65% of startup Catering Businesses go under within the first three years, and 30% cannot survive six months. To ensure that you have a better chance of surviving we have put together a list of the things you need to do to make sure your Catering Business is successful. Sole trader or limited company? The structure you select for your organization will impact on the tax you will have to pay and how much statutory and fiscal accountability that you are responsible for. As a sole trader you and your organization are really the same thing, whilst the assets and liabilities of a limited company belong to the business, as this is a separate legal entity. Define your target audience. Attempting to sell everything to everybody will never work. Your organization should be centered on your prospective customers and everything you do, from your businesses online store to your marketing campaigns, must engage them. Consulting your likely clients will make them feel they are important to you, will establish allegiance, and will boost the likelihood of them endorsing your organizations to third parties.
Size up your Catering Businesses competition. Which other sellers are providing what you are preparing to provide? What are their strengths and weaknesses when compared to your merchandise? By researching your rivals you can profit from their errors, as well as discover what their buyers are looking for. You will also determine the price purchasers are likely to pay for what your business offers, as well as the way you will characterize what you sell from others on the market.
Get your Catering Business noticed. There is little point in a stunning idea if nobody hears about it; so how can you get seen? If you do not possess a hefty marketing budget, start modestly and concentrate on building relationships. Use social media and network hard to start initiating a decent image with not only likely clients, but also journalists, business bloggers, possible suppliers, relevant businesses and your local chambers of commerce.