Pro’s and Con’s of a food truck ⅚

Pro’s of a food truck:

• You are in charge of every aspect of the food truck or cart, including operations and marketing, so there is nobody to answer to but yourself.

• Since you do not have partners, a franchisor or board of directors, any profits your truck makes you keep.
• You will still need a business license, and if you will have employees, you will need to obtain an Employer Identification Number (EIN), too.
• Since you’re able to drive to the people you can broadcast your cooking, and people will not have to go far to get food.

Con’s of a food truck:

• Hard to start a business because it cost  money, unless you are individually wealthy or have rich relatives, getting enough funding to start your food truck may be difficult.

• Lost of sleep and being with your family because being a one-person operation often means that you will be working nights and weekends to get your business up and running, at least until your staff are reliable enough to handle things on their own.
• This means that you are personally liable for all of the taxes, debts and lawsuits of the business . If someone sues your mobile business, the courts can come after your personal assets to cover the settlement costs.
• You will have to take different route for instance being your own boss means that there is nobody to take taxes out of your weekly paycheck. However, at the end of the year, you are still responsible for paying social security and Medicare taxes.