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Avoiding Failure In Your New Food Truck Business Venture
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Avoiding Failure In Your New Food Truck Business Venture

The food truck industry is booming. It has been exponentially growing in the five years since it overcame its past era of being termed "street meat". However, just the mere expansion of the industry does not guarantee the success of your mobile food stand – especially within the first year as you develop your brand. Given the poor state of the economy, running a new business, especially in the food business, is more trying than ever.

So, as you prepare to open your mobile food business or desire to keep your already-launched food trailer in business, consider the following seven items.

1. Brand identity. Is your brand working for you? Many businesses open with only limited visions of their businesses because they fashion their decisions around their own preferences, rather than the target markets' preferences. As a food truck owner, don't let your ego get in the way of creating a business that takes the opinions of others into consideration.

2. No clear identity. Although number 1 states that you must be flexible in your vision of the food trailer, you must be able to establish a stable brand identity that your customers will recognize.

3. Hiring and training your staff. Your staff is like the voice of your mobile food stand, just as the brand is the face of it. If your first time or repeat customers don't have positive interactions with the voice of your business, they will not come back. Service must be friendly, consistent, and helpful.

4. Poor inventory management. To be able to generate profits, you need to make sure that you're getting the most out of your investments, and one of your investments is your inventory supply. Ignoring food costs and not taking part in loss prevention initiatives is generally a mobile food business's single biggest expense after the business is created. It is important to manage your resources carefully by putting financial control systems in place.

5. Bad leadership. As the owner of your food truck, you are responsible for managing your staff, food costs and brand. You must be an efficient and effective leader if you want to survive in the mobile food industry. Put the systems, tools, and people in place that will allow you to step away from the day-to-day operations so that you can oversee the bigger picture.

6. Insufficient knowledge of the market. Know your competition. Before opening a mobile food stand, ensure that your menu and brand differ from the other trucks in your area.

7. No business plan. Your business plan encompasses the previous six points in detail. It forces you to plan ahead and formulate your strategy. Without this valuable resource, you will most likely fail due to poor planning.


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