Hello guys, I've been lurking forums for a while now, it is until now that I've decided to post my experience seeking advice from different mindsets. About 2 years ago I quit my 9-5 job to have freedom of time and ultimately decided on a food truck business.
Since I did not have much capital to bootstrap the business I decided through a very careful analysis that the food truck business was the most likely to succeed in the short term. Turned out it was a good choice as the business has been profitable since day 15, however not everything is okay with it, while the business does report profits these are very low, but more importantly I'm having a real hard time scaling it up.
Problems I can't control like current economy, massive competition, high unemployment rate, political situation, inflation or demand fluctuation have put my business under probation. All these have been some heavy bumps in the business day to day profits, but ultimately, I've cleared them up, which led me to believe things can get only better.
I've been patient, but current trends suggest my business won't grow as quick as I want. I have reinvested any surplus of profit in the business to grow it up and the investment doesn't correspond directly to higher profits. There is room for potential, but without an important capital investment it might take me 10 years or more to grow it to a sustainable level assuming the best happens. Right now, I can't afford to live on my own (live with parents) and while I can accept that I don't think it’s good for my personal development (I'm currently 29). Getting into debt is no option (capital investment) as I was into debit card debt because of this business for a while and it made my life miserable, the day I got out of that debt I learned a lesson for life.
I currently put around 180-200 hours of work per month and since profits are so low I wonder if those hours would be better spent in some other activity that can grow to other kind of business instead. At this point and with the experience and things I learned from this business I'm willing to swallow my pride and accept a partial failure to myself and my parents and just embark in the next endeavor.
I appreciate your valuable insight, thanks.
Since I did not have much capital to bootstrap the business I decided through a very careful analysis that the food truck business was the most likely to succeed in the short term. Turned out it was a good choice as the business has been profitable since day 15, however not everything is okay with it, while the business does report profits these are very low, but more importantly I'm having a real hard time scaling it up.
Problems I can't control like current economy, massive competition, high unemployment rate, political situation, inflation or demand fluctuation have put my business under probation. All these have been some heavy bumps in the business day to day profits, but ultimately, I've cleared them up, which led me to believe things can get only better.
I've been patient, but current trends suggest my business won't grow as quick as I want. I have reinvested any surplus of profit in the business to grow it up and the investment doesn't correspond directly to higher profits. There is room for potential, but without an important capital investment it might take me 10 years or more to grow it to a sustainable level assuming the best happens. Right now, I can't afford to live on my own (live with parents) and while I can accept that I don't think it’s good for my personal development (I'm currently 29). Getting into debt is no option (capital investment) as I was into debit card debt because of this business for a while and it made my life miserable, the day I got out of that debt I learned a lesson for life.
I currently put around 180-200 hours of work per month and since profits are so low I wonder if those hours would be better spent in some other activity that can grow to other kind of business instead. At this point and with the experience and things I learned from this business I'm willing to swallow my pride and accept a partial failure to myself and my parents and just embark in the next endeavor.
I appreciate your valuable insight, thanks.
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