So tired of the grind

[clifish]

IDK food truck is too close to a restaurant (maybe less employees) but I would think you would be insured/taxed/regulated to no end. Kind of reminds me of the old adage "How do you make a small fortune in the restaurant biz? .................start with a large fortune"!

 

[tallbm]

Getting sick of my desk job and really want to be my own boss.

Just wondering if a food truck would be a viable option?

Maybe I am just entertaining a pipe dream...

In TX you still have to have a commissary to deal with grey water and other stuff so even with a food truck you have to pay some kind of rent/lease.

I've read up on this subject before AND I do work for myself so I can attest to the following ideas validity.

People are likely to make more money doing what they are already doing vs a side gig or doing something different.
The key is to simply do it for yourself

When starting any business you have to tackle upfront the following:

• Initial Funding for at least 6 months
  • LLC Creation (you better do this unless you want to be sued and lose all your personal assets)
  • Insurance (you better do this in case your business is sued)
  • Lease/Rent
  • Equipiment
  • Vehicles
  • Operation/Service Materials
  • Cash for Wages (for yourself if you are a 1 person business, and cash for all employees if you are a 1+ business)
  • Marketing Materials (print, web, social media)
• Accounting Practices
  • Payroll
  • Taxes
  • Expenses
  • Sales/Revenue
  • and Reconciliation of the accounts and accounting items directly above this one
• Operations Model
  • What you will do
  • How you will do it
  • Scale of what you will do
• Sales Model
  • Do you have the proper pulse on who your audience is and do they generate a feasible amount of profit for you
  • Do you have enough sales to cover costs and make a profit
  • Do you have reliable repeat sales
  • What will your monthly sales generation look like (repeat business)
  • What will your monthly sales loss look like (non-repeat business)
• Advertising/Marketing Model
  • Do you have name, brand, logo, and color schemes created
  • Will you be doing print materials and how will you be distributing them
  • Will you be doing web materials (website) and how will be you creating, administering, and hosting it
  • Will you be doing social media marketing and how will you manage and administer it
    
• [EDIT: left this out and probably a ton more] Supply Chain and Logistics
  • How you will source materials
  • How will you transport materials
  • How will you transport your product or service to the consumer

Some of those items can be small, others can be big (accounting).
I mention all of this because if you are doing something that you already know then it makes most of the items above a little easier or at the very least keeps you from having to learn a whole new craft/trade/job ON TOP of learning how to handle all the items above.

Often when you are doing something you already know how to do but decide to do it for yourself you have know you can succeed at doing the job you just have to overcome succeeding at managing the business of it AND doing the job. That is a whole different ball game from diving into another field where you may not know how much money it will make vs what you know you can make in your current field :)

This is not meant to be a discouraging post at all. I believe we can do anything as long as we learn, prep, seek out/pay for the proper guidance, make wise decisions (based off learning, prepping, proper guidance, and experience), we are action minded, and we are absolutely relentless! :)

I hope this info helps and remember Rome wasn't built in a day so get all your ducks in a row before forking out big money and potentially burning some financial and career bridges

 

[sandyut]

Ill keep the day job till I can tell them FU and call it. After that its playtime M-F and chillin sat and sun.

 

[zwiller]

I know a bunch of people doing what I call the festival circuit. Work during week and do it on weekends during the summer. They "don't make much money" (all cash LOL!) and they enjoy the travel too.

 

[6GRILLZNTN]

One big issue with quitting the grind, is health insurance - at least for us. at my age its about 3-400 a month, in 10 years is more than double that and I still wouldnt be medicare eligible... thats where the dreaming starts to become crying.

I hear ya sandyut. I run my own business and my healthcare is a touch over $600 a month with a $5000 deductible, and my local walk-in clinic doesn't honor it.

 

[smokerjim]

if you could afford to leave your job I say why not, i'm sure you could always get another desk job if things don't work out, like the others say it's probably hard work, long hours, gov. red tape. if it was easy i'm sure there would a food truck on every corner. as for dealing with the public i'm a meatcutter and deal with them a lot, 95% of the people are nice, courteous, and polite, unfortunately it's the other 5% that stick out. as an older gentleman told years ago "your better off regretting something you did than regretting something you didn't do" good luck with ever decision you make.

 

[clifish]

I hear ya sandyut. I run my own business and my healthcare is a touch over $600 a month with a $5000 deductible, and my local walk-in clinic doesn't honor it.

