What do you need to get your business rolling/growing, and what will it cost? This is arguably the most painful part of business planning. Yet, what is the point of having a plan if you don't know how it all adds up financially? You may not know how to put all the numbers together on your own. If that's the case, invite or even hire someone to help you sort out the numbers. Aside from any potential revenues earned from sales of your product or service, you'll need to know your fixed expenses _ what it costs you to run your business whether or not you sell a single item, and your variable expenses _ what it costs you for each item sold. Naturally, in the early stages of planning a business, you will be doing a lot of forecasting, and your numbers may not be as accurate as you'd like them to be. So, you'll want to be as conservative as possible about how much revenue you'll generate and how much your business will cost to run.
Are you wondering if you really need a business plan for your catering business? Perhaps you are thinking that as you only plan on starting a relatively small business it won't really be necessary. Many people think like this and, of course, many people end up failing in their first year of business. We highly recommend that you avoid becoming yet another business that underestimated costs or found that the market wasn't ready for what they had to offer. Below we have outlined ten reasons why you must prepare a catering company business plan. We explain how if you do take the time to prepare a plan you will be increasing your chances of being successful with your catering startup.