New York City is always bustling. Millions of people move throughout the city on foot or by bicycle, and one of the best things the city has to offer these travelers is a full course meal brought entirely by street food. For those who are skeptical about a meals on wheels experience, each vendor has to follow strict operating regulations, whether it’s the DOT permits New York City issues or health department compliance. When you are hankering for something amazing, check out a food truck.
The Growth of an Experience
Move past the skepticism and you will find that the food truck industry brings in over $2 billion in revenue each year. In just three years, the total revenue has skyrocketed over 300%. When compared to commercial foodservice venues like restaurants, food truck opportunities are growing at 534% compared to 4.3%. However, seeing how the consumers are preferring these outdoor dining options, many restaurants are hoping to capitalize on the market with satellite food truck versions of the traditional dining experience.
The Opportunity for Entrepreneurs
Opening an entire restaurant requires a significant amount of capital and involves a huge amount of risks. However, those who are passionate about food and bringing great-tasting dishes to the public find that food trucks are an affordable way to get a foot in the dining industry. Food trucks are able to both market and sell directly to consumers, using free resources like word-of-mouth, social media or street marketing where they are parked in order to attract attention.
There is built-in branding with the design of the truck and interesting names of the food, but many food truck owners harness the power of targeting, geolocations and tags to attract crowds. While startup costs on the average restaurant could run into the hundreds of thousands, you can typically create a food truck for under $100,000.
The Demand from Consumers
There is no shortage of hungry people looking for a good meal that comes with an affordable price tag and quick services. There is a typical market though, for food truck enthusiasts. The average consumers fall between the 18 to 34 age range, followed closely by those are between 35 and 44 years old. Though Millennials bear the title of being the food truck generation, there really doesn’t need to be a good age to enjoy authentic, tasty and exciting new foods from a rolling restaurant.
The speed and convenience of food trucks make it a great way to eat your way around New York City. There is most certainly something for everyone.