Securing Financing For Your Food Truck
Once you have put together your business plan, the next step is to think about your finance options.
There are a few key things you need to consider regarding finance, and we can help you every step of the way. Determining how much capital you need, how much you can contribute and the financial options available to you are the main things to consider when securing your financing.
How much capital will you need?
Firstly, you need to do the math and determine how much capital you need for the first 12 months. Figure out your start-up costs by listing everything you will need to get on the road. One-off start-up costs can include things like the fit out and vehicle, permits and licensing, professional and legal fees, initial consumable purchases, kitchen supplies, office equipment, website and marketing costs.
There are also recurring costs to consider including insurance, payroll, payment facilities (i.e. EFTPOS), vehicle and equipment maintenance and allowing for unforeseen costs (it is a good idea to give yourself 5 to 10% in contingency).
We can help you determine some of these costs including your vehicle and fit out, click here for a customised quote.
How much can you contribute?
Have you thought about how much you are able to contribute to your new venture? Depending on your capital projections, you may find yourself in a position to use your own funds to start your mobile catering business.
Dipping into your savings, getting a home equity loan or applying for a personal loan are ways to finance your new business using your own personal assets. The key to determining whether this option is feasible for you is to ensure that if your business doesn’t go to plan you have not sacrificed your personal future. Consulting with a financial advisor is the best way to determine if this is the best option for you.
What are your options?
Now we are down to the nitty gritty, there are multiple finance options available to help you kick start your new mobile catering business.
Outright Purchase
Bella Manufacturing isn’t a franchise so there are no ongoing fees or commitment to us once you have bought your customised coffee, food or promotional vehicle. This makes outright purchase the best option financially since there will be no additional finance fees or overheads to pay.
Lease or Loan
Leasing or taking out a loan to buy a customised coffee, food or promotional vehicle is a common choice and there are a number of different options. Being in the industry, we do our best to assist you. Contact us to discuss the available options in more detail.
Rent / Buy Equipment Funding
Bella Manufacturing also offers a minimum 12 month rental option on customised coffee, food or promotional vehicles through commercial equipment finance companies.
Want more information on our finance options? Send us an enquiry today.