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Food truck owners must think strategically as fast growth phase ends

June 18, 2018

Owning a food truck can still be lucrative, but as the industry has become more established, entrepreneurs are finding they need to think more strategically, according to a report from the Associated Press.

The fast growth period is over, according to IBISWorld, a market research firm, which projects annual revenue growth of 3 percent from 2017 to 2022, less than half the rate from 2012 to last year.

The struggles food truck owners are facing serve as proof that they now need a strategy, according to Matt Geller, president of the National Food Truck Association.

Food trucks now need a unique concept to succeed, according to one Los Angeles food truck veteran. Finding the right location to park the truck also remains a key factor, other truck owners noted.