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Everything You Need To Know About Starting A Catering Business
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When thinking of starting a business, you'll need to arm yourself with a lot of knowledge that comes from business insiders, experts and innovators if you want to succeed at it. Knowing the ins and outs of a business like the back of your hand takes time and experience but when you start off with something considerable, you can well be on your way to becoming an unqualified success.
The most profitable businesses centers on food. With people needing food to survive and creative enough to come up with their own tasty concoctions and letting other people in on it, it is no surprise that the catering industry is enjoying the popularity it is enjoying now. It is also no surprise that many people want to invest in this business or start their own to secure their financial future because not many people can resist food in whatever guise you put it.
Catering involves the preparation of food for big events and gatherings. Caterers are hired by companies and organizations that don't have the time or the inclination to prepare and cook food that can feed a multitude. Catering business may be commercial or self-established, but nonetheless prepare, cook and serve food to please a variety of palates and cultures depending on the preferences of their clients. They also either deliver the food to the venue or serve the food themselves at the event.
In these modern times when time is of the essence and everyone moves at a fast pace, hiring caterers is a practical solution especially when an event was something hurriedly organized or set up. Even simple meetings and conferences that go on for more than an hour or two require catered breakfasts or lunches just to save the participants time in going out for meals.
As far as startup costs, the biggest chunk of expenses always goes to acquisition of catering equipment. The good news is that people have an option to either buy or rent the equipment they need, at least for the first few months. Technically, there are many things you will not need at first but the things that you will need can cost a lot especially if you buy them brand new. While buying them secondhand is a considerable option, you run the risk of buying defective equipment that can cost more in the long run if you have to have them constantly repaired.
When renting them, however, you get to rent brand-new equipment, with the option of buying them at the end of the rental term at a percentage of the original price. Some catering supply companies even offer full term breakdown coverage, meaning you can get the equipment you rent replaced and repaired for free for the duration of your rental term, subject to company regulations of course. You can rent everything that you need without worrying about not having enough money left over for other necessities like food supply and employee payroll.
Of course, there's also the matter of finding a commercial kitchen that you can rent because your home kitchen cannot cope up with the demands of a catering business once it starts to go full force. You can inquire around your town or city for commercial kitchens you can rent by the hour or if you are determined to run your business from home, make sure you are aware of the expenses that you can possibly incur, including a high electricity bill because of all the equipment you are using.
And then of course, there are the business permits and certifications you need to get, including being an approved caterer for certain facilities so you can maintain your business. In addition to business licenses, you also need to make sure you obtain the necessary insurance to cover clients, vendors, guests and anyone else who can be potentially affected by your services in a negative way. You also need to have worker's compensation insurance for your employees.
And last but certainly not the least, you need to stay focused on your achieving your business goals and staying on top of your paperwork and books. Make sure you tally up the hours you put into working events and gatherings because the only way you can tell if you are making money is to approach it hour by the hour for every job you take on. To rent or buy the best catering equipment for your business, check Premier Sales & Rentals here and get all that you want and need to become a qualified business success.
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