Competitor Name
Brief Overview of Competitor
[Sender.Company] will provide its client with the following competitive advantages:
(Competitive Advantage 1)
(Competitive Advantage 2)
[sender.company] ’s branding and positioning.
The [Sender.Company] brand is renowned for its unique value proposition within the catering industry:
[Sender.Company] is known for its extensive menu offerings, providing breakfast, lunch, and dinner customization.
The company is committed to serving top-tier cuisine prepared by skilled chefs and presented by a team of sophisticated servers.
At [Sender.Company] , excellent customer service is a hallmark.
[Sender.Company] stands out with its creative approach, offering innovative event themes and concepts.
The company prioritizes and accommodates various dietary needs, demonstrating a commitment to eco-friendly practices and guest preferences.
[Sender.Company] provides comprehensive event planning services, including venue selection, décor, and entertainment.
These unique values define [Sender.Company] and highlight its dedication to delivering exceptional catering and event experiences.
[Sender.Company] anticipates its primary customer base to encompass individuals residing or working within the area of the establishment. The company's comprehensive promotional strategy to engage this demographic comprises various components.
The catering business will proactively encourage delighted clients to refer other companies or individuals by providing financial incentives for each successful referral.
[Sender.Company] will initially invest in advertising placements within local newspapers and event publications to enhance brand awareness.
[Sender.Company] will utilize local business mailing lists and business association databases to distribute informative materials to nearby businesses. These materials will offer insights into the company's offerings, feature discounts, and incentivize individuals to consider [Sender.Company] for their catering needs.
Outreach efforts will extend to local and regional newspapers and television stations, where press releases detailing the company's launch and its unique value proposition will be disseminated.
To maintain an active online presence, [Sender.Company] will maintain an informative website and circulate a monthly email newsletter.
Proactive interaction with prospective clients and strategic collaborators on diverse social media platforms, including (List relevant social media platforms), will enable the business to remain responsive to evolving customer requirements and preferences.
[Sender.Company] prioritizes catering to a wide range of client budgets while consistently delivering exceptional catering services. Recognizing the catering industry's susceptibility to price fluctuations, often driven by external factors, [Sender.Company] is firmly committed to offering competitive pricing that appeals to a broad clientele and reduces accessibility barriers. Additionally, a robust cost management strategy will be implemented to maximize profitability.
(Payment Option 1)
(Payment Option 2)
(Payment Option 3)
(Payment Option 4)
By offering these versatile payment alternatives, [Sender.Company] aims to ensure that its valued clients have a range of choices to align with their financial needs and preferences, ultimately enhancing their overall satisfaction. These options can be adjusted to remain responsive to market dynamics and evolving customer demands.
Date | Milestone |
---|---|
(MM/DD/YY) | (Milestone 1) |
(MM/DD/YY) | (Milestone 2) |
(MM/DD/YY) | (Milestone 3) |
These milestones underscore [Sender.Company] 's unwavering commitment to making consistent and measurable strides in its pursuit of success within the (Industry Name).
Source and use of funds.
[Sender.Company] will be receiving (Amount) from (Source of Fund) to launch its catering business. The funds will be used for capital expenditures, labor costs, and acquiring supplies and equipment. The following table shows the proposed startup costs:
Name | Price | QTY | Subtotal |
---|---|---|---|
Item 1 Description of first item | $35.00 | 5 | $175.00 |
Item 2 Description of second item | $55.00 | $55.00 | |
Item 3 Description of third item | $200.00 | $200.00 |
Subtotal | $230.00 |
Discount | -$115.00 |
Tax | $23.00 |
Total | $138.00 |
These are [Sender.Company] 's pro forma financial statements for the next five (5) years. It contains the business's income statement, balance sheet, and cash flow statement.
[Recipient.FirstName] [Recipient.LastName]
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Creating a business plan is essential for any business, but it can be especially helpful for catering businesses that want to improve their strategy and/or raise funding. This begs a question: what elements appropriately belong in your catering business plan.
A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.
This article provides an overview of the key elements that every catering business owner should include in his or her business plan.
Download the Ultimate Catering Business Plan Template
A catering business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.
A catering business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.
Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.
The following are the key components of a successful catering business plan:
The executive summary of a catering business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan. Follow these tips:
This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.
If you are just starting your catering business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your catering firm, mention this.
You will also include information about your chosen catering business model and how, if applicable, it is different from other companies in your industry.
The industry or market analysis is an important component of a catering business plan. Conduct thorough market research to determine industry trends and document the size of your market.
Questions to answer in the catering business plan include:
You should also include sources for the information you provide, such as published research reports and expert opinions.
This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.
For example, a catering business’ customers may include:
This information will help you determine your marketing strategy later on. It is important to remember that your target market may not always be the same as your actual customer base. In other words, you may have to market to a different audience in your catering business plan than the one you eventually want to sell your services to.
You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.
Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or catering services with the right marketing.
The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.
For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.
This part of the business plan is where you determine and document your marketing strategy. Your plan should be clearly laid out, including the following 4 Ps.
This part of your catering business plan should include the following information:
The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.
Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next three-to-five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a catering business include reaching $X in sales. Other examples include:
Hiring a certain number of new employees
Opening a second location
Rolling out a new product or service line
List your team members here including their names and titles, as well as their expertise and experience relevant to your specific catering industry. Include brief biography sketches for each team member.
Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.
Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix).
This includes the following three financial statements:
Your income statement should include:
Revenues | $ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 |
$ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 | |
Direct Cost | |||||
Direct Costs | $ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 |
$ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 | |
$ 268,880 | $ 360,750 | $ 484,000 | $ 649,390 | $ 871,280 | |
Salaries | $ 96,000 | $ 99,840 | $ 105,371 | $ 110,639 | $ 116,171 |
Marketing Expenses | $ 61,200 | $ 64,400 | $ 67,600 | $ 71,000 | $ 74,600 |
Rent/Utility Expenses | $ 36,400 | $ 37,500 | $ 38,700 | $ 39,800 | $ 41,000 |
Other Expenses | $ 9,200 | $ 9,200 | $ 9,200 | $ 9,400 | $ 9,500 |
$ 202,800 | $ 210,940 | $ 220,871 | $ 230,839 | $ 241,271 | |
EBITDA | $ 66,080 | $ 149,810 | $ 263,129 | $ 418,551 | $ 630,009 |
Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
EBIT | $ 60,880 | $ 144,610 | $ 257,929 | $ 413,351 | $ 625,809 |
Interest Expense | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 |
$ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 | |
Taxable Income | $ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 |
Income Tax Expense | $ 18,700 | $ 47,900 | $ 87,600 | $ 142,000 | $ 216,400 |
$ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 | |
10% | 20% | 27% | 32% | 37% |
Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:
Cash | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
Other Current Assets | $ 41,600 | $ 55,800 | $ 74,800 | $ 90,200 | $ 121,000 |
Total Current Assets | $ 146,942 | $ 244,052 | $ 415,681 | $ 687,631 | $ 990,278 |
Fixed Assets | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
Accum Depreciation | $ 5,200 | $ 10,400 | $ 15,600 | $ 20,800 | $ 25,000 |
Net fixed assets | $ 19,800 | $ 14,600 | $ 9,400 | $ 4,200 | $ 0 |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 | |
Current Liabilities | $ 23,300 | $ 26,100 | $ 29,800 | $ 32,800 | $ 38,300 |
Debt outstanding | $ 108,862 | $ 108,862 | $ 108,862 | $ 108,862 | $ 0 |
$ 132,162 | $ 134,962 | $ 138,662 | $ 141,662 | $ 38,300 | |
Share Capital | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Retained earnings | $ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 |
$ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 | |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 |
Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:
Below is a sample of a projected cash flow statement for a startup catering business.
Net Income (Loss) | $ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 |
Change in Working Capital | $ (18,300) | $ (11,400) | $ (15,300) | $ (12,400) | $ (25,300) |
Plus Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
Net Cash Flow from Operations | $ 21,480 | $ 82,910 | $ 152,629 | $ 256,551 | $ 380,709 |
Fixed Assets | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Net Cash Flow from Investments | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Equity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Debt financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow from Financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow | $ 105,342 | $ 82,910 | $ 152,629 | $ 256,551 | $ 271,847 |
Cash at Beginning of Period | $ 0 | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 |
Cash at End of Period | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
You will also want to include an appendix section which will include:
Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your catering company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.
A well-written business plan is critical for any catering business looking to start or grow. In addition, be sure to include a detailed financial plan and supporting documentation in your appendix. This will give investors and lenders the confidence they need to believe in your company’s long-term success.
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Starting a catering business can be an incredibly rewarding venture, offering flexibility, creativity, and a unique opportunity to express your culinary prowess. To ensure your business venture is successful, it's important to create a comprehensive business plan. Fortunately, our Catering Business Plan Template & Guidebook is here to provide you with the most up-to-date information and resources you need to make your venture a reality. This comprehensive guide will walk you through each step of the process and provide invaluable advice on how to develop an effective business plan for your catering business.
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1. describe the purpose of your catering business..
The first step to writing your business plan is to describe the purpose of your catering business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.
It also helps to include a vision statement so that readers can understand what type of company you want to build.
Here is an example of a purpose mission statement for a catering business:
Our mission at ABC Catering is to create delicious, custom-made culinary experiences that bring joy, satisfaction, and lasting memories to each and every one of our clients. We are dedicated to providing outstanding customer service and creating unforgettable, high-quality catering experiences that will leave all of our guests delighted.
