1. Research the Market in Your Location

Before creating a firm business plan, it’s essential to ensure your idea is likely to have a place in the market. Research your location for existing food truck businesses and consider how your ideas compare to what’s already out there. Consider the population demographic and areas where you’ll be able to sell your products.

Laws governing food trucks differ from one city to the next, regarding the hours food trucks can operate and how close they can be to brick-and-mortar restaurants. Research these regulations and consider how they’ll impact your business. 

2. Develop a Sound Business Plan

Every successful business begins with a sound business plan, and a food truck is no exception. Your food truck business plan should include the following:

• Business name, concept, and logo
• Upfront expenses, funding plans, and financing requirements
• Target market and competitors
• How the business structure and operations will be organized
• Financial projections concerning overhead costs (including employees) and potential profits

3. Register Your Business

Your business must be registered for you to apply for funding and vendor licenses. The steps for registering your business in California include determining what type of business you’ll be running (most often a limited liability company, or LLC) and filing legal tax and identification documents. By setting up your food truck as an LLC, your personal assets will be protected from claims against your business. 

4. Get Financing

While overhead for food trucks is typically lower than that of a traditional restaurant, you’ll be facing substantial startup costs. Funding options that may be available for starting your food truck business include:

• Investors
• A bank or government business loan
• A loan supported by the Small Business Loan Guarantee Program
• Personal loans
• Credit

5. Purchase Your Food Truck

Once you have all the legal details in place, it’s time to find and buy a truck. When choosing a food truck, it’s essential to consider its condition and the features that will help you run your business efficiently. Innovative designs and quality build-outs will help gain attention and run your business efficiently. It’s also essential to consider health department inspection requirements before making your purchase.

6. Obtain Necessary Licenses and Permits

The licenses and permits you’ll need can differ by your location. Requirements typically include:

• Brand trademark
• Tax identification number
• Business license and registered physical address
• Food handler permits and health permits
• Food Safety Certification and mobile food facility permits
• Worker’s Compensation insurance

7. Buy Equipment and Supplies

Many of the supplies you need may already be installed in your food truck. Supplies and equipment you’ll need to run your business efficiently include:

• Food preparation, cooking, and serving equipment
• Refrigerator
• Warming and holding equipment
• Cleaning equipment

8. Get the Proper Insurance 

Every business requires insurance to protect against potential liability. The right business insurance can protect your food truck business from lawsuits, accidents, lost income, and equipment breakdowns. No matter what policy you choose, take the time to discuss all aspects of your business with your agent to ensure you’ll have the coverage you need. 

You may choose from the following insurance types:

• Food Truck Insurance: This all-inclusive policy typically includes commercial vehicle insurance, general liability, and workers’ compensation. Custom plans allow you to add other coverages for occurrences like customer illness and property damage. 
• Business Insurance Policy: A business insurance policy includes business liability, commercial property insurance, and business interruption insurance. You’d also need to add commercial auto insurance. 
• Additional Add-Ons: To get the level of protection you need for your food truck business, you may wish to purchase additional policies that cover issues like equipment breakdown, employment practices, food spoilage, and liquor liability. 

Make Your Food Truck Dreams a Reality With Legion Food Trucks

If you’re planning to start a food truck business, we can help. Legion Food Trucks has gathered some of the best information on initiating a business, including how to name your business, develop a solid plan, and more. Contact us today to start your food truck business on the right foot.

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Types of Food Truck Financing

Here are a few food truck financing options along with their requirements and what you can use them for.

Bank Term Loans 

This is the first option that comes to mind while looking for food truck financing. In this type of loan, your bank offers a lump sum to run your business, which you repay over a specific period while paying a variable or fixed interest rate. You need an excellent credit history to secure this type of loan. This option is best to consider while starting a new food truck business since it can help cover your upfront costs. 

SBA Loans 

Small business loans (SBAs) are provided through banks and online lenders. These fall into two categories: fixed assets and working capital. Both options provide the necessary funding to get your equipment and secure working capital. However, these come with stringent regulations, such as providing significant collateral and receipts from your major purchases for approval.

Business Line of Credit

This is the most flexible food truck financing available. It works like credit card financing, allowing you to borrow and repay money according to your terms while paying interest on the amount you use. It also doesn’t need collateral and can max out up to $250,000. Consider this loan to purchase your inventory and cater to small, unexpected expenses. 

Equipment Loan 

Equipment loans offer the financing you need to upgrade, repair, or buy new equipment to run your food truck business. You can also use it to cover the cost of upgrading or renting your food truck. To qualify, you must present a solid business plan to the creditor. 

