If you’ve always harboured a love of food and you’re keen to develop your entrepreneurial streak, a catering company could be the perfect business start-up for you. If you have the resources and the determination to turn a business idea into a profitable scheme, there’s no reason why you shouldn’t join the ranks of successful entrepreneurs. Make sure you have a certain degree of catering experience before you start and consider working for an established caterer to get a feel for the industry and learn crucial skills from the professionals. If you’re well prepared, you will have a clearer idea of the direction you want your new catering business to take.
Set Your Focus
What kind of catering do you want to specialise in? It helps to make this decision before you start investing in equipment or renting a commercial kitchen. Many successful start-ups begin at home and this will allow you to save money on overheads while testing out your business idea. There are four main types of catering, including wedding, corporate, social event and concession catering. Consider whether you’re most interested in supplying food for corporate events, for parties or for audiences at sporting and seasonal events. This will allow you to narrow your focus and not spread your resources too thinly. A small start-up company should develop strength in one particular area to ensure it has the best chance of success.
Do the Maths
It’s very important that you’re prepared to deal with the financial realities of starting a business. Beginners should remember that their overheads must be taken into account when they are deciding on product prices. It can be tempting to set your prices low to undercut the competition, but when the time comes to expand, you won’t be able to raise your prices overnight to accommodate this. Pricing your cupcakes is a balancing act, because on the one hand, you want to be affordable enough to attract customers, but you also need to be able to cover all your running costs. If you’re worried about handling the figures alone, it can be worth employing the services of an accountant.
Networking and Promotion
Catering companies are usually hired by event planners and wedding coordinators, so start networking with these people and offer them discounts. Take advantage of social media to get the name of your business known. Set up Twitter and Facebook accounts and use them to communicate more immediately with your customers and build excitement about your brand.
If you’re interested in starting a catering business and require affordable and long-lasting equipment, contact a specialist provider like Fridgeland.