The next step is to outline your products and services for your catering business.
When you think about the products and services that you offer, it's helpful to ask yourself the following questions:
You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.
If you don't have a marketing plan for your catering business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals.
A good marketing plan for your catering business includes the following elements:
Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations.
In it, you should list:
To run a catering business, you will need the following equipment and supplies:
You may also need the following permits:
The second part of your catering business plan is to develop a management and organization section.
This section will cover all of the following:
This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.
Typically, expenses for your business can be broken into a few basic categories:
Startup Costs
Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a catering business varies based on many different variables, but below are a few different types of startup costs for a catering business.
Running & Operating Costs
Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.
Marketing & Sales Expenses
You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your catering business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.
A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your catering business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses.
Here are some steps you can follow to devise a financial plan for your catering business plan:
Why do you need a business plan for a catering business.
A business plan for a catering business is necessary because it sets out goals, objectives, and strategies that provide direction to the business. It also acts as a roadmap for the business, allowing the owners and stakeholders to track progress. Additionally, potential investors or lenders may require a business plan before investing in or lending to the catering business. A well-written business plan can serve as an essential document for securing capital and launching a successful catering operation.
It is recommended to consult with a professional business consultant or adviser with expertise in the catering industry. Additionally, local Small Business Development Centers (SBDCs) often provide free or low-cost guidance and advice on creating a business plan.
Writing a catering business plan is possible to do on your own, however it is best to seek the advice of a professional who has experience in crafting and managing business plans for small businesses. A professional can provide the help you need to make sure the plan is comprehensive and tailored to your business’s unique needs. They can also ensure that the plan meets all legal requirements and fits within the local regulatory framework. Additionally, they can provide guidance on marketing, pricing, budgeting, and other business operations issues.
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Starting a catering business can be an incredibly rewarding venture, but it also requires careful planning and organization to ensure success. The key to a thriving catering company is a well-constructed catering business plan, outlining everything from your financial goals to your unique selling points. This comprehensive document serves as a roadmap to guide you through the process of starting and running your catering business, providing clarity and direction every step of the way.
In this blog post, we will walk you through the essential steps for creating a catering business plan, ensuring you have a solid foundation for your catering enterprise. From developing a menu that sets you apart from the competition to crafting a marketing strategy that gets your name in front of the right audience, our guide will help you turn your passion for food and service into a successful catering business. So, let's dive in and start building the blueprint for your catering success!
A catering business plan is a comprehensive document that outlines an upcoming catering venture's operational, financial, and marketing goals. It includes detailed plans for managing sales and expenses, a marketing strategy, customer service policies, and other important business components. The plan serves as a roadmap for starting and running a successful catering business.
A catering business plan should be comprehensive and cover all the key aspects of your business, from your target market and competition to your financial projections and marketing strategy. Here are the steps to help you create a catering business plan:
1. Write an Executive Summary
The executive summary should be a brief introduction to your catering business plan. It should summarize your company's goals, target market, financial projections, and unique selling points of your services. Keep it concise and compelling, as this section is often the first part investors or lenders will read.
2. Create a Company Overview
In the company overview section, describe your catering business in detail. Include your company name, restaurant mission statement , business structure, legal status, and ownership. This section should also provide a high-level view of your catering services and target market.
3. Develop Services and Menu Offerings
Provide a detailed description of the services you offer, including catering for weddings, corporate events, or private parties. Outline the types of cuisine you specialize in and provide a sample menu. Include any additional services your business provides, such as event planning, restaurant equipment rental, or wait staff . Discuss your pricing strategy and outline any special packages offered.
4. Design Branded Graphics
Create a consistent and professional visual identity for your catering business by designing branded graphics tailored for restaurant branding . This includes designing a logo, choosing color schemes, and selecting typography that reflects your brand's personality. These visual elements will be used on your website, social media, promotional materials, and other marketing channels to create a cohesive brand image specifically designed for the restaurant catering industry.
5. Conduct an Industry Analysis
Research the catering industry and identify trends, challenges, and opportunities. Analyze your target market and industry competition to understand your business's unique value proposition for restaurants . This analysis should also help you determine the most profitable catering services and event types.
6. Conduct a Customer Analysis
Understand your target customer base, including their demographics, preferences, and needs. This information will help you tailor your catering services and marketing strategy to effectively meet your customers' needs.
7. Analyze Your Competition
Identify your direct and indirect competitors and evaluate their strengths and weaknesses. Analyze how your business can differentiate itself and establish a competitive advantage in the market.
8. Develop a Marketing Plan
Outline your marketing strategy, including advertising, social media, website, public relations, and partnerships. Describe your target audience, key messages, and tactics you will use to reach your customers and achieve your business objectives.
9. Create a Business Operations/Operations Plan
Outline how you will manage your catering business's day-to-day operations. Include information on your equipment, kitchen facilities, staff, inventory management , and food safety practices.
10. Build Your Team and Management Structure
Introduce your management team, their roles, and their relevant experience. Include any advisory board members or mentors. Describe your company's organizational structure and how it supports the execution of your business plan.
11. Forecast Your Sales and Operating Expenses
Provide sales projections for your catering business, including a breakdown of revenue streams and potential growth areas. Estimate your operating expenses , such as rent, utilities, labor, marketing, and supplies.
12. Create a Financial Plan
Include financial statements such as profit and loss, cash flow, and balance sheets. Develop a break even analysis to show when your business is expected to become profitable. Include any funding requirements and a plan for how you will secure capital.
13. Prepare an Appendix
Include any relevant supporting documents or additional information, such as licenses, permits, contracts, or legal documents that may be helpful to readers. Use this section to offer context and support for the data and claims presented in your business plan.
By following these steps, you can create a comprehensive and effective catering business plan that sets you up for success. Remember to review and update your plan regularly to adapt to changes in the market and your business's growth.
Here is an example of how a catering business plan might look like:
I. Executive Summary
Our catering business, 123xyz Catering, aims to provide exceptional culinary experiences for events ranging from intimate gatherings to large corporate functions. With our talented culinary team, diverse menu offerings, and focus on local and sustainable ingredients, we will quickly establish ourselves as a premier catering service in the industry. Our comprehensive business plan outlines our goals and strategies for success, highlighting our dedication to quality, customer satisfaction , and sustainability.
II. Company Overview
123xyz Catering is a full-service catering company based in [City, State]. Our mission is to create unforgettable events by exceeding our client’s expectations with innovative cuisine, exceptional service, and creative presentation. Our team of experienced chefs, event planners, and service staff work together to ensure a seamless and memorable experience for our clients and their guests.
III. Services and Menu
Our services include event planning, custom menu creation, and on-site food preparation and service for various events, such as weddings, corporate functions, and private parties. We offer diverse menu options, including appetizers, entrées, desserts , and beverages. Our cuisine ranges from traditional to exotic, focusing on incorporating fresh, locally-sourced ingredients whenever possible. We also accommodate special dietary needs and preferences, including vegetarian, vegan, and gluten-free options.
IV. Branded Graphics
Our branding strategy emphasizes clean, modern design elements that convey our commitment to quality and innovation. We will invest in professional graphic design services to create a logo, website, and marketing materials that reflect our brand's values and style. Our visual identity will be consistent across all platforms, reinforcing our reputation as a reliable and sophisticated catering service.
V. Industry Analysis
The catering industry is expected to grow steadily, driven by increasing demand for high-quality food services at events and a growing emphasis on unique, memorable experiences. Our market research has identified several trends shaping the industry, such as increasing demand for sustainable and locally-sourced ingredients, as well as a growing interest in diverse and international cuisines. 123xyz Catering is well-positioned to capitalize on these trends and differentiate ourselves from competitors.
VI. Customer Analysis
Our target customers include corporate clients, private individuals, and non-profit organizations hosting events that require catering services. We will focus on serving clients in [City, State] and surrounding areas, with the potential to expand our reach as we grow. We will target customers who value high-quality, unique culinary experiences and are willing to pay a premium for our services.
VII. Competitive Analysis
We have identified several local catering companies as our primary competitors. Through our research, we have determined that we can differentiate ourselves by offering a more diverse and innovative menu, emphasizing sustainable and locally-sourced ingredients, and providing exceptional customer service. Our competitive analysis will guide our marketing strategies and help us position ourselves as a top choice for event catering services.
VIII. Marketing Plan
Our marketing strategy includes online and offline initiatives to generate brand awareness and attract new clients. Key components of our marketing plan include:
IX. Business Operations/Operations Plan
Our operations plan outlines the infrastructure and resources necessary to support our catering services. Key elements of our operations plan include:
X. Team and Management
Our team consists of passionate and experienced professionals, each bringing unique skills and expertise to the company. Key team members include:
XI. Sales Forecasts and Operating Expenses
Our sales forecast projects steady revenue growth as we establish our reputation and expand our client base. We expect to reach profitability within the first two years of operation. Operating expenses will include costs for food and beverage supplies, kitchen equipment and maintenance, labor, marketing, and general administrative expenses. We will continually monitor and adjust our financial projections as needed to ensure the business's long-term success.
XII. Financial Plan
Our financial plan outlines the necessary investments and financial management strategies to support our business operations and growth. Key elements of our financial plan include:
XIII. Appendix
The appendix contains additional information and resources to support the main sections of our business plan. This may include:
In conclusion, 123xyz Catering is poised to make a lasting impact in the catering industry. With our commitment to quality, innovation, and sustainability, we will provide an exceptional culinary experience for our clients and their guests, setting the stage for long-term success and growth.