Merchant Cash Advance

A merchant cash advance allows you to lend money you need quickly and repay the merchant by allowing them to take a percentage of your future business’s sale. The merchant usually determines how much to lend based on your cash flow. It’s best to use for buying your inventory or upgrading your business. 

Business Terms Loan

Business term loans work like mortgages. These start with an application for the loan, followed by a down payment, and then an upfront lump sum payment. You can then repay the loan for a specific period between six months to 10 years. A business term loan can help you finance your food trailer upgrade, refinance other debts, hire workers, and purchase materials.

Secure Your Food Truck Financing With Legion Food Trucks

The food truck business is dynamic and needs solid financing planning to remain afloat. However, with various financing options available, you need to know which suits your current needs. 

At Legion Food Trucks, we’ve partnered with Ford Financing to help our customers get the food truck financing they need. With good credit, we can help you make your down payment and secure the financing required to run your food truck business. Contact us to get financing assistance and begin your food truck journey.

The post What Can You Use Food Truck Financing For? appeared first on Legion Food Trucks.

Still, a crucial element for the success of a food truck business is branding. Food truck branding gives your business a unique identity, making it more memorable for customers. Since today food trucks are everywhere, you need to stand out. Here’s how to ensure effective food truck branding. 

How To Brand a Food Truck 

To craft a distinctive food truck brand, start by recognizing and grasping your special brand identity. What sets your food truck apart? Why should customers pick you over rivals? To build a unique brand, consider the following:

• How does your truck differentiate its offerings from competitors?
• What is the reasoning behind the presentation of your food?
• What narrative are you conveying?
• What core values do you wish to express in your food truck business?
• How are your personal traits going to shape your business identity?

To build the most authentic brand, your values, personality traits, and interests should drive the branding of your business. Here are three crucial steps to crafting a memorable food truck brand: 

1. Develop a Name and Mission Statement 

A strong business name can set you apart from competitors and improve brand recognition. This is especially true since the name is one of the first elements of your business a customer will have contact with. Create a name that will: 

• Identify your offerings 
• Boost your brand recognition 
• Set you apart from competitors 

After finding a great name for your business, you need to lock it down with a mission statement. Craft a mission statement that reinforces your business’s unique identity and purpose. It should serve as a reference point when making brand-related decisions. 

2. Position Your Food Truck Brand in the Market 

More than just a tagline or mission statement, brand positioning helps set your business apart from the rest. It determines how your business lives in the minds of the customers. 

Here are a few brand positioning strategies to consider: 

• Customer Service Positioning: Focus on exceptional customer experience and support to differentiate from competitors. 
• Convenience-Based Positioning: Emphasize ease and accessibility of products or services to cater to busy or time-constrained consumers. 
• Price-Based Positioning: Highlight your menu’s affordability and cost-effectiveness as a primary selling point. 
• Quality-Based Positioning: Promote superior product quality to attract customers seeking premium offerings. 
• Competitor-Based Positioning: Position against specific competitors by highlighting key advantages or differences. 

As you can see, your brand positioning strategy will influence how your customers perceive and interact with your business. 

3. Create a Brand Book for Your Business 

After establishing a foundation for your food truck branding, you need to make it concrete. Remember, consistency is key in branding. Therefore, create a brand book, often known as brand guidelines or style guides. This guarantees that all parties will utilize uniform and consistent brand details. 

The brand book should have a breakdown of all brand elements, including: 

• Brand name and tagline 
• Brand positioning strategy 
• Brand voice and style 
• Mission statement 
• Logo design 
• Brand colors, fonts, and graphics 

Additionally, it should include information on how every stakeholder should interact with the media. That also includes how you will portray your brand on social media. 

Get Started With Your Food Truck Business Today 

If you’re considering launching a food truck business, we can help bring your dream to life. Legion Food Trucks specializes in constructing and designing food trucks with premium features that can help your brand stand out. We also provide financing options to support your startup. 

Contact us to learn more about our custom food truck services.

The post Ultimate Guide To Food Truck Branding appeared first on Legion Food Trucks.

Therefore, if you are an entrepreneur looking forward to expanding your business portfolio, you should consider starting a food truck business. However, just like any other business, opening and running a food truck business requires thorough preparation and careful consideration to ensure its success. Below is a quick guide to help you get started.

