge pricing. How about contracts you use, ordering software, or local maps showing the best times and locations?
There are many ways to profit from the information you gathered. That’s what entrepreneurship is all about, finding a way forward in uncertain times.
Conclusion. If I make this sound easy, good. You should start a food truck business if you love serving food and assisting customers. You should love seeing their smile as they eat your meal at a reasonable price.
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If you don’t like working with customers, stick to software development. I love writing; thus, it’s easy for me to build a writing career. A food truck business will require a lot of time in the initial phases and deployment stage.
As long as you love the work, it will move fast. Your customers will love you, and word of mouth will spread. As an entrepreneur, you want to capture that magic by asking for feedback.
What times do people want to see your truck? What is a good pricing scheme? I mention pricing a lot because that is how you survive. You want the highest possible margins without ripping people off—it’s a delicate balance.
After doing the hard work of establishing a brand, leave the first truck to a manager you trust. Then you can focus on passive income from social media, blogging, YouTube, and franchising.
One good food truck business can set you up for a lifetime of passive income. Once you create something unique, there will never be a shortage of people who will pay to replicate your success. This is why entrepreneurship is an incredible journey—first, you do, then you teach. Good Luck!
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