Catering Business: Follow The Checklist To Start

For many people, catering seems to be very attractive and easy-to-manage business. They perceive it as a profitable business with very little hassle involved. If you are planning to set up your own catering business, you have to change that general perception you might have in your mind.

Like all the other businesses of the world, this business also requires a proper business plan and a proper feasibility in black and white. Without a detailed plan you are not going to find any customers for your business and could end up losing all of your precious investment in it.

As far as the profitability is concerned, yes, it is profitable but only for those who have done it with prior planning and organization. There are many individuals who have lost handsome amounts of money in the desire to be a successful caterer. So, better ask yourself a few questions now and plan according to the situation you will have to handle in the future. Here is the list of factors you should consider before making any investment:

Select a Strategy

The first question you should ask yourself is about the strategy you should choose. The two main categories of catering business are niche and general. Catering for selected groups or events is niche and provision of services for every type of event is a general strategy. Different types of events or celebrations include wedding, birthdays, engagements, anniversaries, parties, business conferences, etc. You may wish to serve households or business people, or you can divide your segment on the number of people you can manage to serve.

My advice for you is that if you are working in a large city go for niche marketing, because existing large competitors will not allow you to grab their share easily. A niche will allow you to specialize in a particular segment and earn profits by going for small but high paying jobs. In this way you will be able to compete with a long list of competitors effectively. On the other hand, if you have set your business up in a small town or district, you can be successful with a general strategy, since people won’t have many options to choose from and your good reputation will travel quickly by word of mouth.

Create the Best Menu for Customers

Perhaps the biggest and most crucial factor that needs your emphasis and attention, is the selection of the menu. In order to survive in this ever-growing competitive age, you need to have multiple menus with a variety of dishes in each. Include all those dishes that you think you or your cook is an expert on and can guarantee that every meal prepared will really stick out and help to build that status that you’re looking for in order to get more business. Offer your services in packages, so that a client coming in has three to four menus to choose from. After all, this is something you are supposed to be good at and your customer’s satisfaction is solely dependent upon the taste of the food you are going to serve.

Managing Cash Flow and Marketing

How you are going to finance your business is another decision you should make soon. The initial and later requirement of cash in hand is the biggest problem you will face while catering for your first customer. Planning how you are going to attract the chain of customers will make you think about the inevitable marketing expenditure. To develop an excellent business reputation and to grab a handsome market share you need to make some investments in advertising and marketing for your services.

Hire Your Manger

This is something people generally understand after some time. They are reluctant to hire someone as their manager or assistant, but when things get out of control, they eventually have to hire someone on an emergency basis. This situation leads to the hiring of not-so talented persons in the end. In order to avoid this chaotic situation, you should hire a trustworthy and qualified manager or assistant well before time.

Managing Human Resources

Collecting a bunch of qualified and experienced staff is another important task you need to accomplish before launching yourself in the market. No matter how experienced you are by yourself, you need to have individuals who can coordinate all the little details of the event being catered. Some of your staff should be able to cook as well as guide you on food storage and movement, whereas, some should possess specialized skills in particular areas.

Gain Some Experience

You cannot manage the whole business all alone. There are so many people and materials to manage in the catering business. Logistics, for example, is ignored most of the time as you need to have someone to monitor your cooking, packaging, marketing, finance etc.

In short, by focusing on all the above factors before venturing into a catering business, you would be able to increase the chances of your success substantially.

What To Expect When Investing In Real Estate

So you have seen plenty of infomercials with the dude in the nicely pressed button-upped white T-Shirt smiling ear to ear waiving his rock-solid no-money-down rags-to-riches investor course for three easy payments of a million bucks (as long as you call today) and now you are thinking, “Wow this seems like a good deal, I better get it quick before the exclusive offer expires.” You see how there is always an exclusive offer? Anyhow, That does not mean this person is not being truthful, however no matter which study course or strategy you buy into there are many key areas that a person should avoid when participating in any real estate related transaction.

The whole point in investing is to look for properties that are undervalued. How do you determine what is undervalued as opposed to over-valued? Without engaging in technical details, the conclusion is you will need experience. Much like shopping for anything else, real estate is actually one of the highest ticket products in the shopping mall of life. It is better to stick to one market, most likely the one closest to you in distance as a starting point. Using your experience and asking the right questions, you will ultimately have an understanding of the pulse of the marketplace you are looking after, and naturally recognize what is regarded as a good buy.

Of course, you are going to need to do more work! This part is actually common sense though, but executing it is where the beauty as well as payoff will come in. How do you generate income in real estate? The standard way is to purchase low and sell high. So from the initial step, you have recognized general trends in the value of properties, and are very good at finding undervalued houses. Assuming you acquire that house, you might want to take advantage of it by selling it off to somebody else for a greater price. How might you do this? Well there are many ways. For starters, most markets appreciate in worth with time so if you prefer a long-term strategy that will work. Making improvements to the property will quickly increase the price of the property as well. Think in terms of what the market wants, not what you personally want. You are not the one purchasing it; you want to sell it to somebody else for a greater price than you purchased it.

It might be a good philosophy to pass through life on a whim, but real estate is serious business, and therefore thorough financial planning and cost management is crucial for your success. Do not worry there is no need to be a finance geek, however you have to be disciplined and know your financial budget from the beginning, or you might learn that you have to make specific renovations or enhancements, and did not expect it going over budget. Think ahead of time as to what is needed before actually going forth with investing in real estate.