Conduct Market Research and Create a Food Truck Concept

The first crucial step to take after deciding to open a food truck business is conducting extensive market research and creating a solid concept. Through market research, you will be able to identify an ideal market, preferably one that is less saturated. Another benefit of conducting market research before establishing a food truck business is learning what your competitors are vending and the local cuisine.

You can decide on the food to sell according to most consumers’ preferences. You can also choose to be unique or set your food truck apart and sell different types of food. However, ensure that your concept meets most of your consumer’s demands and is workable. Luckily, the flexibility of a food truck allows the adoption of numerous unique concepts, including healthier foods, wood-fired pizza, mac and cheese, sandwiches, and so much more.

Come Up with a Comprehensive Business Plan

A food truck business plan helps you list the details of your new venture. If you are seeking funding, potential investors will most likely request a business plan to understand your business vision clearly. A food truck business plan includes elements such as your company description, market analysis, financial projections, marketing and sales strategies, how much funding you need, and organization or management.

Determine the Start-Up Costs

It is essential to determine your start-up costs and create a budget. Some typical start-up costs in a food truck venture include licenses, permits, food truck acquisition, kitchen equipment, and initial marketing expenses. After determining your start-up costs, you can explore funding options such as:

• Equipment financing
• Working capital loan
• Small Business Administration Loan
• Vendor leasing loan
• Business term loan

Acquire Legalities and Business Permits

Some typical business permits needed when establishing a food truck business include a business license, Food Handler’s Permit, Health Department Permit, Standard Operating Procedures Document, Food Truck License, and other permits by state. The legalities and permits may vary by location, so it is essential to check with your county clerk to learn the required permits in your region.

Acquire a Food Truck

There are different ways of acquiring a food truck. You can decide to lease or purchase one. You can also choose to lease or buy a new or used vehicle. Your budget and business goals will highly determine your choice.

Branding and Marketing

After acquiring a food truck and setting it in your ideal location, you will need to promote your business by creating a unique brand identity and market awareness. The efficiency of food trucks makes it easy to advertise on social media and other online platforms. An effective marketing strategy should help you reach new customers and increase sales.

Plan your Food Truck Business with Legion

The secret to running a successful food truck business is having a solid plan and concept, strategic marketing, proper permits, and ensuring food quality. Making sure that your food truck is well-customized and has all the necessary equipment is also essential.

At Legion Food Trucks, we can help you customize or build your food truck per your business plan. Contact us to learn how we can help build your dream food truck that is ready for business!

The post How To Plan a Food Truck Business appeared first on Legion Food Trucks.

Find High-Traffic Areas

Foot traffic refers to the number of people walking or traveling on foot in a particular area, such as a street, mall, or park. High foot traffic locations are perfect for food trucks because they provide a steady flow of potential customers. You can find foot traffic in places like downtowns, office complexes, tourist attractions, parks, and near colleges.

Once you locate an ideal area, park your truck so passersby can quickly see your menu. The time of the day is also another factor that determines foot traffic. For example, if your food truck has a breakfast menu, park near a busy office building early in the morning. 

Check Local Regulations

Each state or city has rules and regulations; breaking them can result in severe legal consequences. So, before parking your truck, research the local requirements and get the necessary licenses and permits for operating businesses in the area. For instance, some cities prohibit food trucks from parking on certain streets. Others may limit the hours you can park in a particular spot to avoid monopolizing the area. By understanding and complying with local regulations, you can avoid costly fines or legal issues. 

Think About Safety

The safety of your employees, customers, and vehicles should be a top priority when finding a food truck parking spot. Safety concerns can vary from protecting your business from theft to preventing accidents and injuries. A safe parking area for your truck must be well-lit and free from obstacles that could be hazardous to customers.

You don’t want to park the vehicle in a street that is too narrow or close to moving cars, making it difficult for customers to approach or exit your food truck. It also helps if you take measures to prevent theft and vandalism. This could include installing security cameras on your truck or investing in locking mechanisms and alarms to deter thieves. 

Consider Your Target Customers

Different areas attract different people; understanding your target demographic can help you find a perfect parking spot. This will not only boost your sales, but also help you build a loyal customer base. If your menu caters to families, consider parking near playgrounds and family-friendly recreational facilities. Conversely, in case you sell artisan coffee, find a location with many college students or professionals who prefer high-quality coffee. 

Get Your Dream Food Truck Today

As you plan to start your own food truck business, Legion Food Trucks can help you realize your dream. Our company specializes in building, designing, and outfitting food trucks with top-of-the-line equipment and amenities that can make your business stand out. We also offer a range of financing options to make it easier for you to kickstart your investment. Contact us today for more information about our Legion Food Truck services. 