Starting a catering business requires careful planning and preparation. To ensure success, it is important to create a comprehensive business plan that outlines the goals and objectives of your venture, as well as how you intend to reach them. This section will answer frequently asked questions about creating a catering business plan, from what should be included to how profitable the industry can be.
A catering business typically includes event planning, menu creation, and food preparation. Depending on the size of the catering service, these services can also include staffing, equipment rental, and event coordination. Some catering businesses may also offer beverage services and party rentals.
A catering business's profitability heavily depends on several factors, including the quality of food, efficient marketing strategies, and operational costs. Catering businesses can enjoy generous profit margins, depending on how well they manage their operations.
To maximize profits, caterers must ensure that their food is of high quality, that they have an effective marketing strategy to reach potential customers and keep existing customers coming back, and that their operational costs are kept as low as possible. By doing these things, catering businesses can enjoy lucrative profits and remain competitive in the market.
Writing a business plan is essential for any business. It provides direction and clarity, helps to focus resources and efforts, and provides a framework for decision-making. A business plan helps you determine a business idea's viability, set goals and objectives, identify potential risks and opportunities, and manage the resources you have available. It is also essential for securing financing, as it provides potential investors and lenders with an understanding of your business.
Creating a catering business plan is an essential step towards starting a successful catering business. It is a detailed roadmap that outlines your business objectives, marketing strategies, financial projections, and operational plans.
By following the steps outlined above, you can create a comprehensive and effective plan that sets you up for success. Remember, your catering business plan is a living document that should be reviewed and updated regularly to adapt to changes in the market and your business's growth. Start your catering plan today and take the first step towards making your catering dream a reality.
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Karen screamed for joy as tears casually rolled down her eyes.
After months of struggling to run her business, she was on the verge of securing a mega-contract with a big digital agency. This deal to cater lunch for 25-30 people daily would allow her to expand operations.
The only problem?
She had to submit a catering proposal to her potential client. And she had no idea how to go about it.
But she’s not alone.
As a drop-off caterer, I know you’re more concerned with preparing food, getting clients, and running your business.
So, creating a catering proposal may be the last thing on your mind.
But if you’re in a position or perhaps if you ever find yourself in a position like Karen, where you must submit a catering proposal, then this article is for you.
I’ll show you the essential components of a catering proposal and how to write an excellent one for your business.
But before we proceed…
Without a doubt, the global pandemic has affected the way most things are done in the catering industry.
As such, potential clients like the one who wanted Karen’s services may not require a catering proposal before awarding you a contract. They just wanted food catered and delivered to 25-30 people per day.
However, this doesn’t eliminate the fact that you still need to present your business in a professional way to attract clients.
Like, what if you could just send potential customers a link to your menu where they can easily place orders and you deliver?
You’d prefer that over investing so much time writing proposals you’re not sure they’ll approve, right?
Now, that’s where catering order automation software like HoneyCart comes in.
HoneyCart makes it super easy to automate your entire ordering process in a few clicks. You can create and manage your online menu where clients can conveniently place their orders.
Also, you can set ordering policies like how much lead time is required before placing an order, when they can make changes, or when they can cancel an order, etc.
Once your online menu and policies are set, simply copy and share your customized link on your website, social media bios, or blog posts.
Clients interested in your catering services will simply click on the link and be redirected to your online menu to place orders for as many people as they want.
Take Elizabeth Choto of Grazedat Catering for instance.
She added her HoneyCart link to her Instagram Page.
This way, her customers now place orders for as many people as they want by clicking on her link while adhering to her ordering policies.
This eliminates the need for crafting and sending proposals especially if it’s for large orders.
The result?
It has helped her reduce order processing by 80% .
In her words:
“HoneyCart made it super easy for me to build an online menu that was easy for customers to navigate and customize their orders and freeing up valuable time on my end for me to tackle other tasks. The time I spent processing orders has been cut by over 80% and it’s been such a relief and help to have more time on my hands.”
That being said, you’ll probably still come across some big catering clients who prefer to see a proposal before awarding you a contract.
For such big clients, you must know how to craft a proposal for when the need arises like in the case of Karen, our fictional character.
But you can’t create what isn’t well defined.
So let’s start there.
As investors or banks would like to see a catering business plan before giving you funds, so would clients like to see a proposal before awarding you a contract.
However, a catering business plan shouldn’t be mistaken for a catering proposal.
A business plan is a guide that outlines your goals and details how you intend to achieve them. On the other hand, a catering proposal is a document pitched to potential clients providing information about your catering services.
In it, you’ll add things like your catering menu , prices, ordering policies, terms, etc. The goal of a catering proposal is to:
This means you must be intentional about writing an effective proposal. An excellent one moves you closer to securing catering deals.
Now, I understand you wear many hats and take on a variety of responsibilities. As such, you probably don’t have the time to create a proposal from scratch.
Well, I’ve got you covered.
We’ve developed a free catering proposal template you can customize to your specific needs. I know, creating a proposal, even with a free template, is still a daunting task for drop-off caterers.
Don’t worry.
As we progress through this article, I’ll guide you on how to create one step-by-step.
Download and make a copy of the free template to follow along with me:
Ideally, it’s important to speak with clients to understand their requirements before drafting a catering proposal.
This way, you are not creating a one-size-fits-all proposal but something tailored to each client.
However, there are certain components that you must include in every proposal.
And they are:
Briefly introduce your catering business. Here, you can share your background, relevant experience, and length of time in business, and any other information that will score more points for you.
Here you provide an overall scope of the event which includes event type (business lunch, family gathering, holiday party, or office party), event venue, possible dates, number of guests, etc.
Your catering menu is one of the first things potential clients look out for in a proposal. Again, it’s important to discuss with your client before creating a proposal.
As such, you can create a menu customized to the client’s preference. Also, you should add the cost of each menu item to the proposal.
Here is a free catering menu template you can use to make a custom menu for each client.
It’s important to add the terms and policies you need your client to know about your business. And ensure they read it before signing. This way, you have full legal backing in case anything goes wrong.
Also, to be on the safe side, you should have proper legal counsel review any policies you use in your business.
So if they do anything contrary to what’s stated on your terms, you will have the right protections in place.
Now that you know some of the key elements to include, let’s take a look at how to write a catering proposal.
To follow through the steps, don’t forget to download (and make a copy) of the template here .
If Karen writes her catering proposal, the first thing she’ll need to include is a cover.
Because it’s the first thing your client sees when they read your proposal. It’s as important as the proposal itself. And it’s an opportunity to sell yourself and give clients a great first impression.
And you know what they say about first impressions. As Aleya Harris , the current Marketing Committee Chair for NACE pointed out in this article :
“ It’s what helps people to decide if they want to stick around or make a fast exit .”
As such, your cover letter needs to be top-notch to win your clients over.
But first, what’s a cover letter?
Wikipedia defines it as “a letter of introduction attached to or accompanying another document such as a résumé or a curriculum vitae” or in this case, a proposal.
In other words, it’s a brief, one-page summary that introduces your business and provides a quick overview of your services. This is where you include information like the client event type, date, time, venue, and location of the event.
Most cover letters also include the minimum guest count guarantee. Without a doubt, cover letters add a personal touch to your proposal.
Head over to the free catering proposal template we provided for a cover letter sample.
You’ll agree with me that food is one thing most people look forward to at any event.
So, to ensure the event you are catering for is a success, your offerings have to be mouthwatering. You never know how many referrals you’ll get from one event.
As such, you must pay critical attention to this part.
Based on the client’s preference, you can include a variety of menu items people can choose from. And if the client doesn’t have a menu preference, feel free to get creative with your offerings.
Also, don’t forget to add the amount each menu item costs.
Besides food and drinks, if there are other items or services you provide as a drop-off caterer, this is the section to list them.
For example, if you are providing items such as linens, tableware, equipment, silverware, dinnerware, serving dishes, and more, you can list them as well as the cost of each item.
Also, if you include additional staff, you can list all labor costs necessary to perform assigned tasks adequately. Labor costs are usually paid hourly times the number of hours and staff.
This is the total amount of all the charges in the sections above the client is expected to pay before or after the event.
Here, you break down all the items or catering services you are providing and the cost attached to each of them.
You can do this in a tabular format to give the client a better overview of the total amount they have to pay.
And if they want to add or remove anything to fit their budget, they can easily do it within this section.
As with any business, it’s important to have policies in place that clients must follow. This is a recipe for a successful event.
However, listing your policies isn’t enough. You still have to take a step further to clearly explain them. This is necessary to avoid any unforeseen disagreements between you and your clients.
The policies in catering an event sometimes depend on the client but the most common ordering policies to explain in your catering proposal are:
The last section is where you place a statement of agreement for the client’s consent and a line for his or her signature.
Below this, you can add where and how your client can make a payment just as it’s in the catering proposal template.
Running a drop-off catering business turns you into a marketer and salesperson at the same time.
You must wear both hats to attract more clients and drive sales.
And as in-person activities are starting to resurface after the pandemic, you have to be more proactive in getting clients.
Meryl Snow, a Senior Consultant for Certified Catering Consultants agrees.
“In a turbulent market, a proactive sales approach is a necessity. There simply isn’t time to sit around waiting for prospective clients to find you. This year, you’ll need to spend some time actively prospecting as the market—and the industry—grapple with the ‘new normal’ and the changes ushered in with the pandemic.”
