Three steps to start your own business in the catering world

Starting a business is no easy easy. With iron will, strategic planning and enough budget, you’ll find it less harder than you think it is. Here are three short steps on how to start your own business in the catering world.

Step 1. Know your strength and resources.

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If you plan to enter the catering world, first requirement is, you must love FOOD. If you are to start something, make sure you will enjoy doing it. Second requirement: What’s your reason? Do you simply want to own your time and perhaps earn money at home while enjoying the whole process? Do you want the perks a boss usually receives? Is it because of the power and authority? Third: Do you have what it takes? Are you a risk-taker? Do you have the skills? Fourth: Do you have the budget? How much is your capital?

Step 2. Conduct an intensive and extensive research. 

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First, you must understand your field. Do you realize the supply and demand that go alongside with a catering business? Is this the right business for you? Have you studied your market? Who are your ideal customers? Second, know your competitors. What is the best catering service in Manila? Do you have a good foolproof business plan to compete with the top? Five years from now, where do you see yourself and your business?

Step 3. Build your team.

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Team and teamwork are vital in any business framework. Have two consultants in the team: A lawyer who can help you with the legal intricacies – from the drafting of contract, acquiring business name to determining the right business structure; and an accountant who can assist in the record keeping and tax planning. Last but not the least, include your family and friends in the ‘emotional’ team. Let them give you moral support.

Everything starts with a simple step. Do not be afraid to make mistakes.

“The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try. Once you find something you love to do, be the best at doing it.” – Debbi Fields

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