My wife is a directer at our health insurance company for almost 30 years now and we still have to pay each paycheck and our deductible is $40 a shot. They pulled retirement health insurance 2 years ago and and froze the pension 12 years ago.....oh and they managed to lose 2.2 Billion bucks over the last 5 years but yet still have a corporate skybox (sports teams) and the lunches I hear about are insane. She can't hire a $35K employee but they add senior VP's at $500K+ in positions that they never had before.

 

[6GRILLZNTN]

My wife is a directer at our health insurance company for almost 30 years now and we still have to pay each paycheck and our deductible is $40 a shot. They pulled retirement health insurance 2 years ago and and froze the pension 12 years ago.....oh and they managed to lose 2.2 Billion bucks over the last 5 years but yet still have a corporate skybox (sports teams) and the lunches I hear about are insane. She can't hire a $35K employee but they add senior VP's at $500K+ in positions that they never had before.

Yea! Blue Cross/Blue Shield pulled out of the three largest cities in TN a while back (Nashville, Memphis, and Knoxville). Oddly enough, they didn't touch Chattanooga which is where they are headquartered. Same ol' song and dance clifish!

 

[johnmeyer]

Several quick thoughts:

One big issue with quitting the grind, is health insurance - at least for us. at my age its about 3-400 a month ...

No kidding. What's worse, it will likely be more than that. I've been self-insured since I started my first business in 1985. Insurance went up each year a little faster than inflation, but when "Obamacare" kicked in, it went through the roof. Both my wife and I have been perfectly healthy, but just before we went on Medicare two years ago, our insurance plus concierge fees (to be able to even have a doctor) went over $30,000 for one year ($2,500/month). This is more than double what it was in 2008, before this (un)Affordable Health Care Act was enacted.

I am not a fan.

Even on Medicare, we're still paying over $10,000/year.

Second, talbm's list is amazingly good. I've run three companies and then spent a decade consulting with Internet startups. I can't add anything to what he wrote.

Finally, whether or not you do set up your own food truck, you should most definitely watch this great film about a chef who got fed up cooking for someone else and decided to do just what you're contemplating: start cooking from a food truck. The movie is a really fun two hours. You'll recognize quite a few of the actors. Here's the trailer (the food truck shows up at about the 1:30 mark):



The name of the movie is Chef.

 

[JC in GB]

I am the opposite, have my own business and dream of a desk job. Sick of worrying about payroll, taxes, insurance, very tough to take a week off....

Reminds me of that story where you can drop all your burdens but you must then pick up someone else's.

 

[clifish]

Reminds me of that story where you can drop all your burdens but you must then pick up someone else's.

The difference is theirs would not follow me home...When I am responsible for other family's income that follows you around.

 

[Cabo]

When the recession hit, the company I was working for shut down. No one else was hiring (marine industry) due to the economy.
I started my own business. The first few years were much more difficult and demanding then I had imagined. Seven long days a week with NO time off. Eventually we built up a great clientele and hired a crew. The only thing I can add to the above is: You must have a real passion for your business. That helps you get through the tough times, long hours, a** hole customers, etc
I say if you can do it, go for it. Especially if you only need to work a few days a week.

 

[banderson7474]

Several quick thoughts:

No kidding. What's worse, it will likely be more than that. I've been self-insured since I started my first business in 1985. Insurance went up each year a little faster than inflation, but when "Obamacare" kicked in, it went through the roof. Both my wife and I have been perfectly healthy, but just before we went on Medicare two years ago, our insurance plus concierge fees (to be able to even have a doctor) went over $30,000 for one year ($2,500/month). This is more than double what it was in 2008, before this (un)Affordable Health Care Act was enacted.

I am not a fan.




Even on Medicare, we're still paying over $10,000/year.

Second, talbm's list is amazingly good. I've run three companies and then spent a decade consulting with Internet startups. I can't add anything to what he wrote.

Finally, whether or not you do set up your own food truck, you should most definitely watch this great film about a chef who got fed up cooking for someone else and decided to do just what you're contemplating: start cooking from a food truck. The movie is a really fun two hours. You'll recognize quite a few of the actors. Here's the trailer (the food truck shows up at about the 1:30 mark):



The name of the movie is Chef.

I would run a food truck if I could stare at Sofia Vergara all day too

 

[krj]

I would run a food truck if I could stare at Sofia Vergara all day too

Her voice would drive me insane after the first hour. But I would totally work a food truck with John Leguizamo and Jon Favreau.

 

[TomKnollRFV]

JC; If you really do pursue this..well.

I've been holding a bit of folding aside <as one of my favourite sitcoms would say> hoping to invest in a BBQ business. Just enough to make a small return on my investment.

