How to Make Money With a Small Catering Business. Making people happy with food that you have created and served is a very satisfying career. The key to making a go of such a business is being able to book and cater enough events so to actually make a profit. The following steps can help you make money with a small catering business. It is not always easy, but can be very rewarding.
Items you will need
- Business plan
Look through your recipes and consider the types of food you feel comfortable preparing so you can determine the type of catering you plan to do. For example, are you a gifted baker, but are not really into the fancy appetizers and full-course meals? Then perhaps you could do baking only. Whatever is the best fit for you, set aside your solid recipes you want to be your mainstay. You can always add more recipes to your repertoire later!
Decide how you will finance your small catering business. Funding can come from banks, venture capitalists, savings or family and friends. Do not borrow more than you are comfortable paying back. Keep the investments small and plan on expansion as your business grows and you make more money. Think about taking samples of your baking or cooking along with you when seeking financing--a sample of the business venture they're financing could tip the scales in your direction.
Realize that as the owner of a small catering business, you may be your own boss but you will work harder than you ever have for someone else. You need to be knowledgeable about catering along with tax laws, insurance, payroll and every other aspect of running a successful small business.
Sell the concept of your catering business to prospective clients yourself, or realize that you are a cook and not a salesperson or marketing genius and hire someone for this aspect of the business.
Write a business plan for your small catering business. This needs to include, but not be limited to, goals, demographic to target, marketing and cost to start up. Follow your business plan and don't be led astray by something that doesn't feel like it would be a benefit to your small business.
Pay attention to detail and know that one of the most important pieces of the puzzle is attitude. You must keep your eye on the prize and believe in yourself and your desire to succeed.
Do not underestimate the power of word-of-mouth advertising. You are your own best billboard by putting out consistently good service and good food. After all, when anyone has the chance to eat great food, they're certainly going to tell their friends about it!
Make sure you have at least six months salary put aside to support yourself while starting up your small catering business.