Know Your Food Truck Events
Working with event organisers is not only a great way to network but it can also be one of the more profitable segments of running your business. A special event or food truck event can determine whether you have a profitable month or you just cover your costs. It’s crucial to do your research before entering an event to ensure it will bring enough profit to meet your monthly target. If an event charges you a large fee and ends up being a dud, it can seriously impact your overall profit. Here are some tips on how to work food truck events:
Have the organisers done an event in your area before? You want to find out if their events run smoothly and are well marketed to ensure it is worth your while.
- Inquire about their previous experience with events locally.
- Reach out to other food truck owners that have been to their events in the past.
- Read reviews on the previous event.
Can you get hold of the event organisers easily?
Having good communication with the organisers can ensure a smooth set up process for the event. However, if the organisers are hard to get in touch with, they’ll be even less likely to get in touch with you once they have your money.
How will organisers be promoting the event?
Every good event needs promotion to ensure optimum attendance and adequate sales. Be cautious if the organisers rely purely on social media promotions or if they believe the food trucks will advertise themselves as these strategies may not ensure a successful event. Paid advertising ROI (Return On Investment) consideration is very important, and marketing to as many communities will help the event’s attendance.
Will the organisers be charging customers for the event?
If the organisers charge the general public a large entrance fee, then the event may struggle to acquire attendance – especially if it’s a food event. Typically people won’t want to pay to get in and pay for food too, and they may expect “free samples” which may not be good for your bottom line.
What fee will the organisers charge you?
It’s important to ensure you can afford the fees implemented by the event organisers. Some large events can charge up to 35% which may require you to raise your prices to achieve a healthy profit margin. Events that charge percentages can save you in the long run and protect you from a bad event. However, if an event comes with a large flat rate fee then you can find yourself in strife if the event is unsuccessful. It’s important to ensure that if the event has a flat rate fee, they have a refund policy in place if unforeseeable circumstances force the event to be cancelled.
We recommend doing as much research as possible to find if an event is a good fit for you, and don’t be afraid to decline attendance to an event if the terms don’t suit your business.
At the end of the day, you want to ensure you make profit!