Food trucks are not cheap. As a result, you might be thinking it will take you years to become a food truck owner.
With that said, financing alone could get you into the food truck industry much sooner than that. In hopes of telling you more about financing, make sure to check out the three articles below (previews will be provided!).
3 FoodTruckr Articles That Will Help Owners Out With Financing
The First Step In Securing Food Truck Financing Is Trying
Is your dream to enter the food truck industry? Is the only thing holding you back the initial cost of a food truck? If so, you are not alone, but you can still enter the food truck industry.
One might be wondering how? After all, you need money to buy a food truck and the inventory, and that is just the beginning. Simple. By getting a loan via food truck financing.
You see, the first step to getting approved for some financing is trying. Like all things in life, if you don’t put your name in the ring, then you will never know if something is possible.
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3 Keys To Food Truck Financing
Save Up Some Cash For A Downpayment
Speaking of a downpayment, you would really be doing yourself a huge favor by saving up as soon as possible for one. Yes, your credit might be all-star worthy, and you might have a good business plan, but you still might need a downpayment in the form of cash. Now, if you have some collateral to bring into the mix, such as a home or car, then that could help you out with your interest rate, how much money you receive and lowering that downpayment.
Nonetheless, save up some money now. In a best-case scenario, you might not need as much for a downpayment as you thought you did, and then you can just use that money toward your mobile kitchen business, or put it away in the bank.
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Why Prospective Mobile Kitchen Owners Should Bring Financing Into The Mix
You Don’t Have To Pester Friends And Family
Going back to the friends and family option, while this type of round could help you raise at least $20,000, you simply might not want to mix your business and personal life, if you will, and we don’t blame you. Not only that, but it is likely easier to ask a bank for the funds rather than your friends and family. Plus, a bank can help you put a great payment plan into place, one that is manageable for you and your future business.
The Funds Can Be Used As A Security Blanket
Why you should bring financing into the mix: Because the funds can be used as a security blanket. What do we mean by this? Well, look no further than startup capital to figure that one out. Startup capital can, of course, be used for your inventory, food truck equipment and the actual food truck, and it can also be used for paying employees and keeping yourself/the business afloat.
This, in a sense, can be considered a security blanket for your company. Reminder: Just because you purchase a mobile kitchen business, that does not mean you are going to get rich overnight. Think of your business as a plant, a plant that needs a ton of water and sunshine via food truck customers and sales.
There are plenty of ways to enter the food truck industry. For example, you could find investors, get a bank loan and/or bring financing into the mix. Whether the case, if you really want to become a food truck owner, then you will put in the work to make it happen.
Just remember: You can become anything you want to be.
If you liked this article, then we encourage you to share your feedback, advice, questions and/or stories below!
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About the Author
FoodTruckr is the #1 online destination for current and aspiring food truck owners looking to succeed in the mobile food industry. Self described “food truck devotees,” the FoodTruckr team enjoys reading about successful entrepreneurs, salivating over photos of burritos on Twitter, and long walks through food truck parks. Chat with FoodTruckr on Facebook or check out the FoodTruckr School podcast for more awesome tips to level up your business.