If you really go ahead, let me know and we can talk shop. I wouldn't mind even getting my butt up that early and heading to GB once in a while to get things going. But mostly I just wanted to help some one else get a dream going and have a small bit of monthly change. <May the gods help me, I'm discussing business on SMF!>

If any thing else, I'll make the trip if you do it to buy brisket ;)

 

[Bearcarver]

Several quick thoughts:

I am not a fan.

Even on Medicare, we're still paying over $10,000/year.

Wow, John!!---$10,000!! Somebody's ripping you off.
Our combined Medical costs are about $4,000 for the 2 of us per year.
That includes what they deduct from our Social Security, and the cost of our "Freedom Blue" Advantage plan.

And this stuff covered Mrs Bear's 2 Hip replacements, and my $700,000 Open Heart Surgery Fiasco!


BTW: Any of you guys start a Food Truck for BBQ, bring it to SouthEast Pennsylvania. I've only ever seen one within 50 miles of my house & that was about 40 miles from here!


Bear[/QUOTE][/QUOTE]

 

[JC in GB]

JC; If you really do pursue this..well.

I've been holding a bit of folding aside <as one of my favourite sitcoms would say> hoping to invest in a BBQ business. Just enough to make a small return on my investment.

If you really go ahead, let me know and we can talk shop. I wouldn't mind even getting my butt up that early and heading to GB once in a while to get things going. But mostly I just wanted to help some one else get a dream going and have a small bit of monthly change. <May the gods help me, I'm discussing business on SMF!>

If any thing else, I'll make the trip if you do it to buy brisket ;)

Thanks for your offer. I may take you up on it. I have spoken to a cousin of mine who is ready to take the helm and do the hard grunt work to get a business started that I no longer have the energy to do.

He is a hard worker and pays attention to detail. I am getting more serious about this by the day.

I have no illusions about the hard work and long hours needed for the first year or two assuming things start to bloom.

I am currently writing a business plan. Slower than I would like..........

I would be happy to let you take a look if you are interested.

JC

 

[TomKnollRFV]

Thanks for your offer. I may take you up on it. I have spoken to a cousin of mine who is ready to take the helm and do the hard grunt work to get a business started that I no longer have the energy to do.

He is a hard worker and pays attention to detail. I am getting more serious about this by the day.

I have no illusions about the hard work and long hours needed for the first year or two assuming things start to bloom.

I am currently writing a business plan. Slower than I would like..........

I would be happy to let you take a look if you are interested.

JC

I am!

 

[johnmeyer]

Wow, John!!---$10,000!! Somebody's ripping you off.
Our combined Medical costs are about $4,000 for the 2 of us per year.
That includes what they deduct from our Social Security, and the cost of our "Freedom Blue" Advantage plan.

I should be more clear. This $10,000 includes the cost for "conceirge" medical coverage. For those not familiar with it, many doctors in private practice can no longer make ends meet because of increasing insurance costs, decreasing payments from government programs and private insurers, and because of other increasing costs, such as medical equipment. Therefore, many of them now charge several thousand dollars a year to each of their patients. They can make their money on this fee, much like Costco makes the bulk of their profit from the membership fees.

Our doctor, like many others, went to this form of medicine shortly after the new health care law took effect, just so she could stay in practice. The nasty kicker is that most docs who do this dramatically reduce the number of patients they see so that they can provide better service in return for the considerable fee: I can see my doc 24/4, if needed, and get in on pretty much any day. As a result, my doc went from about 1,600 patients to fewer than 800. Those 800 patients were left without a doctor resulting in the bitter irony that the health care act that was aimed primarily at covering millions of patients who had no medical insurance, actually cost almost that same number the ability to see their long-time doctors.

I'm guessing that if you include these poor souls, the same total number of people are covered as before. My daughter is a doctor, working in a big-city hospital, and just as many uninsured poor people show up at the emergency room for routine health care as before (this is the way around not having insurance).

So some of that $10,000 I'm paying is the concierge service, and the remainder is for the Medicare supplemental; drug supplemental fee; and one other small supplemental.

 

[bbqbrett]

Finally, whether or not you do set up your own food truck, you should most definitely watch this great film about a chef who got fed up cooking for someone else and decided to do just what you're contemplating: start cooking from a food truck. The movie is a really fun two hours. You'll recognize quite a few of the actors. Here's the trailer (the food truck shows up at about the 1:30 mark):



The name of the movie is Chef.[/QUOTE]

Yeah, I have seen that movie. Pretty cool. They even stop by Franklin BBQ.