Every business needs a plan, including food trucks. If you want to run your own food truck but don’t know where to start, here’s a guide on how to write a food truck business plan.
What is a Food Truck Business Plan?
Business plans describe what a business does and how it makes money. It includes everything from a summary of your business to your marketing plan. When creating a business plan for a food truck or restaurant, you can use it to introduce investors or refer to it when making future business decisions.
Why You Should Write a Food Truck Business Plan
A business plan keeps you on track to achieving your food truck dreams. Here are some specific benefits.
- Organize your goals: How do you know if you are on track to achieve your business goals? Your business plan should keep all of this information easily accessible.
- Use it to introduce investors to: If you plan to seek outside financing, lenders almost always require a business plan.
- Answer the team’s questions: Your team can use this plan as a reference for things like pricing or marketing instead of always coming to you.
- Refer to it in the future: As your business grows, new opportunities or challenges can distract you from your original goals. However, referring to your plan often can remind you of what’s important.
What to Include in Your Food Truck Business Plan
A plan for a mobile food business includes many of the same elements as other business plans. But there are also unique elements. Here is a food truck business plan template to guide your own journey.
This tells potential investors, team members, and readers what to expect and helps your business appear more professional.
You may need to find specific information quickly. Thus, a table of contents indicates where to find each section.
It’s your perspective on the company, what it does and what makes you unique. Include overviews of other elements of the business plan, such as market analysis and operational challenges.
Your business description should simply state what your business does and what you hope to achieve.
Food Truck Mission Statement
Your mission statement should explain your purpose. For example, your food truck’s mission might be to serve quality food to your community at special events that bring joy to people.
Target markets and market analysis
Your target market includes the customers you serve and market to. Most food truck owners limit their audience based on location and various demographics. For example, you may focus more on serving younger customers than other food trucks in your area. You will therefore focus more on areas with a lot of nightlife and events with a young clientele.
Food Truck Industry Summary
Most food trucks serve a specific niche within the food industry. Research the food truck market in your area and find where you fit in, making sure there is a market for your offerings.
Analysis of local or similar niche food trucks
Understanding your competition can help you find your own unique market. Analyze truck companies in your area, especially those that offer similar options.
Create a basic menu. Consider your niche, the demand of your target audience, and the costs of ingredients and cooking equipment.
Pitches provided for catering trucks
Planning your locations in advance can help you stay up to date with inventory and streamline marketing. Find local food truck festivals, special events, and high-traffic areas that are popular with your target market.
Food Truck Marketing and Delivery Plan
The marketing and sales part of your business plan should detail how you will communicate with potential customers to sell food. Your marketing plan may include a listing on food truck search engines, local advertising and social media or search marketing.
Financial plan and financing
This section should include realistic financial projections based on how much food you can sell at various locations. Also consider start-up, equipment and food costs.
Food truck businesses can have different legal structures. For example, a sole proprietorship may be a sole proprietorship. However, most food businesses are LLCs or corporations to limit personal liability. Work with a business lawyer and/or tax professional to find the structure best suited to your needs.
Organization and Management
Outline your team and hierarchy to determine how each will be managed. For example, you may be the primary decision maker. Or you can specify a few shift managers to answer questions when you are unavailable.
Successful food trucks plan their growth over the years. You can explore franchising or hire more team members to increase hours or buy another truck.
A business planning annex can include all of the supporting documents for the different parts of your plan. For example, financial statements or market research reports can complement your projections or competitive advantage.
Tips for Food Truck Owners to Write an Amazing Business Plan
Food truck businesses can follow these tips to create a concise yet effective business plan:
- Familiarize yourself with your local food truck scene: Many elements of a food truck business plan depend on your local market and competitors. So spend time hanging out with other businesses and attending events where food trucks can park.
- Create a clear vision: Determine the type of food truck business you want to start and how you want it to stand out and operate to ensure that all sections align with your vision.
- Read other food industry business plans: If you’re not sure where to start, it may be helpful to look at examples from other food businesses.
- Back up your assertions: Don’t just guess at things like finances and legal structure. Get expert help and/or documentation if needed.
- Remember why: Keep in mind why you are writing a business plan. This can help you speak in verbiage that will serve you in the future.
Use our sample food truck business plan to create your own
The business plan template above provides a solid starting point. Go section by section to craft your own business plan, filling in your business details along the way.
More in: How to Start, Catering / Catering Business