Once you have your food truck’s menu locked in, it’s time to figure out pricing. This can be a stressful task if you’ve never done it before. You have to think about which prices will still bring you a profit, which prices the customers may think are outrageous, and what happens if you price yourself out of the local market. There are several different aspects that can influence your food truck’s menu pricing. Here’s a look at some of the key ones, courtesy of One Fat Frog Restaurant Equipment.
• Direct Costs: These costs are linked to the food itself. They include the cost of the food, the serving sizes, and how much food is wasted during the preparation process.
• Indirect Costs: These costs cover the aspects of your food truck that add perceived value. These aspects allow for higher prices. For example, the effort, artistry, skill, and time put into some menu items merit a higher price than items that are simply heat and serve.
• Changing Food Costs: Many basic ingredients and raw commodity food items fluctuate in price on a daily basis. For example, abnormally cold temperatures in Florida can damage crops, forcing the price to go up. A smart idea is to set your menu prices a tad higher for items that have the habit of increasing unexpectedly.
• Competition: Just like any restaurant, food trucks have got to keep their eyes on the competition. Stealthily examine their menu prices and be sure that yours are comparable.
The above aspects will help keep your food truck’s menu in the appropriate price range. Being able to calculate menu prices is essential to success in the food truck business.