The post Food Truck Parking: The Secret to Success appeared first on Legion Food Trucks.

Incorporating outdoor catering requires proper planning to ensure success. It also requires equipment, labor, and capital investments and the right location to serve your food. This blog will offer food truck owners the main tips for getting started with catering.

Learn the Zoning Ordinances and Acquire the Vital Permits

The last thing you wish for your new outdoor catering venture is to get slapped with a licensing or permit fee right off the bat. Make sure to do thorough research and identify catering business licenses and permits required at your city, county, and state levels. Typically, the restaurant and catering industry falls outside of federal regulations. 

Catering business licenses and permits may differ from state to state and by local ordinances in your city or county. This means that the location of your catering business plays a significant role in the type of business permits, licenses, and corresponding fees required to run. Also, it would be best if you never forgot to renew your permits, licenses, and insurance policies to avoid fines from the local authorities. 

Visit the Location of the Venue in Advance

Before planning your outdoor catering setup, it is essential first to visit the venue’s location to have a glimpse of the layout. This will help you decide on the essential equipment you will need. You will also be able to learn about other important site details, such as the terrain, power availability, and light levels. If you cannot visit the site before the event, contact the venue representatives and inquire about the above details or any other thing you need clarification for easy planning.

Finally, after getting familiar with the venue, it is essential to plan ahead for the logistics of transporting your food and equipment to the event location. When catering for large events, you may be required to hire a larger vehicle to transport your equipment. 

Acquire Outside Catering Equipment

When serving an outdoor event, there are specific essential catering equipment you will consistently use. Typically, the equipment depends on the outdoor event. Some of the vital equipment include:

• Table settings: Napkins, glassware, flatware, tablecloths, flatware, and dinnerware
• Disposable catering equipment: Aluminum foil, paper napkins, plastic cutlery, foil pans, and plastic drinkware
• Portable cooking equipment: Outdoor grills and portable gas ranges
• Liquid propane or natural gas for cooking
• Serving equipment: Serving trays, chafer fuel, serving utensils, tray stands, and chafers
• Furniture and seating: Tents, bars, benches, folding tables, and folding chairs

Customize Your Catering Menu

It is important to evaluate the type of food or menu items that you will be selling at the catering events. Some factors that can help you define your catering menu include the attendees’ demographic, the event’s size, and special dietary restrictions you may need to add. After customizing your menu, you can also develop a pricing strategy based on food costs, labor costs, overhead expenses, and the time needed to prepare the food. 

Expanding Your Food Truck Business

It is no secret that adding outside catering to your food truck business model enhances its growth and expands your revenue streams. At Legion Food Truck, we can design a food truck customized to your catering business needs and also help you acquire the required licenses and permits. Get in touch today to learn more!

The post Adding Outdoor Catering To Your Food Truck’s Business Model appeared first on Legion Food Trucks.

For food truck owners, ghost kitchens offer a unique business model through which you can save costs while expanding your revenue stream. Read on to learn what ghost kitchens are all about and how to incorporate them into your food truck’s business model.

What Are Ghost Kitchens?

Ghost kitchens, also called virtual restaurants or micro-cloud restaurants, are physical spaces where food prep operators can cook food to sell online. Instead of having a brick-and-mortar location where visitors come to dine at, restaurants that use ghost kitchens run solely on take-out and food delivery, essentially on a model where customers consume food off-premises. 

Restaurants that run out of ghost kitchens utilize websites or food-hailing apps like DoorDash and Uber Eats to reach customers, with no visible difference seen when compared to other regular restaurants. 

What’s more, there are certain financial benefits thanks to the absence of dine-in activities. Ghost kitchen restaurants are typically located on the outskirts of cities and can prepare food in the same physical space as other restaurants. When you also consider that there is no need for an expensive storefront, you see just how much can be saved on rent and interior decoration. 

Ghost Kitchen Models That Food Truck Owners Can Adopt

The online food-hailing industry is expected to hit $500 billion by 2026 and ghost kitchens are definitely riding on this growth. Multiple models have emerged from the effects of COVID-19, but the post-pandemic era sees only a few of these substantially thriving. These “few” are ghost kitchen models that don’t entirely depend on off-premise dining — models your food truck business can easily adopt. These include;

• Running ghost kitchen operations where your online delivery workflows and staff are entirely separated from your dine-in operations. You can close up your dine-in activities when convenient and focus mainly on pick-up and delivery. 
• Providing a commercial kitchen space (a ghost kitchen) where other restaurants can rent and prepare food. You can provide this space as a commissary/shared kitchen that helps startups to save on rent expenses, allowing you to make money from that extra food truck or kitchen space you may have.
• Utilizing health and safety-compliant commissary ghost kitchens yourself. With this, you can expand your food preparation operations by hiring extra staff and avoid spending substantially on rent or equipment.

