6. SETTING UP - Are You Ready?
Catering is hard work, are you sure you have the time and energy required?
Do you have means in place to manage your financial records and cash-flow? You need a system in place BEFORE you start. For legal reasons you need records of every monetary transaction that takes place, including your costs. If you’re not up to dealing with the taxman, good records will make it much cheaper for your accountant to do so.
Do you have enough money or access to a line of credit to cover start-up costs?
Are customers willing to pay the prices you ask for your services?
Do you have an effective marketing plan that will inform your customers of the services you will be providing?
Are you able to offer more tempting options than your competition?
Have you reduced the risks of starting a business by creating a business plan?
Have you researched your location and decided whether to lease or buy your business premises or whether to operate from home?
Have you identified any further training you will need to operate your business?
Insurance covers your business against incidents, claims or disasters that could potentially seriously affect your profits, including things such as power outages and floods. (make sure you read the fine print)
Employing Staff has many rules and regulations that need to be followed and is beyond the scope of this course. Sub-contracting and outsourcing can often be better options.
Have A Back Up Plan
Copyright © Chris Parry 2013