Catering
Business Plan
average $150,000 in annual revenue
A catering business plan example, as well as a business plan writing service, are among the first things you should look at to get a good idea of where to take your catering business.
You see, the catering business is fun, with all that food you get to experiment with, but challenging, with anxious customers who want everything to go well at a get-together or adventurous foodies looking always on the lookout for something new to try out on the menu.
And that is what the catering business is all about. This should, by now, convince you of the need for the right market research service so you know who you are feeding and what they expect from you.
That said, this article will tell you a thing or two about the food service business plan so you can be better prepared on the day you launch your little catering business.
Begin With The Executive Summary
The best business plan for catering company begins with a clear executive summary. Now, this should be a summary that includes all the right details you want to introduce your company. Apart from being engaging, it should give the reader a clear idea of the goal of your company, the type of business you want to take up, your competitors, target customers, and so on.
This way, you, too, can have a fair idea of all the key sections of your business and the subsequent actions to begin with.
Now State the Company Overview
Once done with the executive summary, it would be good to come up with an overview of the company.
This should include a good analysis of the details of how you want to operate and the kind of customers you would like to cater to.
Think, do you want to make weddings memorable with your food, feed mentally tired professionals at the end of corporate sessions, make social events fun with an interesting display of the items you specialize in, or what else? You know better, so make a decision, and don’t forget to put that in your company over the company overview.
If you are running out of ideas, there are catering business plan examples that you can look into.
Perform An Industry Analysis
The business plan for catering company cannot begin without an analysis of the industry.
A good industry analysis can surprise you with its multiple purposes, from educating you on the different strategies you need to come up with to help you find your area of expertise. Also, make sure you do it right by hiring a market research service that gives you all the information you need.
This way, you can come up with the right decision on the size of the business, to begin with, the number of suppliers you need, how to deal with your competitors, and finally, a good plan on where you want to see your catering business in the next five years.
Know Your Customers
It’s time you know your customers and the people you will be catering to. So, do you want to be serving businesses or providing food directly to consumers?
While the former includes dealing with event planners, office managers, sales professionals, and administrators, in the case of the latter, you will be directly serving people at parties, functions, college events, and other social gatherings. You can look up sample catering business plans to get a fair idea of the two to decide which of them would be ideal for you.
Once done with that, you can come up with a clear business plan for catering by considering the age, gender, and other characteristics of the kind of people you will cater to.
You can then look up specific catering business plan examples that go with the kind of business you want to run to better educate you.
Plan On the Marketing
Now, we come to the part that every business plan for catering company should follow if it wants the right customers: marketing.
And how do you do that? Well, you first need to remember the four Ps: product, price, place, and promotion. That should give you all the education you need. So, you begin with the kind of food items you will be offering. You then fix a price for each. A good business plan writing service will advise you to start small, so don’t make it too pricey.
What next? We hope you decide on the place. This needs no elaboration, as you probably already have the layout and decor in mind.
And finally, with all that in place, you decide on how you want to promote your company. Don’t forget to have a good look at a sample catering business plan to make a good decision about all of these.
Execute Your Operations
And once you have the word of mouth being spread, it’s time to begin operating. Hopefully, very soon, you will have customers looking forward to your little business.
So, the earlier you have all your services and supplies in place, the better. Set milestones as it helps you to be more focused on where you want to go. The more focused you are, the faster you grow. This way, you can also keep an eye on your success and growth.
Get the Team In Place
If there is one thing that you will find common in most catering business plan examples, it is that they have a good management set in place, which means you need to have one, too.
Make sure that you hire all the right people who are passionate about the success of your business and will do what it takes to make your catering business dream come true.
Don’t Neglect Financial Plan
And last but not least, we come to the financial plan, for you do aim to make money, don’t you? Then, make sure that you have a financial statement in place, a plan that you can break out on a monthly or quarterly basis in the first year. This should include all the right financial statements and balance sheets that you can refer to.
All this will give you a good picture of your revenues and expenditures, profits and losses, till you are an expert at making money from your business.
Now Start Your Business
So, there you are. Now, all that is left is to have a look at some successful catering business plan examples. Remember that one of the biggest mistakes you can make in your business is overconfidence, so make sure that you get all the learning from businesses that have done well over the years and have a thing or two to teach you.