Your Next Step With Ghost Kitchens

To sum it up, ghost kitchens are physical spaces where restaurants prepare food without any associated dine-in activities. For food truck businesses, the ghost kitchen business models are perfect solutions to the challenges around acquiring kitchen equipment and location. You can operate out of fully-equipped ghost kitchens owned by other establishments and, thanks to your online presence, sell your food to anyone no matter where you may be. 

If you aren’t sure of where to start, Legion Food Trucks’ experts can guide you on the best ghost kitchen model to adopt for your specific needs. Contact us today for expansion ideas or build your dream food truck with an extra ghost kitchen space in mind. 

The post What Are Ghost Kitchens And How Can Food Trucks Use Them? appeared first on Legion Food Trucks.

The ghost kitchen business model has been gaining traction lately and you’ve probably hear alot of chatter. It’s a great way to add an additional revenue stream to your business without adding a ton of overhead costs. If you’re wondering if you should explore this concept for your business, here are five reasons why you should invest in ghost kitchens.

1. Less Overhead and Higher Profit Margins

Ghost kitchens have been seen to offer more profit than traditional restaurant setups. While traditional restaurants have an average profit margin of between 3% to 6%, ghost kitchens come with a profitability of 15% to 20%. This is up to five times more profit for you to take home or reinvest to scale up your food truck business.

2. Ghost Kitchens Are Present and Future Proof

Sales are something you wouldn’t have to worry about with ghost kitchens. To start with, 60% of Americans currently use food-delivery services at least once per week. The food delivery market itself is expected to grow to an estimated over $223 billion by 2027.

Hitting closer to home, the global ghost kitchen market still rose to a value of $52.23 billion in 2021, and in 2026 this value is expected to hit a massive $89.5 billion. All these stats simply mean more customers will flood the market and there’s potential to make even more money.

3. They Help You Save Startup Costs

Ghost kitchens are great solutions for aspiring food truck owners with limited financial capital. If you fit here, opting for a shared ghost kitchen will save you thousands of dollars on rent, equipment, interior design, waitstaff, kitchen maintenance, and menu printing, to mention a few.

What’s more, you don’t have to run on only delivery, which can cost some bucks. You can prepare your food in a ghost kitchen, package it to keep in your truck, heat the food when an order comes in, and then have customers come to pick it up at your location.

You adopt this ghost kitchen model as a starter, saving yourself some money that can be used to scale up your food truck business in the future.

4. You Safely Expand Your Business

Let’s assume you only need more cooking space and staff to fulfill an overwhelming number of orders. Would you rather spend $50,000 to $175,000 on a new truck or secure a shared cooking spot for $15 to $30 per hour? As an existing food truck owner looking for that additional revenue stream, ghost kitchens serve as your less risky investment. 

Even if you want to have a ghost kitchen for yourself, you only spend an average of $20,000 to $60,000.  You scale your business while saving yourself at least $30,000 worth of risky investments.

5. Test New Menu Items

Ghost kitchens have proven to be effective for testing out new menus for your business. You create a new restaurant online with no links to your food truck, prepare your new recipes from your remote ghost kitchen, and monitor its reception from customers that purchase from your new online outlet. This time, you safely expand your business offering without risks to your brand reputation.

Reaping Benefits From Ghost Kitchens

Ghost kitchens have opened up new opportunities for both brick-and-mortar restaurants and food trucks to utilize. When you invest in ghost kitchens, you save money on starting up and overhead costs. You explore an explosive trend that helps you to meet your business goals in the competitive food industry. 

Legion Food Trucks can help you select the perfect ghost kitchen model to invest in to reap full benefits. Contact our experts today to get started!

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What is a food truck commissary?

Food truck commissaries are approved shared kitchens that many areas require food truck owners to prepare their food in. These spaces are designed to increase food safety by providing more cooking and storage options and giving food truck owners a food prep option that is not on their personal property. Many cities do not allow individuals to run a business that involves selling homemade food, which can significantly limit their options for actually preparing food in a food truck they own. 