As such, a proposal does a great job of presenting your catering services professionally to potential clients when you are prospecting.
What’s more?
It gives you an edge over your competitors when bidding for catering gigs.
But are catering bids the most effective way of attracting and converting clients?
Again Meryl Snow has something to add about this:
“While active prospecting does take more time than playing the waiting game, it can easily be done efficiently to ensure that you’re proactively gathering business and putting your best business foot forward in a tough year.”
And what’s one efficient way to ensure you are putting your best foot forward?
Investing in a commission-free catering order automation software like HoneyCart without sacrificing your precious profits to third-party sites like ezCater .
HoneyCart, built with drop-off catering in mind, gives you the option to:
The best part?
With HoneyCart, you get a unique link to share and take online orders. This way, potential clients looking for this option can simply order for as many people as they want for any event while adhering to your ordering policies.
Jim Lenz, co-founder of Two Unique Catering found this to be the case when he switched to HoneyCart. Without HoneyCart, he would have lost lots of clients.
According to Jim:
“Processing orders by phone or email was time-consuming and full of human errors. Of course, time is money. Additionally, many clients were looking for a platform to place their order so without this platform I believe we were losing business opportunities.”
Ready to drive catering sales ?
Start your 14-day free trial right away. No credit card is required.
Oh! About Karen…
She used the steps outlined in this article to create a great catering proposal.
And guess what?
She landed the contract!
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Published Nov.11, 2016
Updated Apr.22, 2024
By: Brandi Marcene
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Table of Content
If you are planning to start a catering company, you need to have a professional catering business plan. OGS Capital can help you with that; we have a team of professional business personnel and writers who work with us on a daily basis to ensure that clients get customized plans for their business. We strive to make sure that we deliver the final copy of the business plans for catering companies to the customer on time, and this has so far helped us to get referrals and returning customers.
The quality of your catering company business plan will determine whether you will get capital from investors and financial institutions. Hence, it is important to make sure that every detail in the plan is factual and verifiable before presenting it to the investors or banks.
Here are four tips for writing a good business plan for your catering company.
Adhering to these four tips will help you to come up with business plans for catering companies that you will not be afraid to present and defend when pitching the business idea to the financial institution. Let us proceed and discuss the primary benefits of having an expertly written small catering business plan.
Every decision that you make will have a positive or negative impact on your catering business. It is, therefore, important to make sure that you consider all the plausible direct and indirect effects that a resolution may have on the enterprise before implementing it to avert regrets.
A good catering company business plan will act as a blueprint that will guide you through the decision-making process. Our team will work hard to make sure that each recommendation made is right for your business. Without a catering company business plan , rest assured that you would be prone to making hasty decisions that could plunge your business in deep financial crisis.
Unknown to most people is that a catering company business plan does not aim to discuss the business idea only. It goes an extra mile to provide precise details of how the funds will be spent at every stage of the business growth. For instance, it describes the total amount of money that will be used to acquisition equipment. Hence, it will be instrumental in helping you manage your funds correctly. Note that it only takes one financial mistake to compromise the financial stability of the business.
Transparency and proper management are the two primary virtues that set professional catering companies from their counterparts. Poor or lack of transparency results in losses and unnecessary disagreements. All this information will be included in the plan to not only increase your chances of getting funding but also to help you make informed managerial decisions.
The marketing teams need to have sales goals that they want to achieve after a given duration. Without these goals, they will be operating in a void, and you will also not be able to monitor their performance.
Our marketing professionals will not only help you to come up with a marketing strategy but also provide ideas on how you should set sales targets and objectives.
If you are looking for professional business plans for catering companies that will enable you to enjoy these four benefits, get in touch with us by filling this form. One of our customer care business consultants will get in touch with you to discuss our services in details.
Catering is a business in which you provide food to remote locations to serve people at parties, ceremonies, events, filming sites, and hospitals, etc. The service can sometimes also include the provision of furniture, tables, chairs, utensils, and crockery.
If you are a person who wants to start a business that holds minimum risks, takes a small team and a little investment, then catering is the right choice for you. Besides, another good thing about this business is that it starts yielding profits as soon as it is launched.
What you need to do is just ensure that you manage and market your business plans for catering companies properly. For that purpose, the first step to take is making a business plan for catering. If you need any help regarding how to start a catering business plan, you can have it from here. Here we are providing a business plan for a catering startup, Marlon Caterers.
2.1 the business.
Marlon Caterers will be a registered and licensed catering business in Atlanta. The business aims to help people celebrate their memorable events with an unforgettable dinner. Moreover, the business will also take care of the needs of patients in hospitals by offering them healthy and nutritious food according to their doctors’ advice.
The business will provide several types of catering such as buffet catering, sit-down catering, hospital catering, corporate catering, and more.
Management is a very important factor in the catering business. It’s only through efficient management that you can ensure
To maintain a good reputation among your customers, you must know all the difficulties and risks you can encounter. The risks may include budget disruptions due to sudden cancellation of orders, or any small/ large mistake during the business operations.
Before starting a catering business, you should study many catering business startup plans and then prepare a set up catering business plan for your business.
Our target customers belong to various niches. They will include the residential community, business organizations, film studios, government institutions, and hospitals.
In this how to start a catering company sample business plans for catering companies we are enlisting the business targets set by Marlon Caterers.
3.1 company owner.
Marlon Redford will be the owner of Marlon Caterers. Marlon has acquired a degree in Business Administration from McDonough School of Business. Marlon has been serving on a managerial post in New York’s top luxury wedding planner company, Colin Cowie for four years. But a few months back, he decided to quit the job and start his own business.
Marlon always wanted to have a career in which he could utilize his creative ideas to serve his community. He loved food and had an interest in cooking as well. So he decided to make a small team and start a business plans for catering companies .
The first step before starting a catering business is creating a description of catering business plan. Your catering company business plan should cover all aspects such as startup expenses, market analysis, sales strategy, personnel plan, and an extensive financial plan for your business.
In this catering company business plan example, we have listed the business strategy created by Marlon Caterers. Marlon devised his start a catering company business plan himself as he had adequate knowledge to do so. If you don’t know how to write a business plans for catering companies , you should either take help from this sample business plan for catering service. Or you should hire a professional person.
Marlon will rent a facility in Atlanta to set up his office there and keep the inventory. He will purchase luxurious crockery, flatware, tableware, chairs, tables, and sofas to host high-end events. To serve the other categories of target customers, inventory that comes in reasonable rates will also be acquired.
Besides, Marlon will hire the general staff, chefs, waiters, and some supervisors to help him run the business.
The start-up requirements, start-up expenses, total assets, funding, liabilities, planned investment, and other parameters for the successful launch of the business are given below.
Legal | $251,000 |
Consultants | $0 |
Insurance | $30,000 |
Rent | $28,000 |
Research and Development | $25,000 |
Expensed Equipment | $57,000 |
Signs | $5,400 |
Start-up Assets | $317,500 |
Cash Required | $348,000 |
Start-up Inventory | $55,000 |
Other Current Assets | $211,000 |
Long-term Assets | $227,000 |
Start-up Expenses to Fund | $396,400 |
Start-up Assets to Fund | $1,158,500 |
Assets | |
Non-cash Assets from Start-up | $1,531,000 |
Cash Requirements from Start-up | $364,000 |
Additional Cash Raised | $54,000 |
Cash Balance on Starting Date | $32,000 |
Liabilities and Capital | |
Liabilities | $28,000 |
Current Borrowing | $0 |
Long-term Liabilities | $0 |
Accounts Payable (Outstanding Bills) | $46,000 |
Other Current Liabilities (interest-free) | $0 |
Capital | |
Planned Investment | $1,554,900 |
Investor 1 | $0 |
Investor 2 | $0 |
Other | $0 |
Additional Investment Requirement | $0 |
Loss at Start-up (Start-up Expenses) | $352,100 |
Before you start a business plans for catering companies , you must identify the services you can provide under the catering domain. Including your services in your business plan about catering, can help you in acquiring the right licenses, required inventory, and relevant staff.
In this template of a catering business plan we are enlisting the services provided by Marlon Caterers.
We’ll offer on-premise and off-premise catering in the following categories.
In this catering, our waiters will lay out the food on individual tables. So, the guests will have to eat whatever is laid out on the plates for them.
In this type of serving we will serve the dishes and food in one place. The guests will have to prepare their plates themselves according to their needs and wants.
Our wedding or party dinner will be preceded by a cocktail hour. Our cocktail servings will include Manhattan cocktail, Daiquiri, Margarita, Bloody Mary, Mojito, and Hurricane.
We will supply food, snacks, and drinks to film studios, production sets, and shooting sites located near us. As the film crew works on a particular site on a weekly or monthly basis, so we’ll offer them various weekly and monthly packages.
We’ll offer fresh, healthy, and nutritious foods to hospitals for patients. Our nutrient-rich meals will help them recover fast.
If you are starting a business plan for catering companies , you should focus on doing accurate marketing analysis. Through market research, you can identify local trends and expectations. Besides, you can also select the most suitable location to launch your startup.
Marketing analysis should be completed before you create a business plans for catering companies. Because it will help you in recognizing your customers and setting your prices accordingly while also making sure that you are not running at a loss.
excellent work, competent advice. Alex is very friendly, great communication. 100% I recommend CGS capital. Thank you so much for your hard work!
