Do you have passion in cooking? This skill can make you money through a catering business. Catering is a business venture in which you will provide food services during events and other occasions, but it is different from event management and planning.
Whether you want to start a small catering business or cater huge number of people, it’s important to create a business plan. It will guide you identify, obtain and sustain the goals of your proposed business. Although you have the passion and skills to provide a caterings service, you can’t start the business without a business plan.
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With this, it makes sense creating a well thought business plan. Here are some points that you can include in your business plan;
- Overview
Citing the overview of the industry is a proof that you’re knowledgeable about the business venture that you want to get into. You need also to provide information about the catering business you want to start either a stand-alone or with banquet halls and catering staff. Would you offer food off-site?
- Background of the company, goals, and objectives
As the owner of the catering business, you should discuss your strength, education, and experiences. Layout the goals of your proposed business and how you can obtain those goals.
- Create a timeline
It is important to create a timeline for achieving or reaching your objectives and goals. This will help you determine how long you need to establish your business and grow your business. The timeline will keep you on track on how your business progresses.
Having a fully structured or organized company creates a strong impression. Keeping your manpower organized would mean a more productive business. With this, all the employees will know their individual responsibilities and how they can help the business to grow and succeed.
- Product
The details of the products or services that you’ll offer to your customers should be included in the business plan. As a catering business, you need to outline the type of meals that you will provide.
- Marketing
To become effective in your marketing strategy, the first thing to do is to identify the target market and describe who are they. You must also know how you’ll reach them and determine their needs. Provide a clear information how your target customers will reach you. It also makes sense to know your competitors.
- Service cost
Before finalizing your service cost, try to compare yourself to your competitors. Make sure to offer the best possible service cost that will keep your business afloat.
- Implement SWOT
This means that you need to identify your Strengths, Weaknesses, Opportunities and Threats.
- Suppliers
This is very important part of the business plan because you need to look for suppliers or vendors that wouldn’t fail you.
- Financials
Include in the business plan your sales forecasts and projections as well as your capital requirements. Do you need to apply for startup loans or is there an investor?
Knowing how to create a comprehensive business plan will spare you from making mistakes throughout the operation of your catering service business.
