Do you have dreams of starting your own catering company? If so, the good news is that it’s possible. Social media and other technological developments have lowered the barriers to entry for many new businesses. However, you still need a stringent plan to get it right!
Perform Market Research
Before anything else – even thinking up ‘punny’ brand names – you need to perform some market research. It’s no good introducing a new catering company into a market that doesn’t want or need it. When performing research, look at the current services available in the niche. Don’t forget, these will be your competitors once you launch the company.
As well as competitors, speak to the local community to see if they need a catering service. If so, where do they feel as though existing catering companies are going wrong? Do customers yearn for a particular service? This could bring up potential gaps in the market.
If there’s a gap for your business, this is great news – you can proceed to the next step.
Create a Business Plan
Believe it or not, this doesn’t just mean writing some goals that you want to achieve with the business. Similarly, you can’t just write, ‘we will provide catering services to the local community’. Instead, answer the following questions:
- Where will you buy ingredients?
- What services will you provide?
- How will you advertise your business and generate exposure?
- How will you transport food and equipment to clients?
- How will you fund this venture?
- What is your USP (unique selling point)?
- What problems will you encounter?
As well as guiding the business, this plan could be the document that you show to potential investors. You need to convince these people, whether private investors or banks, that you’ve thought of everything. Often, prospective business owners leave their potential challenges out of the business plan. In reality, this shows that you know what the challenges will be and how you will overcome them. Ignoring potential problems is a bigger red flag to investors than including them in the business plan. You can also take professional help from business plan consultant in this regard.
As an example of the questions that you need to answer, how will you transport food and/or equipment? Do you have a vehicle, or will you need to utilise CVG truck rental services? How will you budget for these costs?
Embark on the journey of creating your own culinary empire by launching a bespoke food catering company, bringing exquisite flavors and top-notch service to the vibrant landscape of food catering in Singapore.
Consider Your Motivation
Even if the business seems feasible and you’ve addressed every small concern, you still need to think about your motivation. If you don’t have the motivation to see the business through, it won’t be long before you’re giving up and moving on to something new again. Before investing any money or making irreversible decisions, make sure that you’re up for the fight. If you are, it’s time to execute your plan.
Start the Business
During the planning stage, you should have canvassed potential suppliers and thought about how you will raise the funds for the business. If so, this is the time to get everything in motion. You need to put your market research to good use, apply for funding, create social media pages, and get your name out into the world. In the world of catering, word of mouth is important. Perform well for one client and they will pass your name onto several others. When starting the business, make sure you register as appropriate and follow all the necessary rules with tax. For example, incorporating a company in Singapore comes with certain tax implications, so it is highly recommended to engage professional services or corporate service providers to navigate the complexities of Singapore’s tax system and ensure that your business benefits from available incentives while remaining in full compliance with the law.
If you need help, remember that various professionals are only one phone call away. With an advanced service, you’ll leave people smiling thanks to your mouth-watering food and brilliant customer service!