The demand for the catering business has been high in the last few years. Due to a boost in average household income, more people had started utilizing private catering services to hold events. However, there is a slight problem these days. Due to the coronavirus pandemic mass gatherings aren’t allowed. So, your business might suffer a loss in the initial phases if you only provide catering for wedding ceremonies and parties. Marlon found the solution to this problem as he decided to offer hospital and film catering too.
Overall, business is surely profitable. According to First Research, catering industries in the U.S. make up above $11 billion in revenue on annual basis. More than 12000 catering industries are running in the U.S. Moreover, Statista also reports that the market size of this business has reached $12 billion in 2020.
Before you think how to write a business plan for a catering business, you should consider who will be your customers. Knowing your customers will enable you to devise customer-oriented pricing and sales strategy.
In this sample of business plans for catering companies , we have listed the market segmentation done by Marlon Caterers.
The detailed marketing segmentation of our target audience is as follows:
5.1.1 residential community.
The biggest consumer of our services will be the residents of Atlanta. They are expected to avail of our catering services whenever they host birthday or anniversary parties, gatherings, wedding ceremonies, etc.
The second category includes business organizations that will need our catering for their business meetups, events, and parties. They are also expected to contact us for arranging just a cocktail party as that contains light refreshments and drinks to boost the energy level of workers.
Moreover, film studios that happen to shoot in Atlanta will also be needing our services. This group usually spent weeks and months on a particular site and thus need catering service continuously for days. So to compel them to hire us, we’ll offer them various weekly and monthly packages.
The last category of our target customers include hospitals based in Atlanta. They are expected to contact us for making nutritious and healthy plated foods for patients.
Potential Customers | Growth | ||||||
Residential Community | 34% | 34,000 | 35,000 | 38,000 | 40,000 | 43,000 | 10.00% |
Corporates & Film Producers | 39% | 37,000 | 38,000 | 39,000 | 40,000 | 41,000 | 10.00% |
Hospitals | 27% | 26,000 | 27,000 | 28,000 | 30,000 | 31,000 | 11.00% |
10% |
Our business plans for catering companies targets to be achieved within a specified time are listed below
Our prices are almost within the same range as that of our competitors. However, we’ll be offering several discounts on our initial stage to attract as many customers as possible.
Sales strategy is also an important component of a catering business plan proposal. Through this, you can reach your qualified customers and make them comprehend that you are better than all your competitors. To give you an idea of what to include in sales strategy, we are providing the sales strategy of Marlon Caterers in this example of marketing plan for a catering business.
Our biggest competitive advantage lies in our customer service. We are highly customer-oriented and are always willing to go the extra mile to satisfy our customers. Secondly, we have developed a user-friendly mobile app that will allow our customers to
Third, we provide on-premise catering in which we prepare the food on site. This will be a competitive edge for us as just two to three competitors are offering it.
Unit Sales | |||
Sit-down Catering/ Buffet Catering | 42,000 | 44,520 | 47,191 |
Cocktail Reception | 29,000 | 30,740 | 32,584 |
Snacks For Film Production Sites | 28,000 | 29,680 | 31,461 |
Hospital Catering | 30,000 | 31,800 | 33,708 |
Unit Prices | Year 1 | Year 2 | Year 3 |
Sit-down Catering/ Buffet Catering | $56.00 | $64.96 | $75.35 |
Cocktail Reception | $52.00 | $60.32 | $69.97 |
Snacks For Film Production Sites | $42.00 | $48.72 | $56.52 |
Hospital Catering | $39.00 | $45.24 | $52.48 |
Sales | |||
Direct Unit Costs | Year 1 | Year 2 | Year 3 |
Sit-down Catering/ Buffet Catering | $54.00 | $60.00 | $71.00 |
Cocktail Reception | $47.00 | $57.00 | $65.00 |
Snacks For Film Production Sites | $38.00 | $45.00 | $51.00 |
Hospital Catering | $36.00 | $41.00 | $47.00 |
Direct Cost of Sales | |||
While writing business plans for catering companies you should also create a list of your required employees along with their job responsibilities.
Marlon will manage the business himself. However, he will hire the following people
Quality Manager | $13,000 | $14,300 | $15,730 |
Inventory Manager | $12,000 | $13,200 | $14,520 |
Accountant | $10,000 | $11,000 | $12,100 |
Sales Executives | $18,000 | $19,800 | $21,780 |
Catering Chefs | $48,000 | $52,800 | $58,080 |
Waiters | $24,000 | $26,400 | $29,040 |
General Assistants | $15,000 | $16,500 | $18,150 |
Drivers | $13,000 | $14,300 | $15,730 |
Front Desk Officer | $7,000 | $7,700 | $8,470 |
Web Developer | $8,000 | $8,800 | $9,680 |
As you make a catering business plan, you should also start analyzing your finances. Crafting a financial plan is an absolute need for a business as it maps the ways to minimize or even avoid loss. A good financial plan comprises a strategy to cover startup expenses with earned profits. Moreover, it also proposes a systematic approach to managing employees’ salaries, cost of business operations, and costs to cater for unexpected events.
To give you an idea of how a financial plan should look like, we are giving here the financial plan of Marlon Caterers.
Plan Month | 1 | 2 | 3 |
Current Interest Rate | 8.13% | 8.18% | 8.25% |
Long-term Interest Rate | 8.30% | 8.39% | 8.46% |
Tax Rate | 23.05% | 24.67% | 25.90% |
Other | 0 | 0 | 0 |
Monthly Units Break-even | 5360 |
Monthly Revenue Break-even | $134,800 |
Assumptions: | |
Average Per-Unit Revenue | $239.00 |
Average Per-Unit Variable Cost | $0.64 |
Estimated Monthly Fixed Cost | $162,300 |
Other | $0 | $0 | $0 |
TOTAL COST OF SALES | |||
Expenses | |||
Payroll | $168,000 | $184,800 | $203,280 |
Sales and Marketing and Other Expenses | $130,000 | $132,000 | $135,000 |
Depreciation | $2,200 | $2,280 | $2,350 |
Leased Equipment | $0 | $0 | $0 |
Utilities | $3,200 | $3,300 | $3,400 |
Insurance | $1,700 | $1,800 | $1,900 |
Rent | $3,300 | $3,400 | $3,510 |
Payroll Taxes | $37,000 | $38,000 | $40,000 |
Other | $0 | $0 | $0 |
Profit Before Interest and Taxes | $85,600 | $202,538 | $336,174 |
EBITDA | $85,600 | $202,538 | $336,174 |
Interest Expense | $0 | $0 | $0 |
Taxes Incurred | $17,120 | $40,508 | $67,235 |
Net Profit | $68,480 | $162,030 | $268,939 |
Net Profit/Sales | 1.10% | 2.12% | 2.87% |
Cash Received | |||
Cash from Operations | |||
Cash Sales | $56,000 | $60,480 | $65,318 |
Cash from Receivables | $17,000 | $18,360 | $19,829 |
SUBTOTAL CASH FROM OPERATIONS | |||
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 |
SUBTOTAL CASH RECEIVED | |||
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $35,000 | $37,000 | $39,000 |
Bill Payments | $19,000 | $19,600 | $20,000 |
SUBTOTAL SPENT ON OPERATIONS | |||
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $0 | $0 | $0 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
SUBTOTAL CASH SPENT | |||
Net Cash Flow | $14,000 | $15,000 | $16,000 |
Cash Balance | $24,000 | $25,400 | $27,800 |
Assets | |||
Current Assets | |||
Cash | $279,000 | $312,480 | $343,728 |
Accounts Receivable | $25,000 | $28,000 | $31,472 |
Inventory | $5,300 | $5,936 | $6,678 |
Other Current Assets | $1,000 | $1,000 | $1,000 |
TOTAL CURRENT ASSETS | |||
Long-term Assets | |||
Long-term Assets | $10,000 | $10,000 | $10,000 |
Accumulated Depreciation | $18,700 | $20,944 | $23,562 |
TOTAL LONG-TERM ASSETS | |||
TOTAL ASSETS | |||
Liabilities and Capital | Year 4 | Year 5 | Year 6 |
Current Liabilities | |||
Accounts Payable | $18,000 | $20,160 | $22,660 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 |
SUBTOTAL CURRENT LIABILITIES | |||
Long-term Liabilities | $0 | $0 | $0 |
TOTAL LIABILITIES | |||
Paid-in Capital | $30,000 | $30,000 | $30,000 |
Retained Earnings | $56,300 | $61,367 | $67,504 |
Earnings | $195,000 | $212,550 | $233,805 |
TOTAL CAPITAL | |||
TOTAL LIABILITIES AND CAPITAL | |||
Net Worth | $268,000 | $292,120 | $321,332 |
Sales Growth | 7.31% | 8.10% | 8.97% | 3.00% |
Percent of Total Assets | ||||
Accounts Receivable | 9.35% | 10.36% | 11.48% | 9.80% |
Inventory | 5.38% | 5.96% | 6.60% | 9.90% |
Other Current Assets | 2.43% | 2.69% | 2.98% | 2.40% |
Total Current Assets | 150.00% | 152.00% | 152.00% | 158.00% |
Long-term Assets | 11.98% | 12.07% | 12.10% | 12.00% |
TOTAL ASSETS | ||||
Current Liabilities | 4.66% | 4.70% | 4.74% | 4.34% |
Long-term Liabilities | 0.00% | 0.00% | 0.00% | 0.00% |
Total Liabilities | 7.31% | 7.37% | 7.44% | 7.38% |
NET WORTH | ||||
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 93.90% | 96.44% | 99.14% | 99.00% |
Selling, General & Administrative Expenses | 93.20% | 95.72% | 98.40% | 97.80% |
Advertising Expenses | 1.60% | 1.64% | 1.69% | 1.40% |
Profit Before Interest and Taxes | 42.00% | 43.13% | 44.34% | 33.90% |
Main Ratios | ||||
Current | 35 | 37 | 38.75 | 32 |
Quick | 33 | 36 | 36.9 | 33 |
Total Debt to Total Assets | 0.22% | 0.18% | 0.17% | 0.40% |
Pre-tax Return on Net Worth | 76.00% | 76.40% | 77.12% | 75.00% |
Pre-tax Return on Assets | 92.18% | 96.79% | 101.63% | 111.30% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | 33.40% | 34.44% | 35.50% | N.A. |
Return on Equity | 55.20% | 56.91% | 58.68% | N.A. |
Activity Ratios | ||||
Accounts Receivable Turnover | 7.7 | 7.8 | 7.9 | N.A. |
Collection Days | 100 | 100 | 100 | N.A. |
Inventory Turnover | 32 | 33.6 | 35.28 | N.A. |
Accounts Payable Turnover | 16.3 | 16.4 | 16.6 | N.A. |
Payment Days | 27 | 27 | 27 | N.A. |
Total Asset Turnover | 2.5 | 2.6 | 2.7 | N.A. |
Debt Ratios | ||||
Debt to Net Worth | -0.03 | -0.04 | -0.04 | N.A. |
Current Liab. to Liab. | 1 | 1 | 1 | N.A. |
Liquidity Ratios | ||||
Net Working Capital | $237,650 | $250,958 | $265,012 | N.A. |
Interest Coverage | 0 | 0 | 0 | N.A. |
Additional Ratios | ||||
Assets to Sales | 0.85 | 0.87 | 0.89 | N.A. |
Current Debt/Total Assets | 1% | 1% | 0% | N.A. |
Acid Test | 28 | 29.1 | 30.5 | N.A. |
Sales/Net Worth | 2.1 | 2.2 | 2.4 | N.A. |
Dividend Payout | 0 | 0 | 0 | N.A. |
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A business plan for catering business helps you navigate your way through all the stages of building your company. 3 min read updated on September 19, 2022
A business plan for catering business helps you navigate your way through all the stages of building your company. Business plans help entrepreneurs stay on target while cutting stress because there's so much to think about when creating a startup business. These documents are often used for financial purposes, such as trying to get a loan or approaching potential investors.
