How Much Money Can I Make?
This page will cover how much money you can make in street food and vital considerations relating to the financial side of business.
Many people think that because they like cooking that they should start a food business and while this is a good place to start, it isn’t enough on its own. It needs to be seen and approached with a business mentality – with profits in mind.
You have to be aware that you won’t make money simply because you are selling food. Menu costing, competitive pricing, pitch fees, supplier costs and equipment are all issues that must be taken into account.
Along with this, you may need to hire staff, purchase training courses and insurance policies, as well as implement a back-up plan should things go wrong.
It Has to Work For You
No matter how niche or nuanced your offering is, you have to find a way to make it work for you financially, otherwise it will not last long. Ultimately, you need to arm yourself with the knowledge of how much money you and your business specifically, can make, to give you an informed idea of how perceived success can be achieved.
In short – if you want to make money in street food, your business has to be profitable. Even if you’re not so financially driven or ‘in it for the money’, it has to be worth your while. Running a business at a loss is not sustainable in any way. Sure, you will most likely trade at events that lose you money along the way and it will be a great learning curve, but it isn’t something you should ever want to do again.
One of the tangible attractors to giving street food a go, is that you can start up from relatively low costs and try things out without splurging on significant investment – you could sell your goods from a stall at your local market for a month for example, and gain genuine insight as to how profitable your idea may be.
You may decide you’re on to a winner and then with confidence purchase a mobile unit, or you may realise you need to tweak something about your business in order to generate the much needed profit.
Don’t Underestimate the Investment
Any business is a form of investment, in terms of the money you put in, the mental dedication, the physical exertion and of course the time you put into it. And to make money from street food, it will require all of these.
The best way to prepare yourself to make money in street food is to sit down and spend the time putting together a business plan, factoring in all your perceived costs. Ask yourself necessary questions like how many items will you need to sell to break even? What does that equate to in terms of your time?
If you can, it is always advisable to enlist the services of an accountant here. Of course, this comes at a cost but will help to ensure you are maximising the profitability of the business.
We Can Help!
We’ve helped to establish thousands of street food businesses that are safe, legal and profitable. Being an NCASS member not only means having access to industry leading training and safety documents, but also means being able to call us up with any questions whenever you like or talk through your business idea and plan. We also boast a wealth of resources to help you to this end.
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