Cost tracking spreadsheets or financial spreadsheets are the backbones of your food truck business. So, as a business manager, for stock management in a warehouse, you need to be diligent about updating your financial projections.
In this article, we will define the necessary costs to start a food truck business. We will also provide a food truck cost spreadsheet to estimate the price of getting in the game.
Multiple stock-take businesses are using this food truck expense breakdown spreadsheet to get an overall estimate of the cost to get the company up and rolling. This food truck cost spreadsheet provides:
- Daily to weekly basis Truck Expense Spreadsheet.
- You can take early measurements to address low profits.
- It helps easy stock-take management.
- It sets realistic revenue targets.
- This truck expense spreadsheet is in Excel-based format.
- It helps Fueling, truck rents, and deliver daily to weekly payroll management.
Let’s explore some more features of the food truck accounting spreadsheet.
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Key Features Startup Food Truck Costs Spreadsheet
The word cost refers to the acquired expenditures to start a business. The expenses are the same as the expenses which are reserved for purchasing fixed assets.
Similarly, the non-operational and monthly expenses to maintain a business’s functionality are referred to as cost as well. However, the term non-operational and operational costs are also included in monthly expenses as the monthly expense spreadsheet is one of the crucial business sheets.
Again, this sheet integrates with the revenues sheet to calculate the profit of the business. The food truck cost spreadsheet template helps the business owners estimate the most significant chunk of business using a maximum of total costs.
Thus, you can make efforts to control the cost of a food truck. Another use of the food truck business plan is to keep the monthly budget under control.
So, the business owner can invest his time to ponder over the list of costs. And think back if the cost is necessary. Further, the food truck expense spreadsheet turns your attention to reducing food truck costs using the spreadsheet template.
Elements of Food Truck Cost Spreadsheet
The food truck spreadsheet has two essential elements. The first section recruits the startup cost for starting the food truck business. While the lower section shows the ongoing cost head of the food truck business.
Anyone, through this spreadsheet template, can take the cost heads. Also, an individual can make a realistic estimate of starting a food truck business.
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Food Truck Cost Spreadsheet
Costs will vary from city to city and state to state due to the wide variety of regulations and requirements. To get a rough idea of costs, use this handy spreadsheet.
Food Truck Start-up Costs
|Food Truck + Wrap & Equipment||$25,000 – $100,000||Include any remark you’d like.|
|Initial Product Inventory||$1,000 – $2,000|
|Permits and Licenses||$100 – $500||It depends significantly on the specific region in which your business is located.|
|Website||Free – $5,000||Quite variable according to specific needs.|
|Facebook / Twitter||Free|
|Register / POS||$200 – $1,000||In addition, you can utilize an iPad and a corresponding app to process credit card payments.|
|Uniforms / T-Shirts||$0 – $1,000|
|Paper Products (Plates / Napkins, etc.)||$200 – $300|
|Misc. Expenses (Like a Chalk Menu)||$500 – $2000||Budget for the possibility of incurring some unanticipated costs.|
|Smallwares: Pots, Pans, etc.||$1000 – $2000|
|Fire Extinguisher||$100 – $300|
|Total Low End||$28100|
|Total High End||$114100|
Food Truck On-Going Costs
|Item||Monthly Estimated Cost||Notes|
|Commissary / Commercial Kitchen||$400 – $1,200||Commissary prices vary widely depending on location and the services offered.|
|Phone / Internet||$100 – $200|
|Fuel||$500||This varies considerably.|
|Labor||—||Wages typically range between $8 and $15 per hour.|
|Repairs||$1000||It’s preferable to set aside money for it ahead of time.|
|Food / Beverage Restock||—||Depending on how often you’re open and how much you spend on food.|
|Paper Product Restock||—||How often and how much money is spent on meals determines this.|
|Social Media Marketing||$0 – $500 monthly||Most food truck owners handle social media marketing to save money.|
|Total:||$40,000 – $125,000|
How to use a Food Truck Cost Spreadsheet?
The importance of using a food truck cost spreadsheet is crystal clear now. Also, the monthly costs and essential elements of a food truck startup are precise.
Now, we encourage you to download the food truck cost spreadsheet to estimate the starting cost of your business. Also, it is essential to know how to use the food truck expenses spreadsheet.
Well, a food truck cost spreadsheet is easy to create via MS Excel or Google Sheets tools. Thus, it is easy to use, customize, and edit. Further, we prefer Google Sheet based spreadsheet as it is easy to access.
Also, you can manage it via google cloud. Thus, you can update it anywhere and anytime.
“What is the actual cost of operating a food truck? It’s possible to spend as little as $50,000 or as much as $150,000 on this, depending on various criteria.
The numbers in this template—low and high beginning cost estimates—are flexible enough to suit your needs. Adjust line items on the Low or High estimate sheets as needed for your firm and watch as the graphs redraw to reflect the new data.
Low Estimates for Food Truck Cost Spreadsheets
Low-estimate food truck cost spreadsheets are for you:
- If you need to reduce trucking expenditures and are renovating an old truck, consider
- If you want the bare essentials in your cooking.
- If you’re a small business with a handful of workers that focus on serving a particular region.
One-Time Costs Spreadsheet
Recurring Time Costs Spreadsheet
High Estimates for Food Truck Cost Spreadsheets
High-estimate food truck cost spreadsheets are for you:
- 1) Buying a new truck and customizing it to your specifications.
- 2) Preparing your meal is labor-intensive and time-consuming, requiring a wide variety of specialized tools and supplies.
- You have a sizable workforce that covers a vast area.
