What does it take to have a food truck business that makes more than a few hundred thousand dollars a year? What about a fleet that generates seven figures and beyond?
Of all the factors needed to generate results like this, there’s one that I’ve seen make, and break, food truck businesses: Their revenue sources.
When I took over a failing asphalt company at 21, my goal was just to get it from $60,000 yearly revenue to $200,000. Because not only did I buy into the normal strategies of my competition, I also just didn’t know how to do better. But guess what I got? The mediocre results of the majority!
And that’s exactly what I did with the asphalt business when I finally realized that I wanted more, that I DESERVED more. So I shifted my mindset around what was normal, and tested out some new strategies with our revenue sources. The result? A million dollar business in just five years!
In applying this very strategy to my clients’ food truck businesses, they are finally able to have their cake and eat it, too — money AND freedom!
The food truck industry is about as risky as they come. You battle some gnarly elements (and the actual elements), every single day. Because of this, there’s one strategy that’s critical to having a highly profitable food truck business that doesn’t consume you: Diversified revenue.
To make more than a couple hundred thousand every year (because, YES, you can), you can’t put all your eggs in one basket!
THAT’S where the money is at. THAT’S where the freedom is at.
Here are the three must-have revenue sources for consistently high food truck cash flow:
1) GROUP MONEY
Yes, you should play in the sandbox and work with your local food truck associations, promoters and groups because, for the most part, they already have a pretty sound lead flow in the market.
Here’s the kicker…
You can’t be just another truck. You need to be so well loved, with a social media following to prove it, that these guys request you because that’s what their clients want! If not, you’ll end up being just another truck in the rotation for sporadic bookings.
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2) PRIVATE MONEY
Clients who book you directly for show-up and serve gigs outside of groups or promoters are what I call “private money.” Make sure you’ve got this in your revenue mix!
Not paying fees is one dang good reason, but more importantly it’s because you should never put your revenue solely in the hands of others. Because sometimes food truck groups don’t have your best interests at heart. They’re focused on making their own money. So make sure you’re in full control of your revenue flow by having private money in your mix.
3) CATERING MONEY
Catering gigs are guaranteed money makas! This is where you have to be a lion and hunt for your kill by identifying your ideal clients, creating irresistible packages and having a pitch that closes.
If you want mad profits flowing into your business like Niagara Falls, make sure you’re targeting and pitching for catering gigs every week. Consistency is key to fill your schedule with this revenue source.
A highly profitable and stable food truck business requires a strong offensive strategy. Don’t just play defense and take whatever comes your way. Build your strategic plays out with a diversified revenue mix so you can make sure you’re always moving closer to the big goal!
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