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How much money do I need to start a catering business? | |
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Deborah Darren | Posted Jun 11, 2009, 10:04am I am looking to open a catering business working from my kitchen.... my original budget was $5,000 but I don't know if it's enough... I already have the cooking equipment I need.
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Greg Sloan | Posted Jun 12, 2009, 12:24pm If your thinking about getting a loan from a bank, I don't think you'll have much luck unless you have a well thought out business plan. Knowing how much you need is part of that. I would suggest sitting down with a Teambiz mentor and put a business plan down on paper. There are a lot of things you may not have thought of and a plan could save you a lot of money. Good Luck ^_^
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Brigitte Soares | Posted Jun 12, 2009, 5:05pm I would suggest going to the library and looking up the "Self-Counsel" series called "Starting Your Own ------ Business". They have books for almost every industry and will usually have a lot of financial information that will guide you through the thought process. The main thing you need to know is what costs you will actually have throughout the year (i.e. marketing, food, mainenance, etc.) and then set up a budget based on your own estimates. If your unclear of what things cost, another avenue is to look on the Industry Canada website. There you can print statistics of catering companies in your area. You can even get consolidated financial statements which will list all of the costs that most catering companies incurr.
Hope this helps!
Brigitte
DAS Bookkeeping Services |
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Alex Bucataru | Posted Jun 14, 2009, 12:08pm Two very good suggestions. I have to clarify one thing: the business plan consulting and review service Greg mentioned as "a TeamBiz mentor" is actually offered by the Hamilton Small Business Enterprise Centre (and other similar business centres across Ontario).
Another idea is to talk to owners of similar businesses that are not in direct competition with you. I think the nature of your industry limits the territory one can serve, so it shouldn't be hard to find some willing to talk to you about their experience.
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