One-Time Costs Spreadsheet
Recurring Costs Spreadsheet
Excel Template Custom Create
So, the food truck cost spreadsheet startup has five sections or columns. The first column enlists the description of expenses. While the other three columns enlist the estimation of costs. Further, the last column of the spreadsheet documents the actual value of the costs. Similarly, the ongoing food truck cost spreadsheet has four columns. And the first column enlists the description of the expense. While the second column enlists the budget allocation of the costs. Further, the next column documents the actual value of the expenses. Finally, the last column is to write the notes or comments of any irregularity.
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The Complete Breakdown of Food Truck Operation Costs
The food truck business is considered a low-cost company for several reasons. If you are planning to start a food truck business for the above reason, don’t forget to consider the initial investment and ongoing monthly costs.
The best way to manage and estimate overhead expenses is by using a food truck cost spreadsheet. And this spreadsheet will help to get an overall estimate of costs for starting a food truck business.
When you first launch your food truck business, there will be up-front, one-time expenses. Know that you will need to make an initial financial investment to reap the long-term benefits of these capital expenditures. Keep in mind that you will need a safety net of cash to keep your firm afloat until things start to turn a profit.
- Permits and licensing fees — Keeping your business in good standing requires getting and maintaining the necessary licences and permits. The exact amount can vary from $500 to $1,000 or more, depending on the location of the operation.
- The truck — If you buy rather than lease one, this may be the most significant expense you face when getting started. Just like any other kind of vehicle, the price of a fully equipped food truck can range widely. You can pay between $15,000 and $100,000.
- Initial food/beverage product inventory — You must stock up for the launch and afterwards. Without food, a food truck is just a vehicle. Starting supplies are going to cost you between $1,000 and $2,000.
- Register/POS — You will, of course, need a method of payment and receipt. A cash register, often known as a POS (Point of Sale) system, can cost anywhere from $200 to $1,000.
- Smallwares — These are the dishes, utensils, and appliances at your disposal when you prepare the dishes on the menu. Depending on how much you want, you may pay $1,000 or $2,000.
- Uniforms/t-shirts — This is discretionary and should be based on how many workers you anticipate, although uniformity is always appreciated from a professional image standpoint. You may freely dress by recycling old clothes or pay up to $1,000 for new uniforms.
- Initial paper product inventory — Here’s one detail that makes a big difference. It would be best to buy the bulk of your plates, napkins, and silverware to save money. Initially, you can anticipate spending between $200 and $300.
- Fire extinguisher — A fire extinguisher is also a requirement for some licences. Having the proper fire extinguishers in an emergency (grease, electrical, etc.) is crucial. A fire extinguisher could range from $100 to $300.
- Miscellaneous expenses — When establishing a business, unexpected details are inevitable. Save up between $500 and $2,000 for miscellaneous expenses.
Depending on the type of food truck you operate, your operating costs will vary significantly daily, monthly, and yearly. Do your homework and look for the best prices because it’s always a brilliant idea.
- Commissary — Commissaries are essential to doing business in most areas. It’s a method to ensure that all mobile eateries adhere to safety standards. You may count on spending $400 – $1,200 monthly.
- Insurance — Insuring a business vehicle and a motor vehicle can cost anywhere from $2,000 to $4,000.
- Food/beverage — You must keep investing to maintain your stock. The price will vary based on the type of product being sold and the quantity involved.
- Paper products — This is related to the provision of food and drink. Since paper goods don’t deteriorate quickly, you can save money by stocking up and infrequently buying from a provider.
- Gas/propane — Your operating costs will range from $200 to $500 weekly, depending on how far you go and how long you’re open for business.
- Social marketing — It’s safe to say that social media platforms like Facebook and Twitter have your back. Take advantage of the fact that this item is free of charge to expand your fan base.
- Website — There’s a limit to what can be achieved with social media. To distinguish yourself from the competition, you need a top-notch website. A high-quality website can cost you up to $1,000, not including ongoing domain costs.
- Phone/Internet — Your phone will be inundated with customer calls if you give it out. Include the fee for using the Internet with your payment processing software. There will be a monthly charge of $100-$200.
- Labor — The answer to this question is highly context-dependent. Take it off the to-do list if you and your spouse are doing it all. You’re doing it for the team. Pay your workers a remuneration commensurate with their experience and skills.
- Repairs and replacements — Broken items will eventually require servicing or replacement. You can expect to spend about $1,500 monthly on things like fixing trucks, buying new kitchen equipment, and maintaining everything else.
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Download Food Truck Cost Templates
For calculating the food truck cost, here are few templates that you can download for free.
Top 5 Frequently Asked Questions About Food Truck Cost Spreadsheet
There are many questions in the FAQ list of Calculate your food Truck Costs by Food Truck Cost Spreadsheet in MS Excel. However, the top 5 and the basic ones are:
The profit and loss of food trucks depend upon many factors, such as weather, labour costs, commission, accounting issues, and parking fees at specific events. On average, a fast-food truck can require a margin between 6% and 9%.
Overall, regular costs will be around £7,914 per month. While for a restaurant, it’s considerably more at £9,385 per month. Most of your money will go on the licensing business.
Food trucks can fail due to underestimated food costs and improper inventory management. Without planning how to manage costs and expenditures, the future may not prove very bright for a business.
Yes, the food truck business is profitable. However, most of them usually spend almost all they make. You can earn a good living only if you intend to work in the truck.
To start a food truck business in the UK, you need to register with a local authority whose area you want to business in at least 28 days before starting selling there. You also need Food premises approval, Street trading license, Commercial gas safety certificate, and Food hygiene certificate.
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