Benefits of a Food Truck Commissary

Many food truck owners find a commissary to be a helpful option, even if they live in an area that does not require one. 

Increased Space

Your food truck may be your own space, but its relatively small size usually cannot hold the more specialized cooking options you may have access to in a commissary. Even if you live in an area where you are allowed to operate entirely out of your truck, this may not always be your best option if you are interested in serving food that requires something more than a basic stove to prepare. 

A commissary gives you more space to spread out while you work, as well as enough room for significantly more cooking equipment. 

More Storage Space

Likewise, many food trucks do not have a significant amount of storage space. A commissary gives you more offsite storage space, which can make it possible to prepare more food than you will need on a particular day and store it for future use. However, it is always a good idea to verify the amount of refrigerator and pantry space you will have access to before selecting a commissary. 

Centralized Location 

Having an offsite work space that is near the areas you typically park your food truck can make it easier to restock during the day. Although many food truck owners enjoy operating within a relatively large radius, having a centralized location to work from can significantly boost your productivity. This can be especially true if you own and need to stock more than one food truck. 

Drawbacks of a Food Truck Commissary

Although food truck commissaries are often beneficial, there are also several potential drawbacks to be aware of before selecting one. 

Less Flexibility

Part of the excitement of running a food truck is being able to set up at nearly any event you want to, but having limited options for preparing food in your truck can impact the amount of food you are able to prepare in advance and serve each day. The distance from your main commissary may also impact how far you can reasonably travel in a day without needing to find an alternate food prep location, which may limit your ability to find the approved kitchens you need to do business further from your hometown. 

Cost 

Access to a basic commissary starts at approximately $1,000 per month, and this estimate can significantly increase if you are interested in a kitchen with high-end equipment and a wide range of extra features. 

This may not necessarily be a major drawback for well-established food truck owners that are already local favorites, but it can be a challenge for new owners that are not yet making enough to cover this fee and still bring in a reasonable profit. 

Start Your Food Truck Business

At Legion Food Trucks, we are here to help you get the most out of your food truck business. Contact us today or build your custom food truck today!

The post Everything You Need To Know About Using A Food Truck Commissary appeared first on Legion Food Trucks.

If you’re wondering about any small business loans Texas offers, there are a few different options available. Here are four small business loans Texas food truck owners can apply for:

1). SBA Microloan Program

The SBA Microloan Program is a small business lending program that helps entrepreneurs with limited access to capital get the financing they need to start or grow their businesses. The program provides loans of up to $50,000, which can be used for various purposes, such as working capital, inventory, or equipment. It is administered by the Small Business Administration (SBA), and loans are made by participating lenders, such as community development financial institutions (CDFIs) and non-profit organizations.

To be eligible for these loans, your business must:

• Be for-profit
• Have employed less than 500 people

2). Bank Term Loans

Bank-term loans are financing options that allow you to borrow money from a bank for a set period. The loan term can vary, typically between one and five years. This type of financing is often used for large purchases, such as food trucks.

When considering a bank term loan for your food truck business, remember a few things: You’ll need good credit to qualify. The interest rate on a bank loan can be higher than other types of financing, so you’ll need to be sure that you can afford the monthly payments. Shop around and compare rates from different lenders before choosing your lender. You can find the perfect loan for your business with a little research.

3). Business Lines of Credit

Business lines of credit loans are unsecured, meaning no collateral is required to secure the loan. The loan amount will also be based on the monthly sales of the food truck business. Their repayment terms are also flexible, and the interest rates are relatively low.

Another advantage of these loans is that you can use them for various purposes, such as buying new equipment, expanding the business, or even covering unexpected expenses. 

4). Merchant Cash Advances

For merchant cash advance loans, you don’t have to put up collateral to qualify. Instead, the lender will review your credit card sales to determine how much money you can borrow.

The great thing about merchant cash advance loans is that they’re easy to qualify for. Even if you have bad credit, you may still be able to get financing. And, because the loan is based on your credit card sales, there’s no need to make fixed monthly payments. Instead, the lender will automatically deduct a percentage of your daily credit card sales until the loan is paid off.

Starting Your Food Truck Business With Legion Food Trucks

After securing a small business loan in Texas, you can be on your way to owning your food truck and running a successful business. Legion Food Trucks can help. We design and build fully customized, cutting-edge food trucks for our customers from idea to completion. Each food truck that leaves our floor has passed every inspection to ensure a smooth business. Contact us now to let us help you. 

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