Every business plan should contain four or five key parts. This makes sure the document includes important facts about:
Expect your business plan to evolve and grow alongside your company. The most effective business plans are living documents that change with your business.
The catering industry is thriving, and entrepreneurs can easily scale this type of business to fit their skills and financial situation. In just the US, catering is a 12 billion dollar industry that sees growth every year. Even during a struggling economy, the demand for catering increased 1.8 percent each year, giving it the reputation of being an almost recession-proof business to start. This is because people still have the life events that create a need for catered services even when the economy is at its worst.
Another reason catering is seeing so much growth is the budgets associated with catered events. For example, as far back as 2012, the average cost of catered food at a US wedding reception was 3,579 dollars. On top of that, the market segment carrying the popularity of the catering trend is households with annual earnings of six figures or more.
Entrepreneurs also find catering appealing for another reason. This highly fragmented sector of the food industry isn't dominated by an specific corporate entity. That lack of a big company hovering and waiting to grab all segments of the market means anyone who has the skill and drive to build a catering business can do it. Larger caterers have the ability to accommodate events of any size, and even cover more than one event at once, while smaller caterers are able to emphasize the personal touch they offer.
Food and equipment are the main costs for small caterers, and they are fairly easy costs to control. Due to having a head count before starting to prepare food, a caterer only has to buy the amount of food needed. This cuts waste and costs at the same time. Equipment can be rented as needed for each job, and that cost should be calculated into the quote for catering services, so it's an expense the caterer doesn't have to carry. This cuts overhead in comparison to the costs of starting a traditional restaurant.
Get hands-on experience in the field by working for another local caterer. Test your skill as an event planner by volunteering. Try working as a personal chef for a while. After you've explored the field and understand the market, select the niche you want to move into as a caterer. List the things that make your offering unique in your business plan. Do some research on the market in your area to see how many caterers offer similar types of cuisine. If you find that niche is already being done by several others, you can adjust your offerings.
The executive summary , while written last, is the first part of a business plan. It describes the business and introduces it. The company analysis provides details about your business, such as the legal structure, milestones, and its current state. The industry analysis explains the size of the market and where your catering business fits in it. The customer analysis in your business plan examines your target market and tells investors who you plan to serve in that market.
There are two main reasons to have a business plan for your catering business. A business plan is like a map. It shows you where your business is now, and the goals for the next few years so you can plan out a strategy to get there. It helps you see opportunities and things that can throw your business off track.
If you need help with a business plan for a catering business, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
Hire the top business lawyers and save up to 60% on legal fees
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Written by Dave Lavinsky
Catering Business Plan Outline
Start Your Catering Plan Here
Business overview.
Fine Foods Catering is a newly established company that will provide catering services for a variety of events and clients in the Seattle, Washington area. Fine Foods Catering will provide catering for all types of corporate and social events, non-profit fundraiser events, business meetings, luncheons, and weddings. Our services will include menu creation designed for every clients’ tastes and requirements, bar services, food preparation, delivery, service, and cleanup. Fine Foods Catering is a full-service catering company who will deliver exceptional service at an unbeatable cost. Clients will receive ultimate value when choosing Fine Foods Catering for their next event.
Fine Foods Catering will be owned and managed by local Chef Dominic Gardea. Chef Dominic has over 20 years of culinary and hospitality experience and is a graduate of Le Cordon Bleu Culinary Academy. After apprenticing under some of the most world-renowned chefs in Paris, Dominic made his way back to Seattle and led the kitchen and catering departments of a large hospitality company as an Executive Chef. Chef Dominic’s attention to detail, creativity, and passion make him a popular and often-referred Chef for local catering events of all types and sizes.
The following are the list of services that Fine Foods Catering will offer:
Fine Foods Catering’starget customers are businesses of all sizes, government entities, local non-profits, and individuals in search of catering services for their wedding, birthday, reunion, etc. Businesses are the main client of a catering company as they require catering services that range from small meetings and luncheons to large corporate gatherings, galas, and holiday parties.
Fine Foods Catering will be led by Owner and Head Chef Dominic Gardea. Chef Dominic will manage client communication, pricing, menu creation, staffing, marketing, inventory, and personnel. Chef Daniel has recruited an employee that has worked under him at the hospitality company for the past seven years, Matthew Knowles. Matthew is a certified Sommelier and Lead Bartender. Matthew is exceptionally skilled at mixing fresh and exotic cocktails and cultivating an elegant wine menu that includes selections to satisfy all wine palates. Matthew will be in charge of leading the bar program for Fine Foods Catering.
Fine Foods Catering will be able to offer the following advantages over the competition:
Fine Foods Catering is seeking $136,500 in debt financing to open the catering business. The funding will be dedicated to secure the commercial kitchen lease, professional insurance for bonding, working capital to cover supplies and personnel, marketing costs, van, inventory, and supplies. The breakout of the funding is below:
The following graph below outlines the pro forma financial projections for Fine Foods Catering.
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Investors are completely writing off the chip giant.
Intel 's ( INTC -2.46% ) turnaround was always going to be a drawn-out affair. The company has been making massive investments in manufacturing to catch up to and surpass TSMC in terms of manufacturing technology. The Intel 18A process, set to be ready by the end of the year and scale up throughout 2025 and 2026, is expected to battle the best process nodes TSMC has to offer.
Intel is aiming to use its new manufacturing processes to revitalize its PC and server-chip businesses, both of which have been held back by delays and missteps on the manufacturing side. The company also has plans to grow into the world's second-largest foundry by 2030, which would require more than $15 billion in annual external-foundry revenue by the end of the decade. Intel's goals are ambitious, to say the least.
One downside of Intel's strategy: It can take years for these manufacturing investments to pay off. The foundry business is currently posting multibillion-dollar losses, the result of heavy spending and essentially no external revenue. Intel has booked at least $15 billion worth of external-foundry business, but much of that won't be converted into revenue until 2025 or 2026.
As Intel is pouring capital into manufacturing, the company is facing a weak PC market, competitive pressure from AMD , and a priority shift among data-center customers toward AI chips and away from standard CPUs. Intel missed estimates for its second-quarter report earlier this month, and its near-term outlook has become bleak enough to prompt the company to enact a broad cost-cutting plan.
Intel expects to slash its combined operating expenses and capital spending by at least $10 billion in 2025, as well as suspend the dividend to free up cash. This plan includes laying off about 15% of its workforce. Importantly, Intel isn't pulling back on its manufacturing goals. While the company is reducing its capital spending to a degree, nothing has changed about its long-term foundry targets.
Intel stock tanked on this news. Based on one metric, it's now cheaper than it's ever been.
The price-to-book value ratio (P/B), which takes a company's market capitalization and divides it by assets minus liabilities, is only useful in cases where earnings power is derived from physical assets. A manufacturing company fits the bill, while a software company generally does not.
Intel is very much a manufacturing company. The company had over $100 billion worth of property, plant, and equipment on its balance sheet at the end of Q2, accounting for about half of its total assets. For Intel, the P/B is a useful metric.
