Catering Business Plan – Tipps and Advice
Coming up with a business plan for your future catering business is a very important task for the entire future of the business. Investors are going to want to know all about the business and your plan for making it successful. There are a lot of things that you are going to need to keep in mind for your catering business. Your business plan will need to be unique and cover everything from initial cost to 5 years worth of projections on costs and profits of the business. There are several specific things that you will want to make sure that you cover when getting your catering business plan together.
1) Catering Business Plan: What Makes Your Catering Business Different?
There are lots of catering company’s out there. Investors have tons of different ones that they can choose from. You will need to make sure that you cover what makes yours different from all the other ones out there. Do you serve specific types of food? Do you have special dietary options for people who have certain allergies or lifestyle choices? Are there any other companies that cover your area that serve similar things?
2) Catering Business Plan: How Are You Different?
A large part of getting an investor to look into your business is to set yourself as the founder apart from everyone else. You need to make sure that they understand why you are the person that they can trust with their money and time. Be sure to cover any experience that you have in the business. Have you worked for catering companies before? What did you learn about the business? What do you know about the types of clients that you will have? What are you going to put into this business to set you aside from everyone else?
3) Catering Business Plan: Where Are You Going To Do This?
Before you ever talk to an investor you need to have scouted the area that you want to have this business in so you can write about it accurately in your catering business plan. You need a good, solid location that will hold all your equipment, trucks, kitchen equipment, serving equipment, and so on. You will also need to check the proposed building out for any repairs or upgrades it may need so you can run the business properly there. Above all, you need to make sure that you are serving an area that needs you.
Talk to local businesses that would normally have catered events and see what they need. Check out local wedding venues or any venue that does formal events. You will have to do a lot of footwork on the local area to make sure that you are stepping in somewhere that is going to need what you are offering.
4) Catering Business Plan: How Are You Going To Advertise The Catering Business?
There are lots of ways to advertise out there and you need to figure out where and how you are going to advertise, as well as a budget for this. Your catering business plan must mention these marketing instruments. Are you going to use TV, social media, flyers, or just walk into places and hand them your menu? You need to be 100% sure on how you are going to get your name out there to all the businesses and individuals that you will want to use your catering business. Make sure you note some of the places you have gone to and any of the ways you have looked at to advertise. Your investors will want to know how you are going to do it and how much it is going to cost them.
5) Catering Business Plan Loan Interview: Be Prepared For Questions!
Every investor is going to want to ask you a ton of questions that you may or may not have thought about. Every founder is ready for the normal questions, but be prepared for investors to ask questions that will throw you off guard, even if your catering business plan is really good on point. Here are some examples:
1. Who believes in you and how can I contact them?
2. What entrepreneurs do you admire and why?
3. How do you track trends in your market?
4. Tell me a story about someone using your catering service.
5. How did you come up with the amount of money you need and could you do it with less?
6. How can I get in touch with a few people who have had your food before?
7. What will the catering market in your area look like in 5 years with you in the area?
8. What mistakes have you already made in this business venture and what have you learned from those mistakes?
9. If in the future we decide you aren’t the right person to run the business, how are you going to address that?
10. Have you ever been fired from a job? Tell us all about it.
6) Catering Business Plan: What Unique Selling Points are You Going to Use?
This speaks for itself. What about your business is going to make it something that people are willing to try out. Does it have a specific niche? Do you take last minute requests? What about your company is going to set you aside from every other catering business out there? Make sure that you are prepared to answer any questions your investors may have about these points.
7) Catering Business Plan: What are the unique challenges a successful catering business must face?
In your catering business plan, make sure that you cover areas that are specific to your catering business like how long it will take to get the building to code, how much equipment you will need for the kitchens and for the serving equipment. Cover the amount of chefs and servers you will need for your average catering venture. How much do you plan on paying your employees? What hours are you going to be available? Will you be including alcohol and what licenses are you going to need to be able to do that? Make sure you cover all licenses you will need for food preparation, service, and transportation. Those things will be very important to your success.
In closing, there is a lot to do, but this is your dream and your passion. Don’t let the investors forget how important this is to you. Many times investors will put money into something based on someone’s passion for the business rather than someone who just wants to get rich quick and then sale. They want long term investments to pay off and pay off big. You need to stand out above everyone else so make sure that you are ready for everything. Specifically, in catering businesses, it may be a good idea to have some different foods that you are planning on offering available for the investors to try. Many times the food itself can sell your idea. If they love it, then they are going to be more willing to invest in it.