Nick Nanakos is changing the food truck industry by combining his passion with innovation. As a studentpreneur, Nick started TruckBux, the app for food trucks, while he was in college. In this episode of The Studentpreneur Show we learn how TruckBux is helping food trucks skyrocket their profits through their streamlining service.
What is Truckbux?
TruckBux is an app for food trucks. The vendors sign up (for FREE) to share their menu, location, and payment options with customers. When customers use the app they can see what food trucks are open near them, their location that day, place an order (hello, skip the line), and have more payment options than cash.
A Brief History of the Food Truck Industry
CEO and Founder, Nick Nanakos gives us a brief history about the food truck industry. He shares that before the recession of 2008, food trucks were rare. Within the past 11 years the country has seen a significant food truck industry growth. Over the past three years, the truck vendors have experiences an increase of 300% in revenue.
Nick Nanakos credits the financial hardship of the 2008 recession with jumpstarting the food truck trend. With limited funds, new restaurant owners could experience a better profit with a mobile truck than with a brick and mortar location. The accessibility of the food truck option lured great chefs and entrepreneurs all over the country. ISBIS World reports that over 23,000 food truck businesses are in operation in 2019 and are only expected to grow!
Problems in the Food Truck Industry
While we all know the amazing reasons why we love food trucks (the amazing food, the personalization, the convenience, just to name a few), TruckBux acknowledges that these great businesses still face challenges. They are addressing the problems with food trucks head-on. What are these problems? Nanakos mentions the following challenges: long lines and wait times, many food trucks are cash only businesses, and sometimes they are hard to locate.
How does TruckBux create solutions?
TruckBux fixes all of the food truck problems for the customers and the vendors. When customers sign in they can choose the food truck, see where they are located that day, make an order, and pay with Venmo, Apple Pay or credit card. The customer will then be notified once their order is ready, so they don’t have to wait in line at all!
The food trucks have also seen an incredible increase in revenue because of TruckBux. Some vendors are reporting a 500% growth in a year since signing up with TruckBux! Because of the app, customers know where they are located and have more payment options even if the truck itself only takes cash. Both solutions strongly alleviate the issues food trucks have with sustaining customers.
What is the Mission of TruckBux?
With the food truck industry already rapidly growing, TruckBux aims to help power the sustained growth of the industry. To do this, Nanakos and his team are finding ways to increase the sales of vendors and get the app in use by more food trucks. He also wants to be part of the amazing experience customers can have with food trucks. With the app, they still get the full food truck experience but without any hassle.
How did Nick Nanakos create his business model?
Nick Nanakos started his college career pursuing finance. Between his classes and working in the wall street sphere he learned that this path wasn’t making him happy. He took the leap and made the switch. It wasn’t too hard to find his love for the food industry. Nanakos grew up in restaurants. His mom owned and operated a Greek restaurant. He’s very familar with the food industry and all the good and bad in between. Knowing that he wanted to create something larger than one or two brick and mortar eateries, Nanakos combined tech with his love of food trucks.
For the business, Nanakos aims to keep it simple. He says that simple messaging for marketing to food vendors and to customers works every time. He also aims to solve their biggest problems by making each aspect as simple and easy for everyone involved.
This simplicity includes how vendors sign up for the app. They complete a simple form and within a couple of days, their food truck information is up and running on the app! It’s free for trucks to join, too! TruckBux makes their revenue by charging a small percentage (smaller than other food delivery platforms) on each order made by a customer on the app.
The app also includes insight for vendors as to how TruckBux is helping them grow their market. When using the app vendors can run reports on how many of the customers are using TruckBux to find them. This comes is handy when bootstrapping business owners are ensuring that each of their tools is making them money and saving them time.
Best Tips for Entrepreneurial College Students
TruckBux CEO Nick Nanakos shares his best tips for college students with the entrepreneurial spirit! As a college student, he notes, this is the time to take risks. Do what inspires you and pursue what you want. Now is the time to make changes if you aren’t happy.
Nick also shares that college students are very beneficial for start ups. College students are hungry for experience, willing to work hard, and excited about new ideas. So, if you’re a college student, consider partnering with a start-up!
To learn more and download the app head to https://www.truckbuxkitchens.com.
The Studentpreneur Show is proudly hosted by BookScouter.
