Starting & Running a Food Truck Business by Alan Philips

Author:Alan Philips
Language: eng
Format: epub
ISBN: 9781615649068
Publisher: DK Publishing

Getting Outside Help

Knowing the ins and outs of local laws and regulations is crucial for any entrepreneur. It’s very common and advisable for new and seasoned business owners alike to seek guidance from lawyers and accountants as they decide on a business structure, seek permits, and design their business plans. Investing in the expertise of these specialists is something you should be prepared to do if you’re starting out with little or no experience in building a business.

You’ll want to find a lawyer or accountant who has experience and a proven track record in the food industry in your city. If you know people who own restaurants or food trucks in your area, ask them to recommend someone with whom they have worked. If you’re approaching one of these specialists directly, ask them for references and follow up on them. You want advisers who have helped business owners save money, navigate bureaucracy, and make sound decisions about their businesses.

A qualified lawyer can help you understand local laws and regulations and assist you in obtaining all the necessary permits for your food truck. A lawyer can draw up or review contracts, including partnership agreements, and register your business as a sole proprietorship, partnership, or corporation. An experienced lawyer can also provide you with valuable industry contacts.

If you’re having difficulty understanding some of the financial concepts involved in developing your business plan and managing the accounting records for your truck, consider hiring an accountant to help guide you through the process. He or she can help determine whether your concept will be profitable and suggest the best way to structure your company. Once you’ve launched your business, you can retain your accountant to continue managing your weekly and monthly finances to whatever extent necessary.

Lawyers and accountants can become very pricey. Many charge an hourly rate of $200 to $300 that can quickly add up to monstrous fees. It’s important that you speak to them up front about the charges prior to engaging their services. I would recommend that you ask them about setting a fee for the work being done rather than their working on an hourly basis. It will help you budget appropriately, and they’ll be committed to finishing the job, no matter how long it takes.

The bottom line when working with accountants and lawyers is to choose people you feel comfortable with and trust. These professionals will be handling your most sensitive documents and financial matters. You want to find people who provide great advice and security in these important matters.

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