The millennial generation is believed to be the largest and the most influential the world has ever seen. This is only proven true by the many changes in trends experienced by different industries in recent years. Millennial behaviour has gradually shaped the world to the generation’s liking, most notably in the food industry.
Sit-in establishments like restaurants, cafes, and diners used to dominate the food and hospitality industry. This is primarily due to the fact that people enjoyed and valued service and comfort as much as the food they order. While this is still true to this day, one cannot ignore the fact that the rise of middle-class expenditure and youth spending, as well as the fast-paced mobile lifestyle most consumers lead, has necessitated innovation in the food sector. As a result, value menus have been added and drive-thrus and touch-screen tech implemented to ensure affordable food plus quick and efficient service.
Furthermore, sit-in establishments are met with a fierce competitor. Food trucks have also risen in popularity, as seen in their presence on the streets and the rise of ads about food trucks for sale in cities in NZ. Its growth index is expected to continue rising as more businesses take to the streets.
But, what is it that makes food trucks so appealing to entrepreneurs and consumers alike?
While opening a restaurant may require a starting investment as high as a million dollars, food trucks require far less start-up money. This is due to the fact that food truck owners need not acquire building space and later on furniture and decor to open their business, which is a highly competitive advantage.
Low Operational Cost
In relation to initial investments, food truck owners have far less to worry about in terms of continuous operations. Unlike restaurateurs that have to deal with rent, utilities, and cleaning costs, food truck businesses only need to mind their equipment and the interior of their trucks.
Greater Audience Reach
Perhaps the most obvious benefit of owning a food truck is the ability to change locations. Operating a food enterprise on wheels allow owners to gain more traction in numerous places. More locations mean more customers, which will result in higher profit.
Restaurants are often restricted by the concepts and cultures they adapt upon opening. Opposing this, food trucks allow entrepreneurs plenty of freedom to experiment and change their menu line-up as frequently as they desire. While building a brand is a possibility, it is certainly not a requirement for a food truck to prosper.
The food truck industry is a breeding ground of creativity. Chefs in this line of business have more freedom to experiment with different ingredients and cooking styles since they are not restricted to themes and concepts.
Meals coming from food trucks often require far less time to prepare compared to food served in sit-in restaurants. This allows people on the go to grab a quick bite while sticking to their rigid schedule.
The food truck industry allows entrepreneurs to develop business concepts, widen customer bases, and be inventive in terms of food, all while providing a steady income. Opening a food truck business is less expensive compared to restaurant costs, making it the more optimal choice if you seek to work with food.