INTC Price to Book Value data by YCharts.
INTC Price to Tangible Book Value data by YCharts.
You have to go back decades to find a time when Intel was close to this cheap based on these two metrics.
What's the "correct" P/B ratio for Intel? That's impossible to answer, but generally speaking, the higher the return on invested capital (ROIC) , the higher the P/B ratio should be. A company that manufactures commodities, swinging between profits and losses, shouldn't trade at much of a premium to book value.
Intel doesn't make commodities, and it has historically managed a ROIC between 15% and 20%. That metric has tumbled recently as Intel has ramped up investments while facing multiple challenges, but the cost-cutting plan should help the cause.
Intel stock now trades for a bit more than 70% of its book value. The market is assuming that Intel is never going to recover. While the company may never be as dominant in its core markets as it once was, writing it off completely makes little sense.
It's going to be a tough few years for Intel, but if you think the chance of a turnaround is anything greater than zero, this is a great time to buy the stock.
Timothy Green has positions in Intel. The Motley Fool has positions in and recommends Advanced Micro Devices and Taiwan Semiconductor Manufacturing. The Motley Fool recommends Intel and recommends the following options: long January 2025 $45 calls on Intel and short August 2024 $35 calls on Intel. The Motley Fool has a disclosure policy .
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Welcome to the Money blog, your place for personal finance and consumer news and tips. Today's posts include a look at Premier League jersey prices and a timeline for new visa charges in Europe. Let us know which discontinued sweet or treat you'd like to see revived in the comments box.
Tuesday 20 August 2024 20:59, UK
The first £1 coins featuring King Charles have entered circulation, with collectors encouraged to look out for the historic addition to the nation's change.
Nearly three million of the new designs will be making their way into pockets and tills across the country this week, via Post Offices and banks throughout the UK.
The £1 coin has a pair of British bees on the "tails" side, in honour of the King's passion for conservation and the natural world, and Charles' official coin effigy on the obverse, or "heads".
The other designs, which will be introduced in line with demand, are the 1p showing a hazel dormouse, the 2p red squirrel, the 5p oak tree leaf, 10p capercaillie grouse, 20p puffin, and the £2 with the national flowers - rose, daffodil, thistle and shamrock.
Giving workers the "right to switch off" is key to productivity and could boost economic growth, Downing Street has said.
Labour has promised to give employees the right to ignore work-related calls and emails out of hours, so homes do not become "24/7 offices".
Ministers are looking at models in other countries where there is already a right to disconnect, such as Ireland and Belgium.
The prime minister's spokesperson said the plan was about making sure "we're not inadvertently blurring the lines between work and home life".
The plans were not a "one size fits all" and would recognise companies vary and people have different roles, she added.
The number of firms in England and Wales going bust last month rose by 16% year-on-year, according to official figures.
Commentators said the 2,191 company insolvencies showed how many businesses were still recovering from the impact of high inflation and borrowing costs, despite growing optimism about the UK's economic outlook.
The figure was 7% down on June's total, but insolvency levels remain much higher than those seen during both the pandemic and in the years following the 2008/09 financial crisis, officials said.
Rebecca Dacre, a partner at advisory firm Forvis Mazars, said the data was "a strong reminder that many businesses are still a long way off from recovery".
By Sarah Taaffe-Maguire , business reporter
BT's share price has fallen, wiping off an estimated £1bn from the company's value.
One share now costs £134.45, a low last seen 10 days ago.
It comes after an internet network rival CityFibre struck a deal with broadband supplier Sky.
This means that Sky will now use CityFibre's network to offer its services starting next year.
It's a hit to BT as Sky customers are hosted on BT's Openreach network. Under the plan, Sky aims to connect so-called "hard-to-reach areas".
CityFibre reaches 3.8 million homes and aims to expand and reach "at least" 8 million premises in the coming years, it said.
"This partnership with Sky is a huge vote of confidence in our business and has cemented CityFibre's position as the UK's third digital infrastructure platform," said company chief executive Greg Mesch.
Formerly British Telecoms, BT is worth roughly £14.44bn, based on the number of shares issued and the share price.
The head of financial analysis at investment platform AJ Bell Danni Hewson said the CityFibre detail may not be that significant.
"BT shares came under pressure on fears of an enhanced competitive threat for its Openreach broadband operation amid chatter Sky might start partnering with CityFibre in 2025.
"However, CityFibre's modest scale and focus on rural areas suggest it shouldn't be a huge issue."
Sky is the owner of Sky News.
UK citizens will need to pay a €7 visa-waiver charge to travel to Europe from next year after the EU revealed its timeline for the introduction of new entry requirements for some visitors.
The additional charge, which is similar to the US ESTA, is part of a series of new border checks and entry requirements the EU is bringing in.
They'll apply when entering the Schengen area, which includes 27 EU member states, plus Iceland, Liechtenstein, Norway and Switzerland.
The waiver will last for three years or until your passport expires.
Its official title is the European Travel Information and Authorisation System (ETIAS), and its implementation will follow the introduction of the EU Entry/Exit System (EES). The latter will require people to have their fingerprints registered and their pictures taken on arrival to airports.
Addressing the rollout, EU home affairs commissioner Ylva Johansson said the EES will enter into operations on 10 November while the ETIAS will follow shortly after that in 2025 - likely May.
However, it is thought there could be a six-month grace period before the visas become compulsory - taking it to November next year.
By Daniel Binns, business reporter
The price of gold has soared to a record high of more than $2,522 (£1,938) per ounce today.
It comes after months of the precious metal steadily rising in value.
Many factors are thought to have played a part, but analysts believe the latest leap is largely down to the weaker US dollar and growing expectations that the US Federal Reserve will cut interest rates next month.
Lower rates tend to make a country - and its currency - less attractive to investors, because they end up getting lower returns on bonds, shares and other investments.
There are also general worries about the status of the US economy, amid rumblings it could enter a recession this year or next - although some commentators have downplayed the likelihood of this.
But it is not just the US that is on the cusp of reducing the cost of borrowing.
The European Central Bank and the Bank of England both recently cut interest rates - and are expected to do so again this autumn - which may also be off-putting to some investors.
What has all this got to do with gold?
It's largely because of its perceived status as a "safe haven" investment.
Gold is seen as solid and dependable - both literally and in its value as a commodity.
It has been prized and sought after since ancient times - and its valuable status seems certain to continue long into the future.
So when things seem uncertain - and when interest rates are being seemingly cut everywhere - putting your money in gold may seem like a good bet (or so the thinking goes - of course, many would argue there is no such thing as a sure bet in the financial markets).
This "safe haven" status also helps explain why the price of gold may have been steadily rising in recent months, as fears have grown over an escalation of the wars in the Middle East and between Russia and Ukraine.
Tesco is hiking the price of its meal deal from Thursday.
Those using a Clubcard, which Tesco says is 80% of customers, will now pay £3.60.
This is up from £3.40, which had been the cheapest meal deal available at one of the traditional supermarkets.
Those without a Clubcard will now pay £4 - up 10p.
A Tesco spokesperson told the Money blog: "Clubcard members will pay just £3.60 for a main, snack and drink, meaning our meal deal remains great value and the ideal way to grab lunch on-the-go.
"With millions of possible combinations across our stores, our recent improvements to ingredients and more than 20 new mains introduced this summer, the Tesco meal deal has got something for every taste."
The cost of the premium meal deal is unchanged at £5.
How does this compare?
Waitrose has the most expensive meal deal at £5 for the main, snack and drink combo.
In July, Sainsbury increased the cost of its lunchtime meal deal by 25p from £3.50 to £3.75.
A Morrisons meal deal costs £3.50, which is the same as Co-op members - though non-members pay £4.
Asda doesn't offer a fixed price for its meal deal. Instead, it operates a 3 for 2 system, which gives customers the cheapest item for free.
If you read the Money blog on Friday you'll remember Gail's bakery chain came under fire for repurposing unsold pastries into croissants and selling them for almost £4 the next day.
We reported how the retailer lists the "twice baked" chocolate almond croissants as part of its "Waste Not" range, which means it is made using leftover croissants that are then "topped with almond frangipane and flaked almonds".
The scheme was criticised online, with many pointing out the £3.90 price tag is 95p more than the original croissant.
It's worth reiterating that the practice was not invented by Gail's - almond croissants were originally created by French boulangeries to reuse day-old croissants and stop them going stale.
We asked Gail's for comment and didn't hear back until late yesterday - this is what they said...
"We created our Waste Not range at Gail's to make good food go further.
"Our almond croissants and chocolate and almond croissants are strong favourites in our bakeries. The croissants are soaked in demerara syrup and topped with our house-made frangipane spread, alongside crunchy almonds.
"The day-old croissants are sturdier than fresh ones, making them the perfect bake to be used.
"We are big supporters of improving food systems, working with companies such as Too Good To Go and Neighbourly to reduce our impact on food waste and uplift communities.
"Any bakes leftover at the end of the day are shared with charitable organisations in our neighbourhoods. Through our partnership with Neighbourly, we have donated the equivalent of 81,000 meals, reaching 239 good causes."
It comes as locals in a trendy London neighbourhood signed a petition against a Gail's bakery setting up shop in their area.
After (unconfirmed) rumours began circulating that the chain was looking to open a site in Walthamstow village, more than 600 have signed a petition opposing the plans.
The petition says the village "faces a threat to its uniqueness" should Gail's move into the area.
Read more...
Basically, Section 75 is a way to get your money back if a retailer hasn't provided the goods or services you paid for - so long as you used a credit card or point of sale loan.
The price of the purchase must be between £100.01 and £30,000, but you only have to spend one penny of it using a credit card for your rights to kick in.
Section 75 is enshrined in law - the Consumer Credit Act 1974 - and allows you to raise a claim with your bank for a breach of contract or misrepresentation by the retailer.
The protection was put in place to make sure customers are not forced to pay off debt for faulty goods and services - or those that never arrive - by making the lender just as liable as the retailer.
When does Section 75 apply?
How does it work?
You should contact your bank, who will investigate how you made your purchase and who was involved.
There needs to be a clear agreement between the customer, the supplier and your bank.
"They will ask for more details – explain how your consumer rights have been breached, you have exhausted all options with the retailer and cannot resolve your dispute," consumer champion Scott Dixon, from the Complaints Resolver , told the Money blog.
"You need to push hard on S75 claims, as claims are often rejected on the first attempt."
It is useful to have supporting information to hand, like proof of payment, contracts, terms and conditions, screenshots of product descriptions, correspondence, photo evidence or - in some cases - independent assessments.
Scott added: "If you reach a stalemate with the credit card provider or finance company, ask for a deadlock letter setting out their final position so you can submit a formal complaint (with the final response/deadlock letter) to the Financial Ombudsman Service (FOS).
"They do not like cases being referred to the FOS as it costs them money."
When doesn't Section 75 apply?
And read more from our Basically series here...
Rising optimism about the prospects of a ceasefire in the war in Gaza has sent the price of oil - and shares in energy giants – tumbling.
The cost of a barrel of benchmark Brent Crude has dropped to just over $76 (£58), the lowest price since the beginning of the month.
Shares in Shell and BP have also both slipped by around 2% in early trading.
Hopes of cooling tensions in the Middle East have helped ease fears of risks to supplies in the region.
Other factors said to be having an impact on oil prices include an increase in production at Libya's Sharara oilfield and concerns over China's slowing economy, including slower industrial output.
Another big faller this morning is BT Group. Its shares are down more than 5% after it was announced that Sky will launch full fibre broadband services next year on the network of BT's rival Cityfibre.
The falls have contributed to the FTSE 100 dipping by more than 0.5% on Tuesday, with the FTSE 250 also down 0.13%.
Gainers include easyJet Plc, which is up more than 1.2% amid optimism over the tourism industry this summer.
Similarly, Intercontinental Hotels Group is up by a similar level, while British Airways owner IAG is up nearly 0.8%.
Meanwhile, on the currency markets, this morning £1 buys $1.30 US or €1.17.
Pensioners are being urged to check if they are eligible for the winter fuel allowance after universal payments were scrapped by new Chancellor Rachel Reeves last month.
Previously, the money was available to everyone above state pension age, but now it will be limited to people over state pension age who are receiving pension credit or other means-tested support.
It means the number of people entitled to the money will drop from 11.4 million to just 1.5 million.
The payment is £200 for households where the recipients are all under 80, and £300 where they are over 80.
While around 1.4 million pensioners are already receiving pension credit, there are up to an estimated 880,000 households eligible for the support who are yet to claim, the Department for Work and Pensions says.
The government's awareness drive will help identify households not claiming the benefit, and encourage pensioners to apply by 21 December - the last date for making a backdated claim for pension credit in order to receive the Winter Fuel Payment.
It will focus on "myths" that may stop people applying, such as how having savings, a pension or owning a home are not necessarily barriers to receiving pension credit.
More information on applying for pension credit can be found on the government's How to Claim page .
Yesterday we brought you the unwelcome news that winter energy bills are projected to rise by 9%, according to the latest forecast from Cornwall Insight.
Its newest prediction says the price cap from October to December will go up to £1,714 a year for the average user - a £146 hike from current levels.
We'll find out for sure on Friday.
Comparison service Uswitch says the forecast "compounds the worry" about rising bills for residents across the country "just as we reach the season to switch the heating back on".
"The price cap is expected to rise again in January, but bill payers can take action now to lock in certainty on how much they pay," says Uswitch director of regulation Richard Neudegg.
It is worth pointing out that it's in Uswitch's favour for people to move - but there are definitely savings to be made based on current forecasts.
Here are the top 10 fixed energy-only tariffs that could help you beat the price rise as temperatures drop, according to Uswitch:
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IMAGES
COMMENTS
Make a good first impression with a concise introduction to your concept and a summary of the operations of your catering business. An executive summary introduces key elements of your business plan - consider providing an overview of the budget, the business's mission and core values, and a coherent vision for your recipes and brand.
Why Creating a Catering Business Plan is Essential. In the catering industry, having a well-thought-out business plan is crucial for success. It provides a roadmap for your business and helps you make informed decisions. Here are some key reasons why creating a catering services business plan is essential:
Put your plan into action by making a timeline of your operations. Here is an example: Date Plan [Insert Date Here] - Finalize the business documents you need such as permits and registrations for your catering business. [Insert Date Here] - Start marketing your business on social media and the local news.
In that case, you can immediately proceed to the next step and write a catering business plan. Step 3: Utilize a Catering Business Plan Template. Create your catering business plan using a pre-designed template encompassing the essential sections. This template will help structure your plan effectively.
The best way to write a catering business plan is to follow a proven catering business plan template. This template should include the following information: Executive Summary, Company Analysis, Competitive Analysis, Industry Analysis, Customer Analysis, Marketing Strategy & Plan, Operations Plan, Management Team, Financial Projections & Plan ...
Once you've landed on a business name and structure, follow the steps for registering your business. 03. Market analysis and research. Including market analysis and research in your catering business plan is essential for understanding the competitive environment and building a better business strategy.
Threats to your business. Understand the catering industry better. As a result, you can create a strategic plan that will improve your business. 4. Discover New Opportunities. Another benefit of creating a catering business plan is discovering new opportunities to boost your business in ways you never imagined.
Funding Forecast. Start-up Summary. Income Statement (5-Year Projections) Balance Sheet (5-Year Projections) Cash Flow (5-Year Projections) Although your plan will keep changing as your business grows, here are a few key sections that would form the foundation of your business plan: 1. Executive summary.
Writing a catering business plan is the first step to starting a catering business.A business plan makes it easy to map out your catering business ideas and see these ideas become a reality.. Key Takeaway - The catering business is about proper and adequate preparation. From planning a menu to preparing meals for social events, there are several things to prepare for and take into account.
Use this free Catering Business Plan Template to create a detailed roadmap for your catering venture, covering aspects like menu development, pricing strategies, and marketing approaches. It's a crucial resource to ensure your catering business is well-prepared for success in the competitive food service industry. .
1. Develop A Catering Business Plan - The first step in starting a business is to create a detailed business plan for a catering business that outlines all aspects of the venture. This should include potential market size and target customers, market resarch on the catering industry, the services or products you will offer, business operations ...
Use This Catering Business Plan Template To: Write a strong executive summary. Share a high-level company overview. Provide a thorough market analysis. Present your business offerings and menu. Outline an operations and staffing plan. Create a marketing and PR plan. Share your financial analysis and projections. Download Now.
When writing the strategy section of your business plan for a catering company, you should detail your competitive advantage, pricing strategy, marketing plan, milestones and risks and mitigants (how to counter the risks). The competitive advantage should highlight how your services are unique from other competitors in the area.
Writing an Effective Catering Business Plan. The following are the key components of a successful catering business plan: Executive Summary. The executive summary of a catering business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your ...
Step 11: Create a Marketing Plan. Develop a restaurant marketing plan tailored to your catering business that prioritizes cost-effective or free marketing channels. Leverage social media, local advertising, and community outreach to connect with potential clients.
How to Write a Catering Business Plan in 7 Steps: 1. Describe the Purpose of Your Catering Business. The first step to writing your business plan is to describe the purpose of your catering business. This includes describing why you are starting this type of business, and what problems it will solve for customers.
A catering business plan should be comprehensive and cover all the key aspects of your business, from your target market and competition to your financial projections and marketing strategy. Here are the steps to help you create a catering business plan: 1. Write an Executive Summary. The executive summary should be a brief introduction to your ...
To write a catering business plan, include sections like an executive summary, company description, market analysis, services/products, marketing strategy, operations plan, management team, and ...
Step 6: Signature and Payment Information. The last section is where you place a statement of agreement for the client's consent and a line for his or her signature. Below this, you can add where and how your client can make a payment just as it's in the catering proposal template.
4. Execution. This section is about how you'll turn your catering business plan into reality. You should start with operational details like your business's location and how you'll staff it. Demonstrate that you have the necessary catering license, catering insurance and permits. Then you'll want to describe your marketing plan and sales plan.
2.4 Target of the Company. In this how to start a catering company sample business plans for catering companies we are enlisting the business targets set by Marlon Caterers. To reduce our customer acquisition cost by 20% by the end of five years. To keep our customer churn rate below 5% throughout our service years.
There are two main reasons to have a business plan for your catering business. A business plan is like a map. It shows you where your business is now, and the goals for the next few years so you can plan out a strategy to get there. It helps you see opportunities and things that can throw your business off track.
Customer Focus. Fine Foods Catering'starget customers are businesses of all sizes, government entities, local non-profits, and individuals in search of catering services for their wedding, birthday, reunion, etc. Businesses are the main client of a catering company as they require catering services that range from small meetings and luncheons to large corporate gatherings, galas, and holiday ...
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